27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether domestic, foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's," whereby each underwriter is liable for the proportionate part assumed by him of the whole amount so insured by a policy issued by such underwriters, may be authorized to transact any kind, or kinds, of insurance in this state other than life or title insurances if the insurer is otherwise in compliance with this title, subject to the following conditions: (1) If a foreign or alien insurer, it must have successfully been in business as an authorized insurer in the state or country of domicile for at least 10 years. (2) If a domestic insurer, it must file with the commissioner evidence, satisfactory to him, that it has been soundly organized and that its insurance operations will, at all times, be competently conducted by individuals having the necessary experience in insurance underwriting and management to do so,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-16.htm - 2K - Match Info - Similar pages
27-12-17
Section 27-12-17 Collection of premiums or charges when insurance not provided; excess premium or charge. (a) No person shall willfully collect any sum as premium or charge for insurance which insurance is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as permitted by this title. (b) No person shall willfully collect as premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance and as specified in the policy in accordance with the applicable classifications and rates as filed with, and approved by, the commissioner or, in cases where classifications, premiums, or rates are not required by this title to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer. This section shall not be deemed to prohibit the charging and collection by surplus line brokers licensed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-17.htm - 2K - Match Info - Similar pages
27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority to transact such insurance in this state, a foreign title insurer shall have and maintain on deposit in this state for the better protection of its guaranty holders and creditors, resident in this state, under its contracts of title insurance, cash and securities eligible under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit shall be so made and maintained in trust with a bank or trust company located in this state, approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b) At its option, a domestic title insurer may maintain a deposit in like manner, amount, character and for like purposes as required for foreign insurers under subsection (a) of this section. (c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title. (Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, ยง58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter set forth, for the year beginning on January 1, 1995, and for each year thereafter, every insurer shall pay to the commissioner a premium tax equal to the percentage, as set out in this subsection, of the premiums received by the insurer for business done in this state, whether the same was actually received by the insurer in this state or elsewhere: (1) PREMIUM TAX ON LIFE INSURANCE PREMIUMS. a. Except as hereinafter provided, the rates of taxation on life insurance premiums shall be those amounts set out in the following schedule: Year Foreign Insurers Domestic Insurers 1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year Thereafter 2.3 2.3 b. Individual life insurance policies in a face amount of greater than $5,000 and up to and including $25,000, excluding group life insurance policies, shall be taxed at the rate of one percent per annum. c. Individual life insurance policies in a face...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-3.htm - 16K - Match Info - Similar pages
27-41-34
Section 27-41-34 Particular investments - Real estate. (a)(1) An insurer may acquire, invest in, own, maintain, alter, furnish, and improve the following real estate: a. Land and buildings used for home office and branch office purposes, together with such other real estate as is required for the convenient transaction of its business; and b. Funeral home buildings used in the servicing of burial insurance policies. (2) An insurer may lease to others part of the real property otherwise occupied by it for home office and other purposes under paragraphs a. and b. of subdivision (1) of this subsection, except that the value of the parts so leased must be included in subdivision (2) of subsection (b) of this section. (3) Except as provided in subsection (e) of this section, an insurer may not carry, as an admitted asset, real estate acquired under this subsection following 10 years from the date when such real estate ceases to be necessary for the convenient accommodation of the insurer in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-34.htm - 4K - Match Info - Similar pages
32-7A-2
Section 32-7A-2 Definitions. (a) For the purposes of this chapter, the following terms shall have the following meanings respectively ascribed to them in this section, except in those instances where the context clearly indicates a different meaning: (1) CERTIFICATE OF INSURANCE. A document issued by an insurer or its authorized representative showing that a specific vehicle is insured for no less than the minimum limits of liability coverage for bodily injury or death and for destruction of property under subsection (c) of Section 32-7-6. (2) COMMERCIAL AUTOMOBILE LIABILITY INSURANCE POLICY. An insurance policy that: a. Is written on either a commercial coverage or other commercially rated personal policy form, including, but not limited to, a commercial auto, garage, or truckers form, and is not dependent on the type, number, or ownership of vehicle or entity covered or insured. b. Insures vehicles that are not identified individually by vehicle identification number on the policy....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-2.htm - 6K - Match Info - Similar pages
41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have the following meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance date, 8.33 percent for the next six credit allowance dates, for the total of 50 percent. (2) CREDIT ALLOWANCE DATE. With respect to any qualified equity investment, the date on which such investment is initially made and each of the six anniversary dates of that date thereafter. (3) DEPARTMENT. The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument issued by a qualified community development entity, at par value or a premium, with an original maturity date of at least seven years from the date of its issuance, with no acceleration of repayment, amortization, or prepayment features prior to its original maturity date. The qualified community development entity that issues the debt instrument may not make cash interest payments on the debt instrument during the period beginning on the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-9-218.htm - 5K - Match Info - Similar pages
27-7-19
Section 27-7-19 Licenses - Penalties. (a) The commissioner may place on probation, refuse to issue or renew, suspend, or revoke the license of any licensee under this chapter, or may levy a civil penalty in accordance with subsection (c), or any combination of actions, for any one or more of the following causes: (1) Any cause for which issuance of the license could have been refused had it then existed and been known to the commissioner. (2) Providing incorrect, misleading, incomplete, or materially untrue information in any application or in any communication to the commissioner. (3) Obtaining or attempting to obtain a license through misrepresentation or fraud. (4) Intentionally misrepresenting the terms of any actual or proposed insurance contract or application for insurance. (5) Having admitted or been found to have committed any insurance unfair trade practice or fraud. (6) For inducing, persuading, or advising any policyholder to surrender or cause to be cancelled any policy of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-19.htm - 4K - Match Info - Similar pages
8-6-5
Section 8-6-5 Registration of securities - Registration by notification. (a) The following securities may be registered by notification, whether or not they are also eligible for registration by coordination under Section 8-6-6: (1) Any security whose issuer and any predecessors have been in continuous operation for at least five years if: a. There has been no default during the current fiscal year or within the three preceding fiscal years in the payment of principal, interest, or dividends on any security of the issuer, or any predecessor, with a fixed maturity or a fixed interest or dividend provision; and b. The issuer and any predecessors during the past three fiscal years have had average net earnings determined in accordance with generally accepted accounting practices which are applicable to all securities without a fixed maturity or a fixed interest or dividend provision and which: 1. Equal at least five percent of the amount of securities without a fixed maturity or a fixed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-5.htm - 5K - Match Info - Similar pages
40-10-122
Section 40-10-122 Manner of redemption when land sold to party other than state. THIS SECTION WAS AMENDED BY ACT 2018-494 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2020. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. (a) In order to obtain the redemption of land from tax sales where the same has been sold to one other than the state, the party desiring to make such redemption shall deposit with the judge of probate of the county in which the land is situated the amount of money for which the lands were sold, with interest payable at the rate of 12 percent per annum from date of sale, and, on the portion of any excess bid that is less than or equal to 15 percent of the market value as established by the assessing official, together with the amount of all taxes which have been paid by the purchaser, which fact shall be ascertained by consulting the records in the office of the tax collector, or other tax collecting official, with interest on the payment at 12...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-10-122.htm - 6K - Match Info - Similar pages
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