|
27-2B-9
Section 27-2B-9 Confidentiality of reports and plans; information sharing agreements;
publication of RBC levels prohibited; use of reports and plans by commissioner. (a) All RBC
reports, to the extent the information therein is not required to be set forth in a publicly
available annual statement schedule, and RBC plans, including the results or report of any
examination or analysis of an insurer performed pursuant hereto and any corrective order issued
by the commissioner pursuant to examination or analysis, with respect to any domestic insurer
or foreign insurer which are filed with the commissioner constitute information that may be
damaging to the insurer if made available to its competitors and therefore shall be kept confidential
by the commissioner. This information shall not be made public or be subject to subpoena,
other than by the commissioner, and then only for the purpose of enforcement actions taken
by the commissioner pursuant to this chapter or any other provision of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-9.htm - 5K - Match Info - Similar pages
27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties.
(a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as
defined and limited in the standard real property and contents insurance forms as approved
by the commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an
association captive under the provisions of Section 27-31B-8 is exempt from the requirement
that the association be in existence for one year so long as the association is in good standing
as an entity before becoming an owner of an Alabama Coastal Captive Insurance Company. (c)
An Alabama Coastal Captive Insurance Company may write homeowners insurance coverage as limited
in Section 27-31B-3(a)(4) and as limited to perils described in subsection (a)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-3.htm - 6K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made
under this title shall be held on deposit as long as there is outstanding any liability of
the insurer with respect to which the deposit was made. (b) Any such deposit shall be released
and returned: (1) To the insurer upon extinguishment by reinsurance in an insurer authorized
to transact such insurance in this state, or otherwise, of all liability of the insurer for
the security of which the deposit is held; (2) To the insurer during solvency, to the extent
such deposit is in excess of the amount required; or (3) Upon proper order of a court of competent
jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer or
to any other properly designated official, or officials, who succeed to the management and
control of the insurer's assets. (c) The Treasurer shall release any such deposit, or part
thereof, upon written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
27-7-19
Section 27-7-19 Licenses - Penalties. (a) The commissioner may place on probation, refuse
to issue or renew, suspend, or revoke the license of any licensee under this chapter, or may
levy a civil penalty in accordance with subsection (c), or any combination of actions, for
any one or more of the following causes: (1) Any cause for which issuance of the license could
have been refused had it then existed and been known to the commissioner. (2) Providing incorrect,
misleading, incomplete, or materially untrue information in any application or in any communication
to the commissioner. (3) Obtaining or attempting to obtain a license through misrepresentation
or fraud. (4) Intentionally misrepresenting the terms of any actual or proposed insurance
contract or application for insurance. (5) Having admitted or been found to have committed
any insurance unfair trade practice or fraud. (6) For inducing, persuading, or advising any
policyholder to surrender or cause to be cancelled any policy of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-19.htm - 4K - Match Info - Similar pages
27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific
person, and shall mean a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the person specified. (2)
COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department
as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common
control with and shall mean the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract other than a commercial contract for goods or nonmanagement
services, or otherwise, unless the power is the result of an official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-1.htm - 5K - Match Info - Similar pages
27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-1.htm - 7K - Match Info - Similar pages
27-9A-12
Section 27-9A-12 License denial, non-renewal, or revocation. (a) The commissioner may
place on probation, suspend, revoke, or refuse to issue or renew an independent adjuster's
license, an apprentice independent adjuster's license, or the registration of an emergency
independent adjuster, or may levy a civil penalty in accordance with subsection (d), or any
combination of these actions, for any one or more of the following causes: (1) Providing incorrect,
misleading, incomplete, or materially untrue information in the license application. (2) Violating
any insurance laws, rules, subpoena, or order of the commissioner or of another state's insurance
regulator. (3) Obtaining or attempting to obtain a license or registration through misrepresentation
or fraud. (4) Improperly withholding, misappropriating, or converting any monies or properties
received in the course of acting as an adjuster of any type or in otherwise doing insurance
business in this state or elsewhere. (5) Intentionally...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-12.htm - 4K - Match Info - Similar pages
19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages
27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions;
validity of contracts. (a) No person shall in this state, directly or indirectly, act as agent
for, or otherwise represent or aid on behalf of another, any insurer not then authorized to
transact such insurance in this state in the solicitation, negotiation, or effectuation of
insurance or annuity contracts, forwarding of applications, delivery of policies or contracts,
inspection of risks, fixing of rates, investigation or adjustment of losses, collection of
premiums, or in any other manner in the transaction of insurance with respect to subjects
of insurance resident, located or to be performed in this state. (b) This section shall
not apply to: (1) Acceptance of service of process by the commissioner under Section
27-10-52; (2) Surplus lines insurance or coverage specified in Section 27-10-34 and
other transactions as to which a certificate of authority is not required of an insurer; (3)
Adjustment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-1.htm - 2K - Match Info - Similar pages
27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be
required to make any annual report except as provided in this chapter. (b) Prior to March
1 of each year, each captive insurance company shall submit to the commissioner a report of
its financial condition, verified by oath of two of its executive officers. Except as provided
in Section 27-31B-6, each captive insurance company shall report using statutory accounting
principles, unless the commissioner approves the use of generally accepted accounting principles,
with any useful or necessary modifications or adaptations thereof required or approved or
accepted by the commissioner for the type of insurance and kinds of insurers to be reported
upon, and as supplemented by additional information required by the commissioner. Except as
otherwise provided, each association captive insurance company and each industrial insured
captive insurance company insuring the risks of an industrial insured group...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-9.htm - 3K - Match Info - Similar pages
|