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27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-32-14
Section 27-32-14 Conservation or liquidation of property. (a) An order to conserve the assets
of a foreign or alien insurer shall require the commissioner forthwith to take possession
of the property of the insurer within this state and to conserve it, subject to the further
direction of the court. (b) An order to liquidate the assets in this state of a foreign insurer
shall require the commissioner forthwith to take possession of the property of the insurer
within this state and to liquidate it, subject to the orders of the court and with due regard
to the rights and powers of the domiciliary receiver as provided in this chapter. (Acts 1971,
No. 407, p. 707, §633.)...
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27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
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27-2-34
Section 27-2-34 Order of supervision - Appointment of supervisor; acts which may be prohibited
during period of supervision. During the period of supervision the commissioner may appoint
a supervisor and may provide that the insurer may not do the following things during the period
of supervision without the prior approval of the commissioner or his duly appointed supervisors:
(1) Dispose of, convey, or encumber any of its assets or its business in force; (2) Withdraw
any of its bank accounts; (3) Lend any of its funds; (4) Invest any of its funds; (5) Transfer
any of its property; (6) Incur any debt, obligation, or liability; (7) Enter into any new
reinsurance contract or treaty; (8) Issue to the public policies of insurance. (Acts 1975,
No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)...
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27-32-16
Section 27-32-16 Conduct of delinquency proceedings - Foreign insurers. (a) Whenever under
this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer
not domiciled in this state, the court shall appoint the commissioner as ancillary receiver.
The commissioner shall file a petition requesting the appointment on the grounds set forth
in Section 27-32-10: (1) If he finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver; or (2) If 10 or more persons,
resident in this state, having claims against such insurer, file a petition with the commissioner
requesting the appointment of such ancillary receiver. (b) The domiciliary receiver, for the
purpose of liquidating an insurer domiciled in a reciprocal state, shall be vested by operation
of law with the title to all of the property, contracts, and rights of action and all of the
books and records of the insurer located in this state, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-16.htm - 2K - Match Info - Similar pages
27-32-9
Section 27-32-9 Grounds - Conservation of assets - Alien insurers. The commissioner may apply
to the court for an order appointing him as receiver, or ancillary receiver, and directing
him to conserve the assets within this state of any alien insurer upon any of the following
grounds: (1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; (2) Upon the
ground that the insurer has failed to comply, within the time designated by the commissioner,
with an order made by him to make good an impairment of its trusteed funds; or (3) Upon the
ground that the property of the insurer has been sequestrated in its domiciliary sovereignty
or elsewhere. (Acts 1971, No. 407, p. 707, §628.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-9.htm - 1K - Match Info - Similar pages
27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as a state
of entry to transact insurance in the United States by making and maintaining in this state
a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States
for the same purpose, shall be in amount not less than the deposits required of an alien insurer
under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment
of the funds of like domestic insurers. (c) Such a deposit may be referred to as "trusteed
assets." (Acts 1971, No. 407, p. 707, §657.)...
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31-5-9
Section 31-5-9 County service commissioners and district service commissioners - Qualifications
and appointment. It shall be the duty of the State Service Commissioner, subject to the approval
of the State Board of Veterans' Affairs, to appoint a county service commissioner for each
of the several counties in the State of Alabama, except as provided in this section, and all
such appointees shall be employees of the state department, subject to the authority, rules,
and regulations of the state board. Such county service commissioner shall be a resident of
the county, and a qualified elector therein, and shall be a veteran who served on active duty
in the military or naval forces of the United States for a period of 60 days or more in any
war in which the United States shall have been engaged, and shall have been honorably discharged
therefrom, and all subsequent appointees to such office shall be selected in like manner and
possessed of like qualifications. It shall be the duty of the...
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27-3-25
Section 27-3-25 Service of process on insurers - How served; time to answer or plead. (a) Service
of process upon the commissioner as process agent of the insurer under Section 27-3-24 shall
be made by the proper officer of Montgomery County by serving copies in triplicate of the
process upon the commissioner or upon his assistant, deputy or other person in charge of his
office. Upon receiving such service, the commissioner shall promptly forward a copy thereof
by certified mail or registered mail, with return receipt requested, to the person last designated
by the insurer to receive the same, as provided under subsection (b) of Section 27-3-24, return
one copy with his admission of service and retain one copy in the files of the department.
The commissioner shall keep a record of all actions filed against insurers wherein process
is served on the commissioner, noting the name of the insurer, the date of service, and the
type of action. (b) Where process is served upon the commissioner...
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27-11-5
at the time of the pendency of an action involving the transacting of the business of insurance
or the act or occurrence complained of, shall be deemed to be an unauthorized insurer within
the meaning of this chapter, and service of process under such circumstances may be had as
provided in this section. (b) Service of summons when obtained upon any such insurer as provided
in subsection (a) of this section for the service of process shall be deemed sufficient service
of summons and process to give to the Circuit Court of Montgomery County, Alabama, jurisdiction
over the cause of action and over such insurer and shall warrant and authorize personal
judgment against such defendant, or defendants, in the event that the plaintiff prevails in
the action. There shall be paid to the Secretary of State for services under this section
fees as may be provided for service of process on nonresidents doing business or performing
work or service in this state. (Acts 1971, No. 407, p. 707, §224.)...
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