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19-3A-502
Section 19-3A-502 Disbursements from principal. (a) A trustee shall make the following disbursements
from principal: (1) An amount, not to exceed fifty percent (50%), of the disbursements described
in Section 19-3A-501(a) and Section 19-3A-501(b); (2) All of the trustee's compensation calculated
on principal as a fee for acceptance, distribution, or termination, and disbursements made
to prepare property for sale; (3) Payments on the principal of a trust debt; (4) Expenses
of a proceeding that concerns primarily principal, including a proceeding to construe the
trust or to protect the trust or its property; (5) Premiums paid on a policy of insurance
not described in Section 19-3A-501(d), of which the trust is the owner and beneficiary; and
(6) Estate, inheritance, and other transfer taxes, including penalties thereon, apportioned
to the trust which carries the name of the estate. (b) If a principal asset is encumbered
with an obligation that requires income from that asset to be paid...
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27-14-29
Section 27-14-29 Rights of beneficiaries, etc., under life insurance policies against creditors,
etc. (a) If a policy of insurance, whether heretofore or hereafter issued, is effected by
any person on his own life or on another life in favor of a person other than himself or,
except in cases of transfer with intent to defraud creditors, if a policy of life insurance
is assigned or in any way made payable to any such person, the lawful beneficiary, or assignee
thereof, other than the insured or the person so effecting such insurance or his executors
or administrators, shall be entitled to its proceeds and avails against the creditors, personal
representatives, trustees in bankruptcy, and receivers in state and federal courts of the
person insured and of the person effecting the insurance, whether or not the right to change
the beneficiary is reserved or permitted and whether or not the policy is made payable to
the person whose life is insured, if the beneficiary or assignee shall...
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26-2A-136
Section 26-2A-136 Permissible court orders. (a) The court shall exercise the authority conferred
in this division to encourage the development of maximum self-reliance and independence of
a protected person and make protective orders only to the extent necessitated by the protected
person's mental and adaptive limitations and other conditions warranting the procedure. (b)
The court has the following powers that may be exercised directly or through a conservator
in respect to the estate and business affairs of a protected person: (1) While a petition
for appointment of a conservator or other protective order is pending and after preliminary
hearing and without notice, the court may preserve and apply the property of the person to
be protected as may be required for the support of the person or dependents of the person.
(2) After hearing and upon determining that a basis for an appointment or other protective
order exists with respect to a minor without other disability, the court has...
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27-27-15
Section 27-27-15 Domestic mutual insurers - Authorization to transact insurance. (a) When newly
organized, a domestic mutual insurer may be authorized to transact any one of the kinds of
insurance listed in the schedule contained in subsection (b) of this section. (b) When applying
for an original certificate of authority, the insurer must be otherwise qualified therefor
under this title and must have received and accepted bona fide applications as to substantial
insurable subjects for insurance coverage of a substantial character of the kind of insurance
proposed to be transacted, must have collected in cash the full premium therefor at a rate
not less than that usually charged by other insurers for comparable coverages, must have surplus
funds on hand and deposited as of the date such insurance coverages are to become effective
or, in lieu of such applications, premiums and surplus and may deposit surplus, all in accordance
with that part of the following schedule which applies to...
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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...
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27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Any one
of the three accounts created by Section 27-42-6. (2) AFFILIATE. A person who directly, or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with another person on December 31 of the year immediately preceding the date the
insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama Insurance Guaranty Association
created under Section 27-42-6. (4) CLAIMANT. Any insured making a first party claim or any
person instituting a liability claim. The term does not include a person who is an affiliate
of an insolvent insurer. (5) COMMISSIONER. The Commissioner of Insurance of the State of Alabama.
(6) CONTROL. The possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a person, whether...
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34-35-7
Section 34-35-7 License fee; bond. (a) Each applicant for a transient merchant license must
include a license fee of $250 with the application, to be deposited in the county treasury
that issues the license. The license applicant must also execute a cash bond or a surety bond
issued by a corporate surety authorized to do business in this state in an amount that is
the lesser of $2,000 or five percent of the wholesale value of any merchandise or services
to be offered for sale. The surety bond must be issued in favor of the state and must be conditioned
that the applicant will pay all taxes due from the applicant to the state or to a political
subdivision of the state, any fines assessed against the applicant or the applicant's agents
or employees for a violation of this chapter, and any judgment rendered against the applicant
or the applicant's agents or employees in a cause of action commenced by a purchaser of merchandise
or services not later than one year after the date the...
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11-47-222
Section 11-47-222 Bonds of an authority - Sale and issuance of refunding bonds; maturity; limitation
on principal amount; use of proceeds; effectuation of refunding by sale or exchange of bonds.
(a) An authority may at any time and from time to time sell and issue its refunding bonds
for the purpose of refunding the principal of and interest on any then outstanding bonds of
the authority, whether or not the bonds shall have matured or be redeemable at the option
of the authority at the time of the refunding, and for the payment of any expenses incurred
in connection with the refunding and any premium or other sum necessary to be paid to redeem
or retire the bonds to be refunded. No refunding bonds shall be issued unless the present
value of all debt service on the refunding bonds (computed with a discount rate equal to the
true interest rate of the refunding bonds and taking into account all underwriting discount
and other issuance expenses) shall not be greater than 95 percent of the...
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27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part of
the annual statement required under Section 27-34-36, each society shall, on or before March
1, file with the commissioner a valuation of its certificates in force on December 31 last
preceding; provided, however, that the commissioner may, in his discretion for cause shown,
extend the time for filing such valuation for not more than two calendar months. Such report
of valuation shall show, as reserve liabilities, the difference between the present midyear
value of the promised benefits provided in the certificates of such society in force and the
present midyear value of the future net premiums as the same are in practice actually collected,
not including therein any value for the right to make extra assessments and not including
any amount by which the present midyear value of future net premiums exceeds the present midyear
value of promised benefits on individual certificates. At the option of...
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27-34-45
Section 27-34-45 Misrepresentations. No person shall cause or permit to be made, issued, or
circulated in any form: (1) Any misrepresentation or false or misleading statement concerning
the terms, benefits, or advantages of any fraternal insurance contract now issued, or to be
issued, in this state or the financial condition of any society; (2) Any false or misleading
estimate or statement concerning the dividends or shares of surplus paid, or to be paid, by
any society on any insurance contract; or (3) Any incomplete comparison of an insurance contract
of one society with an insurance contract of another society or insurer for the purpose of
inducing the lapse, forfeiture, or surrender of any insurance contract. A comparison of insurance
contracts is incomplete: a. If it does not compare in detail: 1. The gross rates and the gross
rates less any dividend or other reduction allowed at the date of the comparison; and 2. Any
increase in cash values and all the benefits provided by each...
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