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27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections 27-36A-6,
27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies and contracts
issued prior to May 28, 1996, shall be that provided by the laws in effect immediately prior
to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and 27-36A-14,
the minimum standard for the valuation of all policies and contracts issued on or after May
28, 1996, shall be the commissioners reserve valuation method defined in Sections 27-36A-8,
27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in the case of
life insurance policies and contracts, other than annuity and pure endowment contracts, issued
on or after August 23, 1976, four percent interest for the policies issued prior to July 30,
1979, and five and one-half percent interest for single premium life insurance policies and
four and one-half percent interest for all other policies...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-5.htm - 5K - Match Info - Similar pages
27-32-40
Section 27-32-40 Priority of claims of policyholders and beneficiaries - Classification of
policyholders and beneficiaries. The circuit court having jurisdiction over a receivership
for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish
between classes of policyholders or beneficiaries and establish priorities for each such class
for payment of claims, sharing in the assets remaining or for reinsurance purposes. In establishing
priorities among classes of policyholders and beneficiaries, death claims payable on life
insurance contracts, cash surrenders payable, annuity holders, paid up policies, single premium
policies, and other such classifications may be used by the court in establishing priorities
for payment of claims or for reinsurance of policies. (Acts 1975, No. 1040, p. 2085, §4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-40.htm - 1K - Match Info - Similar pages
27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except
as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to
the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-8.htm - 4K - Match Info - Similar pages
16-22-5
Section 16-22-5 Authority of school boards to form groups for purpose of obtaining group insurance;
payment of insurance premiums. Each local board of education may form its employees into a
group or groups or recognize existing groups for the purpose of obtaining the advantages of
group life, disability, medical and dental insurance or any group insurance plans to aid its
employees, as long as the employees continue to be employed by the board of education. Any
local board of education may pay all or part of the premium on the policies and/or may deduct
from the salaries of the employees that part of the premium which is to be paid by them and
may contract with the insurer to provide the above benefits. (Acts 1973, No. 655, p. 984,
§1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-22-5.htm - 1K - Match Info - Similar pages
27-6-2
Section 27-6-2 Deposits of insurers - Purposes for which held. Such deposits shall be held
for purposes as follows: (1) Deposits made in this state under Sections 27-3-11, 27-3-12,
and 27-3-14 of this title shall be held for the purposes stated in the respective sections;
(2) A deposit made in this state by a domestic insurer transacting insurance in another state,
province or country and as required by the laws of such state, province, or country shall
be held for the protection of the insurer's policyholders or policyholders and creditors;
(3) Deposits of reserves made by domestic life insurers under laws heretofore in force shall
be held for the purpose or purposes specified in such laws or in the policies or contracts
by which such deposit was required or declared; and (4) Deposits required pursuant to the
retaliatory provision, Section 27-3-29, shall be held for such purposes as are required by
such laws and as specified by the commissioner's order by which the deposit is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-2.htm - 1K - Match Info - Similar pages
27-14-8
Section 27-14-8 Forms - Filing and approval or disapproval. (a) No basic insurance policy or
annuity contract form or application form where written application is required and is to
be made a part of the policy, or contract, or printed rider, or endorsement form or form of
renewal certificate shall be delivered or issued for delivery in this state unless the form
has been filed with, and approved by, the commissioner. This subsection shall not apply to
surety bonds or to specially rated inland marine risks, nor to policies, riders, endorsements,
or forms of unique character designed for, and used with, relation to insurance upon a particular
subject or which relate to the manner of distribution of benefits or to the reservation of
rights and benefits under life or disability insurance policies and are used at the request
or with the consent of the individual policyholder, contract holder, or certificate holder.
As to group insurance policies effectuated and delivered outside this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-8.htm - 3K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold authority
to transact insurance in this state, an insurer must be otherwise in compliance with this
title and with its charter powers and must be an incorporated stock insurer or an incorporated
mutual insurer or a reciprocal insurer, all of the same general type as may be formed as a
domestic insurer under this title; except that: (1) No foreign insurer shall be authorized
to transact insurance in this state which does not maintain reserves as required by Chapter
36 of this title applicable to the kind, or kinds, of insurance transacted by such insurer,
wherever transacted in the United States, or which transacts insurance in the United States
on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer,
there shall be allowed as assets only such assets as are owned by the insurer and which consist
of: (1) Cash in the possession of the insurer or in transit under its control, and including
the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities,
properties, and loans acquired, or held, in accordance with this title and in connection therewith
the following items: a. Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued interest; b. Declared
and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as
an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one
year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets,...
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27-19-1
Section 27-19-1 Applicability of article. Nothing in this article shall apply to or affect:
(1) Any policy of liability or workmen's compensation insurance, with or without supplementary
expense coverage therein; (2) Any group or blanket policy; (3) Life insurance, endowment,
or annuity contracts, or contracts supplemental thereto which contain only such provisions
relating to disability insurance as: a. Provide additional benefits in case of death or dismemberment
or loss of sight by accident; or b. Operate to safeguard such contracts against lapse or to
give a special surrender value, or special benefit or an annuity in the event that the insured
or annuitant becomes totally and permanently disabled, as defined by the contract or supplemental
contract; (4) Reinsurance; or (5) Industrial insurance, which is disability insurance issued
under policies sold on a debit basis, bearing the words "industrial policy" imprinted
on the face of the policy as part of the descriptive matter, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-1.htm - 1K - Match Info - Similar pages
27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy of assessments.
(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and
the minimum amount of surplus required to be maintained by it under this title for authority
to transact the kinds of insurance being transacted and the deficiency is not cured from other
sources, its directors shall levy an assessment only upon its members who held policies providing
for contingent liability at any time within the 12 months preceding the date notice of such
assessment was mailed to them, and such members shall be liable to the insurer for the amount
so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency
and to provide a reasonable amount of working funds above such minimum amount of surplus,
but such working funds so provided shall not exceed five percent of the insurer's liabilities
as of the date as of which the amount of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-32.htm - 2K - Match Info - Similar pages
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