27-31A-5
Section 27-31A-5 Compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, or claimants against its insureds, receive any benefit from any fund for claims arising under the insurance policies issued by that risk retention group. (b) When a purchasing group obtains insurance covering its members' risks from an insurer, not authorized in this state or a risk retention group, no risk, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state. (c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the Alabama Insurance Guaranty Association, subject to Chapter 42 (commencing with Section 27-42-1), Title 27. (d) Notwithstanding Article 2...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-5.htm - 1K - Match Info - Similar pages
27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured making a first party claim or any person instituting a liability claim. The term does not include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-5.htm - 5K - Match Info - Similar pages
27-45-2
Section 27-45-2 Definitions. As used in this article, the following terms shall have the respective meanings herein set forth, unless the context shall otherwise require: (1) ALABAMA INSURANCE CODE. Title 27 of the Code of Alabama 1975. (2) INSURER. Such term shall have the meaning ascribed in Section 27-1-2. (3) PERSON. Such term shall have the meaning ascribed in Section 27-1-2. (4) COMMISSIONER and DEPARTMENT. Such terms, respectively, shall have the meanings ascribed in Section 27-1-2. (5) CONTRACTUAL OBLIGATION. Any obligation under covered policies or employee benefit plans. (6) COVERED POLICY OR PLAN. Any policy, employee benefit plan, or contract within the scope of this article. (7) HEALTH INSURANCE POLICY. Any individual, group, blanket, or franchise insurance policy, insurance agreement, or group hospital service contract providing for pharmaceutical services, including without limitation, prescription drugs, incurred as a result of accident or sickness, or to prevent same....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-45-2.htm - 3K - Match Info - Similar pages
27-10-35
Section 27-10-35 Report of, and tax on, independently procured coverages; exceptions. (a) Anyone who may desire to place his insurance in a foreign insurer not authorized to do business in this state may place such insurance, and any insured who in this state procures, or causes to be procured, or continues or renews insurance in an unauthorized foreign insurer or any self-insurer who in this state so procures or continues excess loss, catastrophe, or other insurance, upon a subject of insurance resident, located or to be performed within this state, other than insurance procured through a surplus line broker pursuant to the surplus lines law of this state or exempted from such law under Section 27-10-34 shall, within 90 days after the date such insurance was so procured, continued, or renewed, file a written report of the same with the commissioner on forms designated by the commissioner and furnished to such an insured upon request. The report shall show the name and address of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-35.htm - 3K - Match Info - Similar pages
27-15-51
Section 27-15-51 Construction and application of article. (a) This article shall require recognition of the escheat or unclaimed property statutes of Alabama as they relate to the method of payment for life insurance death benefits regulated by the Department of Insurance. (b) This article shall apply only to life insurance policies, annuity contracts, and retained asset accounts issued and delivered in this state and which are issued or entered into on or after January 1, 2016. (Act 2012-424, p. 1142, §2; Act 2013-195, p. 372, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-51.htm - 860 bytes - Match Info - Similar pages
27-25-4.3
Section 27-25-4.3 Prelicensing course and examination. (a)(1) Every individual subject to the examination required in subsection (b) shall first complete a prelicensing course consisting of 20 classroom hours or equivalent individual instruction on the general principles of title insurance, the duties and responsibilities of a title insurance agent, and the title insurance laws and regulations of this state. The course shall be taught only by those educational institutions, title insurers, or title insurance trade organizations which hold written authority from the commissioner. (2) The prelicensing course must have been completed within 12 months before the date of the examination as shown on the certificate furnished by the prelicensing course provider. (3) Every prelicensing course provider shall apply annually for the continued authority to issue certificates of completion under rules and regulations to be prescribed by the commissioner. (4) At the time of initial approval and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-4.3.htm - 4K - Match Info - Similar pages
27-29B-5
Section 27-29B-5 Contents of Corporate Governance Annual Disclosure. (a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or insurance group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies or the reporting or information system or controls implementing those policies. (b) Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure Model Regulation developed by the NAIC. Documentation and supporting information shall be maintained and made available upon examination or upon...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-5.htm - 1K - Match Info - Similar pages
27-31A-2
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER. The Insurance Commissioner of this state or the commissioner, director, or superintendent of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by either of the following: a. Any person who performs that work. b. Any person who hires an independent contractor to perform that work, but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. (3) DOMICILE. For purposes of determining the state in which a purchasing group is domiciled: a. For a corporation, the state in which the purchasing group is incorporated. b. For an unincorporated entity, the state of its principal place of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-2.htm - 8K - Match Info - Similar pages
41-14A-9
Section 41-14A-9 Procedures for payment of losses. (a) When the State Treasurer becomes aware that a default or insolvency has occurred, the State Treasurer shall provide notice as required in subsection (b) and implement the following procedures: (1) The State Treasurer shall obtain information from the Superintendent of Banks of the State Banking Department or the receiver of the qualified public depository in default in order to ascertain the amount of funds of each public depositor on deposit at such depository and the amount of deposit insurance applicable to such deposits. (2) The potential loss to public depositors shall be calculated by compiling claims received from public depositors. The State Treasurer shall validate claims of public depositors who filed claims under subsection (b) and which have been confirmed under subdivision (1). (3) The loss to public depositors shall be satisfied, insofar as possible, first through any applicable deposit insurance and then through the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-9.htm - 7K - Match Info - Similar pages
10A-17-1.16
Section 10A-17-1.16 Other acts not repealed. The following sections and parts of sections of the Code of Alabama 1975, as amended, are not repealed by this chapter: (1) Sections 2-10-1 through 2-10-108, regarding cooperatives and associations. (2) Section 6-3-4, regarding venue of actions against unincorporated groups issuing insurance policies. (3) Section 6-3-6, regarding venue of actions against unincorporated organizations or associations. (4) Section 6-5-336, regarding immunity of volunteers of nonprofit organizations if actions are in good faith and in the scope of official functions and duties, and do not represent willful or wanton misconduct. (5) Section 6-6-220, defining "Person" as including any person, partnership, joint stock company, unincorporated association, or society, or municipal or other corporation. (6) Section 6-7-80, regarding right to commence actions in name of unincorporated organization or association. (7) Section 6-7-81, regarding commencement of actions...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-17-1.16.htm - 3K - Match Info - Similar pages
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