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39-1-4
Section 39-1-4 selection of surety company, etc.; approval of bonds, etc. (a) No officer or
employee of an awarding authority and no person acting or purporting to act on behalf of such
officer or employee of an awarding authority, except a public agency or authority created
pursuant to agreement or compact with another state, shall, with respect to any public works
contract, require the bidder to obtain or procure any surety bond or contract of insurance
specified in connection with such contract or specified by any law, ordinance, or regulation
from a particular surety company, insurance company, bonding company, agent, or broker. No
officer, employee, person, firm, or corporation acting or purporting to act on behalf of any
officer or employee of an awarding authority shall negotiate, make application, obtain, or
procure any surety bond or contract of insurance, except contracts of insurance for builder's
risk or owner's protective liability, which shall be obtained or procured by...
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27-12A-1
Section 27-12A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) COMMISSIONER. The Alabama Commissioner of Insurance or his or her designee.
(2) DEPARTMENT. The Alabama Department of Insurance. (3) INSURANCE. As defined in Section
27-1-2, and specifically including any contract, arrangement, or agreement, in which one undertakes
to do any one of the following: a. Pay or indemnify another as to loss from certain contingencies
called risks. b. Pay or grant a specified amount or determinable benefit to another in connection
with ascertainable risk contingencies. c. Pay an annuity to another. d. Act as surety. For
the purposes of this chapter, insurance also includes any health benefit plan as defined in
Section 27-53-1. (4) INSURANCE PRODUCER or PRODUCER. As defined in Section 27-7-1. (5) INSURER.
A person entering into agreements, contracts of insurance, arrangements, or reinsurance, or
a health benefit plan, or a group health plan as...
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27-15-29
Section 27-15-29 Prohibited policy plans. (a) No insurer shall hereafter deliver or issue for
delivery in this state any policy or contract providing for the establishment of its policyholders
or members into divisions and classes and for payment of benefits from special funds created
for such purpose to the oldest member of the division and class or to the member of the division
and class whose policy has been in force the longest period of time upon the death of a member
in such division and class, or under any other similar plan; except, that any insurer heretofore
operating on such a plan in this state, whether by conversion from a fraternal benefit society
or otherwise, may continue to do so upon the condition that the insurer shall not hereafter
establish its policyholders or members into any new divisions, classes or groupings of any
kind, other than those heretofore established and containing subsisting policies heretofore
issued, and that the insurer, if a stock insurer, shall...
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27-25-3
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall have
the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments
of public record of whatever kind or nature which in any manner affect title to a specified
parcel of real property. (2) BUSINESS ENTITY. A domestic entity properly formed and existing
under Title 10A. (3) COMMISSIONER. The Commissioner of the Alabama Department of Insurance.
(4) INDIVIDUAL. A natural person. (5) NAIC. The National Association of Insurance Commissioners,
its subsidiaries and affiliates, and any successor thereof. (6) OPINION OF TITLE. A written
expression of the status of title, including, but not limited to, the validity or invalidity
thereof, based upon an examination by an attorney at law, who is licensed to practice law
in this state, of instruments of public record or an abstract thereof affecting title to a
specified parcel of real property to ascertain the history and present...
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27-9A-12
Section 27-9A-12 License denial, non-renewal, or revocation. (a) The commissioner may place
on probation, suspend, revoke, or refuse to issue or renew an independent adjuster's license,
an apprentice independent adjuster's license, or the registration of an emergency independent
adjuster, or may levy a civil penalty in accordance with subsection (d), or any combination
of these actions, for any one or more of the following causes: (1) Providing incorrect, misleading,
incomplete, or materially untrue information in the license application. (2) Violating any
insurance laws, rules, subpoena, or order of the commissioner or of another state's insurance
regulator. (3) Obtaining or attempting to obtain a license or registration through misrepresentation
or fraud. (4) Improperly withholding, misappropriating, or converting any monies or properties
received in the course of acting as an adjuster of any type or in otherwise doing insurance
business in this state or elsewhere. (5) Intentionally...
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19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
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27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity contracts
issued after June 30, 2006, or by election under this section until June 30, 2006. (a) This
section shall be known as the standard nonforfeiture law for individual deferred annuities.
(b) This section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative...
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27-16-9
Section 27-16-9 Policy provisions - Reinstatement. (a) There shall be a provision that unless
the policy has been surrendered for its cash value, or its cash surrender value has been exhausted
or the period of any extended insurance provided by the policy has expired, the policy will
be reinstated at any time within two years after the date of premium default upon written
application therefor, the production of evidence of insurability satisfactory to the insurer,
the payment of all overdue premiums and payment or, within the limits permitted by the then
cash value of the policy, reinstatement of any other indebtedness to the insurer upon the
policy with interest as to both premiums and indebtedness at a rate not exceeding six percent
per annum compounded annually. (b) If for the purpose of or toward reinstatement of a policy
after its lapse the insurer receives a payment or tender of premium or other funds in amount
less than as required to effectuate the reinstatement so as to place...
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27-25-4.1
Section 27-25-4.1 Title agent qualifications. (a) The commissioner may contract with non-governmental
entities, including NAIC, to perform any ministerial functions, including the collection of
fees and data, related to licensing that the commissioner may deem appropriate. The commissioner
may require that license applications, license renewal applications, notices of appointments
and appointment terminations, and supporting documentation be filed and all required fees
and charges be paid electronically through systems operated or maintained by the non-governmental
entities. (b) An individual applying for a title insurance agent license shall apply to the
commissioner on the appropriate NAIC Uniform Individual Application and declare under penalty
of suspension, revocation, or refusal of the license that the statements made in the application
are true, correct, and complete to the best of the individual's knowledge and belief. Before
approving the application, the commissioner shall...
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27-38-6
Section 27-38-6 Applicability of title. Except for Sections 27-15-16, 27-15-17, 27-15-22, 27-15-23,
and 27-15-28.1 of this title, in the case of a variable annuity contract, and Sections 27-15-2,
27-15-3, 27-15-8.1, 27-15-9, 27-15-10, 27-15-11, and 27-15-28 of this title, in the case of
a variable life insurance policy, and except as otherwise provided in this chapter, all pertinent
provisions of this title shall apply to separate accounts and contracts relating thereto.
Any individual variable life insurance contract, delivered or issued for delivery in this
state shall contain grace, reinstatement and nonforfeiture provisions appropriate to such
a contract. (Acts 1969, No. 565, p. 1045, §2; Acts 1971, No. 407, p. 707, §759; Acts 1985,
2nd Ex. Sess., No. 85-993, p. 357, §3.)...
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