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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
27-13-75
Section 27-13-75 Alteration, supplementation, and amendment of rating plans. A rating organization
or any insurer making its own rates may, with the approval of the commissioner, from time
to time, alter, supplement, or amend its rating plans, or any part thereof, by filing with
the department copies of such alterations, supplements, or amendments, together with a statement
of the reason, or reasons, for such alteration, supplement, or amendment. If such alteration,
supplement, or amendment shall have the effect of increasing or decreasing rates, the commissioner
shall determine whether the rates as altered thereby are reasonable, adequate, and not unfairly
discriminatory. If the commissioner shall determine that the rates as so altered are not unreasonably
high, or inadequate or unfairly discriminatory, he shall make an order approving them. If
he shall find that the rates as altered are unreasonable, inadequate, or unfairly discriminatory,
he shall issue an order disapproving such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-75.htm - 2K - Match Info - Similar pages
27-21A-6
Section 27-21A-6 Fiduciary responsibilities of directors, officers, employees, and partners.
(a) Any director, officer, employee, or partner of a health maintenance organization who receives,
collects, disburses, or invests funds in connection with the activities of such organization
shall be responsible for such funds in a fiduciary relationship to the organization. (b) A
health maintenance organization shall maintain in force a fidelity bond on employees and officers
in an amount not less than $25,000 or such other sum as may be prescribed by the commissioner.
All such bonds shall be written with at least a one-year discovery period and if written with
less than a three-year discovery period shall contain a provision that no cancellation or
termination of the bond, whether by or at the request of the insured or by the underwriter,
shall take effect prior to the expiration of 90 days after written notice of such cancellation
or termination has been filed with the commissioner unless...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-6.htm - 3K - Match Info - Similar pages
27-32-33
Section 27-32-33 Assessments - Levy. (a) Upon the basis of the report provided for in Section
27-32-32, including any amendments thereto, the court may, of its own motion, order the commissioner
to levy one or more assessments against all members of such insurer who, as shown by the records
of the insurer, were members, if a mutual insurer, or subscribers, if a reciprocal insurer,
at any time within one year prior to the date of issuance of the order to show cause under
Section 27-32-4. (b) Such assessment or assessments shall cover the excess of the probable
liabilities over the reasonable value of the assets, together with the estimated cost of collection
and percentage of uncollectability thereof. The total of all assessments against any member
or subscriber with respect to any policy, whether levied pursuant to this chapter or pursuant
to any other provision of law, shall be for no greater amount than that specified in the policy
or policies of the member or subscriber; except,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-33.htm - 1K - Match Info - Similar pages
27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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27-44-5
territories, or protectorates that do not have an association similar to the association created
by this chapter, shall be deemed residents of the state of domicile of the insurer that issued
the policies or contracts. (19) STATE. A state, the District of Columbia, Puerto Rico, and
a United States possession, territory, or protectorate. (20) STRUCTURED SETTLEMENT ANNUITY.
An annuity purchased in order to fund periodic payments for a plaintiff or other claimant
in payment for or with respect to personal injury suffered by the plaintiff
or other claimant. (21) SUPPLEMENTAL CONTRACT. A written agreement entered into for the distribution
of proceeds under a life, disability, or annuity policy or contract. (22) UNALLOCATED ANNUITY
CONTRACT. An annuity contract or group annuity certificate which is not issued to and owned
by an individual, except to the extent of any annuity benefits guaranteed to an individual
by an insurer under the contract or certificate. (Acts 1982, No. 82-561, p. 922,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - Match Info - Similar pages
27-12-14
to any tax payable on account of such insurance, nor relieve any insured named in the policy
nor any employee of such insured who knowingly receives or accepts any rebate, discount, abatement,
credit, or reduction of the premium in violation of subsection (b) of this section, of any
penalty otherwise applicable under this title on account of any such violation. (e) No person
in this state shall advertise, offer, or provide free insurance as an inducement to the purchase
or sale of real or personal property or of services, directly or indirectly, connected
with such real or personal property. (1) For the purposes of this subsection, "free
insurance" is insurance for which no identifiable and additional charge is made to the
purchase of such real property or personal property or services or insurance for which
an identifiable or additional charge is made in an amount less than the cost of such insurance
as to the seller or other person, other than the insurer providing the same. (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-14.htm - 4K - Match Info - Similar pages
27-21A-23
Section 27-21A-23 Statutory construction and relationship to other laws. (a) Except as otherwise
provided in this chapter, provisions of the insurance law and provisions of health care service
plan laws shall not be applicable to any health maintenance organization granted a certificate
of authority under this chapter. This provision shall not apply to an insurer or health care
service plan licensed and regulated pursuant to the insurance law or the health care service
plan laws of this state except with respect to its health maintenance organization activities
authorized and regulated pursuant to this chapter. (b) Solicitation of enrollees by a health
maintenance organization granted a certificate of authority shall not be construed to violate
any provision of law relating to solicitation or advertising by health professionals. (c)
Any health maintenance organization authorized under this chapter shall not be deemed to be
practicing medicine and shall be exempt from the provisions of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-23.htm - 2K - Match Info - Similar pages
27-31B-11
Section 27-31B-11 Grounds and procedures for suspension or revocation of license. (a) The license
of a captive insurance company to do an insurance business in this state may be suspended
or revoked by the commissioner for any of the following reasons: (1) Insolvency or impairment
of capital or surplus. (2) Failure to meet the requirements of Section 27-31B-6. (3) Refusal
or failure to submit an annual report, as required by Section 27-31B-9, or any other report
or statement required by law or by lawful order of the commissioner. (4) Failure to comply
with its own charter, bylaws, or other organizational document. (5) Failure to submit to examination
or any legal obligation relative thereto, as required by Section 27-31B-10. (6) Refusal or
failure to pay the cost of examination, as required by Section 27-31B-10. (7) Use of methods
that, although not otherwise specifically prohibited by law, nevertheless render its operation
detrimental or its condition unsound with respect to the...
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27-21A-4
Section 27-21A-4 Powers of health maintenance organizations. (a) The powers of a health maintenance
organization include, but are not limited to the following: (1) The purchase, lease, construction,
renovation, operation, or maintenance of hospitals, medical facilities, or both, and their
ancillary equipment; (2) The making of loans other than in the ordinary course of business,
to providers under contract with it in furtherance of its program or the making of loans to
a corporation or corporations in which it owns a majority interest for the purpose of acquiring
or constructing medical facilities and hospitals or in furtherance of a program providing
health care services to enrollees. (3) The furnishing of health care services through providers
which are under contract with or employed by the health maintenance organization. (4) The
contracting with any person for the performance on its behalf of certain functions such as
marketing, enrollment, and administration. (5) The purchase,...
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