27-13-71
Section 27-13-71 Hearings on applications to reduce rates. Every rating organization and every
insurer which does its own rate-making shall provide reasonable means within this state, to
be approved by the department, whereby any person, or persons, affected by a rate made by
it may be heard on a written application to reduce such rate. If such rating organization
or such insurer shall refuse to reduce such rate, the person, or persons, affected thereby
may make a like application to the commissioner within 30 days after receipt of notice in
writing that the application for reduction of rate has been denied by such rating organization
or by such insurer. If, upon the expiration of 20 days after application for the reduction
of a rate, such rating organization or such insurer fails to grant or reject the application,
the person, or persons, affected may make the application to the commissioner in the same
manner as if the application had been rejected by such rating organization or by...
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27-33-13
Section 27-33-13 Trusteed assets - Withdrawal. (a) The trust agreement shall provide, in substance,
that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee
without the written authorization or approval of the commissioner in advance thereof except
as follows: (1) Any or all income, earnings, dividends, or interest accumulations of the trusteed
assets may be paid over to the United States manager of the insurer upon request of the insurer
or the manager; (2) For substitution, coincidentally with such withdrawal, of other securities
or assets of value at least equal in amount to those being withdrawn, if such substituted
securities or assets are likewise such as are eligible for investment of the funds of like
domestic insurers and if such withdrawal is requested in writing by the insurer's United States
manager pursuant to general or specific written authority previously given or delegated by
the insurer's board of directors, or other similar...
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27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
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27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with
the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic
reciprocal insurer shall file with the commissioner a bond in favor of this state for the
benefit of all persons damaged as a result of breach by the attorney of the conditions of
his bond as set forth in subsection (b) of this section. The bond shall be executed by the
attorney and by an authorized corporate surety and shall be subject to the commissioner's
approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned
that the attorney will faithfully account for all moneys and other property of the insurer
coming into his hands and that he will not withdraw or appropriate to his own use from the
funds of the insurer any moneys or property to which he is not entitled under the power of
attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
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27-13-40
Section 27-13-40 Suspension of license or certificate of authority. Any rating organization
which violates any provisions of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provision of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization, or insurer making its own rates, to comply with the provisions of
any order of the commissioner within 30 days after such order, or any extension thereof as
the commissioner may, in his discretion, grant shall automatically suspend the license of
such rating organization or insurer. (Acts 1945, No. 132, p. 133, §20; Acts 1971, No. 407,
p. 707, §277.)...
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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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27-32-6
Section 27-32-6 Grounds - Rehabilitation of domestic insurers. The commissioner may apply to
the court for an order appointing him as receiver of, and directing him to rehabilitate, a
domestic insurer upon one or more of the following grounds. That the insurer: (1) Is impaired
or insolvent; (2) Has refused to submit any of its books, records, accounts, or affairs to
reasonable examination by the commissioner; (3) Has concealed or removed records or assets
or otherwise violated Section 27-27-29; (4) Has failed to comply with an order of the commissioner
to make good an impairment of capital or surplus, or both; (5) Has transferred, or attempted
to transfer, substantially its entire property or business or has entered into any transaction
the effect of which is to merge substantially its entire property or business in that of any
other insurer without having first obtained the written approval of the commissioner; (6)
Has willfully violated its charter or articles of incorporation or any...
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2-17-21
Section 2-17-21 Promulgation, approval, adoption, amendment, etc., of regulations for implementation
of chapter generally; issuance, etc., of temporary orders of commissioner. Wherever in this
chapter it is provided that regulations may or shall be promulgated by the commissioner or
that any activity or procedure may be regulated by order of the commissioner or wherever any
words of like import appear, any such regulation so issued and promulgated for the purpose
of implementing this chapter must, before the same shall become effective, be approved and
adopted by the Board of Agriculture and Industries of the State of Alabama. Any such regulation
so issued and promulgated may at any time be altered, amended or rescinded by the said Board
of Agriculture and Industries of the State of Alabama; provided, however, that when it is
found by the commissioner and such finding is expressed in an official order issued by him,
together with his reasons for such finding, that any activity,...
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27-13-78
Section 27-13-78 Suspension of license or certificate of authority. Any rating organization
which violates any provision of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provisions of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization or an insurer making its own rates to comply with the provisions
of any order of the commissioner within 30 days after such order, or any extension thereof,
as the commissioner may, in his discretion, grant shall automatically suspend the license
of such rating organization or insurer. (Acts 1945, No. 133, p. 145, §19; Acts 1971, No.
407, p. 707, §302.)...
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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business
in this state and which is a member of an insurance holding company system shall register
with the commissioner, except a foreign insurer subject to registration requirements and standards
adopted by statute or regulation in the jurisdiction of its domicile which are substantially
similar to those contained in this section and both of the following: a. Subdivision (1) of
subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either
subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after
the end of the month in which it learns of each change or addition. (2) Any insurer which
is subject to registration under this section shall register within 15...
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