27-44-6
Section 27-44-6 Creation of association; membership; accounts; supervision. (a) There is created
a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance
Guaranty Association. All member insurers shall be and remain members of the association as
a condition of their authority to transact insurance in this state. The association shall
perform its functions under the plan of operation established and approved under Section 27-44-10
and shall exercise its powers through a board of directors established under Section 27-44-7.
For purposes of administration and assessment the association shall maintain three accounts:
(1) The disability insurance account; (2) The life insurance account; and (3) The annuity
account. (b) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state. (Acts
1982, No. 82-561, p. 922, §6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-6.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages

27-14-11
Section 27-14-11 Contents of policies - Generally. (a) Every policy shall specify: (1) The
names of the parties to the contract; (2) The subject of the insurance; (3) The risks insured
against; (4) The time when the insurance thereunder takes effect and the period during which
the insurance is to continue; (5) The premium; and (6) The conditions pertaining to the insurance.
(b) If under the policy the exact amount of premium is determinable only at stated intervals
or termination of the contract, a statement of the basis and rates upon which the premium
is to be determined and paid shall be included. (c) This section shall not apply as to surety
contracts or to group insurance policies. (Acts 1971, No. 407, p. 707, §324.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-11.htm - 1K - Match Info - Similar pages

27-15-73
Section 27-15-73 Computation of cash surrender value. (a) Any cash surrender value available
under the policy in the event of default in the premium payment due on any policy anniversary,
whether or not required by Section 27-15-72, shall be an amount not less than the excess,
if any, of the present value on such anniversary of the future guaranteed benefits which would
have been provided for by the policy, including any existing paid-up additions if there had
been no default, over the sum of: (1) The then present value of the adjusted premium as defined
in Sections 27-15-75, 27-15-76, 27-15-77, and 27-15-78, corresponding to premiums which would
have fallen due on and after such anniversary. (2) The amount of any indebtedness to the insurer
on account of or secured by the policy. (b) Provided, however, that for any policy issued
on or after the operative date of Section 27-15-78, as defined therein, which provides supplemental
life insurance or annuity benefits at the option of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-73.htm - 3K - Match Info - Similar pages

27-51-1
Section 27-51-1 Payment for services of licensed physician assistant. (a) An insurance policy
or contract providing for third-party payment or prepayment of health or medical expenses
shall include a provision for the payment to a supervising physician for necessary medical
or surgical services that are provided by a licensed physician assistant practicing under
the supervision of the physician, and pursuant to the rules, regulations, and parameters for
physician assistants, if the policy or contract pays for the same care and treatment provided
by a licensed physician or doctor of osteopathy. (b) An insurance policy or contract subject
to this section shall not impose a practice or supervision restriction which is inconsistent
with or more restrictive than provided by law. (c) This section shall apply to services provided
under a policy or contract delivered, continued, or renewed in this state on or after August
1, 1997, and to any existing policy or contract, on the policy's or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-51-1.htm - 2K - Match Info - Similar pages

11-91-7
Section 11-91-7 Validation, etc., of policies issued prior to August 16, 1947, and acts done
and premiums paid in accordance therewith. All contracts and policies of group life, health,
accident, and hospitalization insurance or any one or more of them which have been issued
prior to August 16, 1947, to any municipal corporation, county, city or county board of education
or any state agency or institution of education, learning, training or correction, or for
the delinquent, insane, sick, deaf, dumb, blind, needy, juvenile, or aged for the benefit
of its officers and employees or any portion of them are hereby ratified, confirmed, approved,
and validated. All acts done and all premiums paid by any such municipal corporation, county,
board, agency or institution in accordance with the terms of any such contract or policy are
hereby ratified, confirmed, approved and validated. (Acts 1947, No. 377, p. 269, §§1, 2.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-91-7.htm - 1K - Match Info - Similar pages

27-19-39
Section 27-19-39 Policies, etc., providing for reimbursement for visual service. Whenever any
policy of insurance or any medical service plan or hospital service contract or hospital and
medical service contract provides for reimbursement for any visual service in Alabama which
is within the lawful scope of practice of a duly licensed optometrist, as defined in Section
34-22-1, the insured or other person entitled to benefits under such policy shall be entitled
to reimbursement for such services, whether such services are performed by a duly licensed
physician or by a duly licensed optometrist, whichever the insured selects, notwithstanding
any provision to the contrary in any statute or in such policy, plan, or contract. Duly licensed
optometrists shall be entitled to participate in such policies, plans, or contracts providing
for visual services to the same extent as fully licensed physicians. (Acts 1967, No. 508,
p. 1224.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-39.htm - 1K - Match Info - Similar pages

27-19-51
Section 27-19-51 Purpose of article. The purpose of this article is to establish certain definitions,
policy provisions, anticipated loss ratio standards, and disclosure requirements applicable
to group and individual Medicare supplement disability policies and to authorize the implementation
of these requirements through regulations promulgated by the Commissioner of Insurance consistent
with the uniform standards developed by the National Association of Insurance Commissioners
to meet the standards enacted in Public Law 96-265 (Laws 1980). (Acts 1981, No. 81-560, p.
940, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-51.htm - 891 bytes - Match Info - Similar pages

27-32-40
Section 27-32-40 Priority of claims of policyholders and beneficiaries - Classification of
policyholders and beneficiaries. The circuit court having jurisdiction over a receivership
for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish
between classes of policyholders or beneficiaries and establish priorities for each such class
for payment of claims, sharing in the assets remaining or for reinsurance purposes. In establishing
priorities among classes of policyholders and beneficiaries, death claims payable on life
insurance contracts, cash surrenders payable, annuity holders, paid up policies, single premium
policies, and other such classifications may be used by the court in establishing priorities
for payment of claims or for reinsurance of policies. (Acts 1975, No. 1040, p. 2085, §4.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-40.htm - 1K - Match Info - Similar pages

27-36A-12
Section 27-36A-12 Reserve calculation - Valuation net premium exceeding the gross premium charged.
(a) If in any contract year the gross premium charged by a company on a policy or contract
issued on or after January 1, 1972, is less than the valuation net premium for the policy
or contract calculated by the method used in calculating the reserve thereon, but using the
minimum valuation standards of mortality and rate of interest, the minimum reserve required
for the policy or contract shall be the greater of either the reserve calculated according
to the mortality table, rate of interest, and method actually used for the policy or contract,
or the reserve calculated by the method actually used for the policy or contract but using
the minimum valuation standards of mortality and rate of interest and replacing the valuation
net premium by the actual gross premium in each contract year for which the valuation net
premium exceeds the actual gross premium. The minimum valuation standards...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-12.htm - 2K - Match Info - Similar pages