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27-31-25
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of
assets over all liabilities at least equal to the minimum capital stock required of a domestic
stock insurer authorized to transact like kinds of insurance, upon application of the attorney
and as approved by the subscribers' advisory committee, the commissioner shall issue his certificate
authorizing the insurer to extinguish the contingent liability of subscribers under its policies
then in force in this state and to omit provisions imposing contingent liability in all policies
delivered, or issued for delivery, in this state for so long as all such surplus remains unimpaired.
(b) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate.
Such revocation shall not render subject to contingent liability any policy then in force
and for the remainder of the period for which the premium has theretofore been paid; but after
such revocation, no policy shall be issued or...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall
be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital
and surplus as follows: (1) In the case of a pure captive insurance company, not less than
two hundred fifty thousand dollars ($250,000) or such other amount determined by the commissioner
and actuarially supported by a feasibility study. (2) In the case of an association captive
insurance company or risk retention group, not less than five hundred thousand dollars ($500,000)
or such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this
state and secures its obligations in accordance with the requirements of this section.
In order to be eligible for certification, the assuming insurer shall meet all of the following
requirements: (1) The assuming insurer must be domiciled and licensed to transact insurance
or reinsurance in a qualified jurisdiction, as determined by the commissioner pursuant to
subsection (c). (2) The assuming insurer must maintain minimum capital and surplus, or its
equivalent, in an amount to be determined by the commissioner pursuant to regulation. (3)
The assuming insurer must maintain financial strength ratings from two or more rating agencies
deemed acceptable by the commissioner pursuant to regulation. (4) The assuming insurer must
agree to submit to the jurisdiction of this state, appoint the commissioner as its agent...
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27-7-29.1
Section 27-7-29.1 Exemptions for individuals licensed in other state. (a) An individual
who applies for an insurance producer license in this state who was previously licensed for
the same lines of authority in another state shall not be required to complete any prelicensing
education or examination. This exemption is only available if the person is currently licensed
in that state or if the application is received within 90 days of the cancellation of the
applicant's previous license and if the prior state issues a certification that, at the time
of cancellation, the applicant was in good standing in that state or the state's producer
database records, maintained by the NAIC, its affiliates or subsidiaries, indicate that the
producer is or was licensed in good standing for the line of authority requested. (b) A person
licensed as an insurance producer in another state who moves to this state shall, within 90
days of establishing legal residence, make application to become a resident...
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10A-20-6.16
Section 10A-20-6.16 Applicability of insurance laws. (a) No statute of this state applying
to insurance companies shall be applicable to any corporation organized under this article
and amendments thereto or to any contract made by the corporation; except the corporation
shall be subject to the following: (1) The provisions regarding annual premium tax to be paid
by insurers on insurance premiums. (2) Chapter 55 of Title 27. (3) Article 2 and Article 3
of Chapter 19 of Title 27. (4) Section 27-1-17. (5) Chapter 56 of Title 27. (6) Rules
promulgated by the Commissioner of Insurance pursuant to Sections 27-7-43 and 27-7-44. (7)
Chapter 54 of Title 27. (8) Chapter 57 of Title 27. (9) Chapter 58 of Title 27. (10) Chapter
59 of Title 27. (11) Chapter 54A of Title 27. (12) Chapter 12A of Title 27. (13) Chapter 2B
of Title 27. (14) Chapter 29 of Title 27. (15) Chapter 62 of Title 27. (b) The provisions
in subsection (a) that require specific types of coverage to be offered or provided shall...
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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions
in this section apply throughout this article. (1) APPLICANT. In the case of: a. An
individual long-term care insurance policy, the person who seeks to contract for benefits.
b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE.
Any certificate issued under a group long-term care insurance policy, which policy has been
delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner
of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which
is delivered or issued for delivery in this state and issued to any of the following: a. One
or more employers or labor organizations, or to a trust or to the trustees of a fund established
by one or more employers or labor organizations, or a combination thereof, for employees or
former employees or a combination thereof, or for members or former members or a...
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27-31B-10
Section 27-31B-10 Examinations and investigations. (a) At least once in three years,
and whenever the commissioner determines it to be prudent, the commissioner shall visit each
captive insurance company and thoroughly inspect and examine its affairs to ascertain its
financial condition, its ability to fulfill its obligations, and whether it has complied with
this chapter. The commissioner, upon application, may enlarge the three-year period to five
years, provided the captive insurance company is subject to a comprehensive annual audit during
that period of a scope satisfactory to the commissioner by independent auditors approved by
the commissioner. The expenses and charges of the examination shall be in accordance with
Section 27-2-25. (b) All examination reports, preliminary examination reports or results,
working papers, recorded information, documents, and copies thereof produced by, obtained
by, or disclosed to the commissioner or any other person in the course of an examination...
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27-36A-18
Section 27-36A-18 Confidentiality. (a) For purposes of this section, "confidential
information" shall mean all of the following: (1) A memorandum in support of an opinion
submitted under Section 27-36A-4 and any other documents, materials, and other information,
including, but not limited to, all working papers, and copies thereof, created, produced,
or obtained by or disclosed to the commissioner or any other person in connection with such
memorandum. (2) All documents, materials, and other information, including, but not limited
to, all working papers, and copies thereof, created, produced, or obtained by or disclosed
to the commissioner or any other person in the course of an examination made under subsection
(f) of Section 27-36A-15; provided, however, that if an examination report or other
material prepared in connection with an examination made under Chapter 2 is not held as private
and confidential information under Section 27-2-24, an examination report or other
material...
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27-7-14.1
Section 27-7-14.1 Licenses - Lines of authority; renewal. (a) Unless denied licensure
pursuant to Section 27-7-19, persons who have met the requirements of Sections 27-7-4.3
and 27-7-5 shall be issued an insurance producer license. An insurance producer may receive
qualification for a license in one or more of the following lines of authority: (1) LIFE.
Insurance coverage on human lives including benefits of endowment and annuities, and may include
benefits in the event of death or dismemberment by accident and benefits for disability income.
(2) ACCIDENT AND HEALTH OR SICKNESS, commonly known as disability. Insurance coverage for
sickness, bodily injury, or accidental death and may include benefits for disability income.
(3) PROPERTY. Insurance coverage for the direct or consequential loss or damage to property
of every kind. (4) CASUALTY. Insurance coverage against legal liability, including that for
death, injury, or disability or damage to real or personal property, and surety. (5)...
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27-7-4
Section 27-7-4 Licenses - Requirement; forms. (a) No person shall in this state sell,
solicit, or negotiate insurance for any class or classes of insurance unless the person is
then licensed for that line of authority in accordance with this chapter. Any insurer accepting
business directly from a person not licensed for that line of authority and not appointed
by the insurer shall be liable to a fine up to three times the premium received from the person.
(b) No producer shall act on behalf of any insurer for which an appointment is not held under
this chapter. A producer who is not acting on behalf of an insurer is not required to become
appointed. For purposes of this section, a producer who refers business to an appointed
producer pursuant to Section 27-7-34 shall not be deemed to be acting on behalf of
the insurer with whom the business is placed, regardless of whether commissions on this business
are shared. (c) The commissioner shall prescribe and furnish on request all forms...
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