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27-17-16
Section 27-17-16 Valuation of life insurance reserve liabilities for burial insurance policies;
increase in amount of insurance; minimum standards for valuation; notice to commissioner as
to change in valuation standards; increase in retail value, nonforfeiture value, and cash
surrender value; construction with other laws. (a) Except as hereinafter provided, any authorized
insurer who issues or has heretofore issued "burial insurance" in this state shall
value the life insurance reserve liabilities for such policies (hereinafter "burial reserves")
in accordance with the provisions of Section 27-36-7. (b) An insurer shall increase the amount
of insurance on which its burial reserves are based, not to exceed the retail value of such
benefits as stated in the policies, when appropriate to reflect an increase in the costs to
the insurer of providing the policy benefits. When an insurer shall increase the amount of
insurance for this purpose, it shall be permitted to change the assumed...
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27-38-2
Section 27-38-2 Variable contracts - Statement of procedures for determining benefits; death
benefit provision. (a) Any variable contract providing benefits payable in variable amounts
delivered, or issued for delivery, in this state shall contain a statement of the essential
features of the procedures to be followed by the insurer in determining the dollar amount
of such variable benefits. Any such contract, including a group contract, and any certificate
in evidence of variable benefits issued thereunder shall state that such dollar amount will
vary to reflect investment experience and shall contain on its first page a statement to the
effect that the benefits thereunder are on a variable basis. (b) Variable annuity contracts
delivered, or issued for delivery, in this state may include as an incidental benefit provision
for payment on death during the deferred period of an amount not in excess of the greater
of the sum of the premiums or stipulated payments paid under the contract or...
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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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27-14-11.1
Section 27-14-11.1 Contents of policies - Denial or reduction of benefits due to Medicaid eligibility
void. (a) For purposes of this section, "private insurer" is defined as any of the
following: (1) Any commercial insurance company offering health or casualty insurance to individuals
or groups, including both experience-rated contracts and indemnity contracts. (2) Any profit
or nonprofit prepaid plan offering either medical services or full or partial payment for
the diagnosis or treatment of an injury, disease, or disability. (3) Any organization administering
health or casualty insurance plans for professional associations, unions, fraternal groups,
employer-employee benefit plans, and any similar organization offering these payments or services,
including self-insured and self-funded plans. (4) Any health insurer, including group health
plans, as defined in Section 607(1) of the Employee Retirement Income Security Act of 1974,
self-insured plans, service benefit plans, managed care...
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27-15-51
Section 27-15-51 Construction and application of article. (a) This article shall require recognition
of the escheat or unclaimed property statutes of Alabama as they relate to the method of payment
for life insurance death benefits regulated by the Department of Insurance. (b) This article
shall apply only to life insurance policies, annuity contracts, and retained asset accounts
issued and delivered in this state and which are issued or entered into on or after January
1, 2016. (Act 2012-424, p. 1142, §2; Act 2013-195, p. 372, §1.)...
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27-19-28
Section 27-19-28 Exclusion of hospitalization benefits for mental patients in tax-supported
institutions. (a) No policy of health, sickness, or accident insurance delivered, or issued
for delivery, in this state, including both individual and group policies, which provide coverage
for psychiatric treatment or mental illness shall exclude hospitalization benefits for mental
patients in tax-supported institutions of the State of Alabama, or any county or municipality
thereof. (b) The provisions of this section shall not apply to any policy of insurance in
effect prior to September 20, 1971, nor shall the provisions of this section apply to any
employee benefit plan providing hospital benefits for mental patients where such employee
benefit plan is established by the employer and contributions to the plan are provided by
the employer and the employee, or either of them, and such plan is not evidenced by individual,
or group or blanket policies of health, sickness, or accident insurance...
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27-17-1
Section 27-17-1 Applicability of chapter; "burial insurance" defined. (a) This chapter
applies only to burial insurance policies. (b) For the purposes of this title, "burial
insurance" is that form of life insurance under which: (1) Benefits are provided in the
form of merchandise and services incident to the burial of the insured or the furnishing of
a monument to the insured; (2) The specified retail value of such merchandise and services
does not exceed $1,500.00; and (3) The words "burial policy," "vault policy,"
"monument policy," or words of similar import are printed on the policy as a part
of its description. (Acts 1971, No. 407, p. 707, §392.)...
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27-18-3
Section 27-18-3 Policy provisions - Grace period. The group life insurance policy shall contain
a provision that the policyholder is entitled to a grace period of not less than 30 days for
the payment of any premium due except the first, during which grace period the death benefit
coverage shall continue in force unless the policyholder shall have given the insurer written
notice of discontinuance in advance of the date of discontinuance and in accordance with the
terms of the policy. The policy may provide that the policyholder shall be liable to the insurer
for the payment of a pro rata premium for the time the policy was in force during such grace
period. (Acts 1971, No. 407, p. 707, §409.)...
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27-36A-7
Section 27-36A-7 Computation of minimum standard by calendar year of issue. (a) The interest
rates used in determining the minimum standard for the valuation of the following shall be
the calendar year statutory valuation interest rates as defined in this section: (1) Life
insurance policies issued in a particular calendar year, on or after the operative date of
Section 27-15-78. (2) Individual annuity and pure endowment contracts issued in a particular
calendar year on or after January 1, 1982. (3) Annuities and pure endowments purchased in
a particular calendar year on or after January 1, 1982, under group annuity and pure endowment
contracts. (4) The net increase, if any, in a particular calendar year after January 1, 1982,
in amounts held under guaranteed interest contracts. (b) Calendar year statutory valuation
interest rates. (1) The calendar year statutory valuation interest rates, I, shall be determined
as follows and the results rounded to the nearest one-quarter of one...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-7.htm - 12K - Match Info - Similar pages
27-29B-1
Section 27-29B-1 Purpose and scope. (a) The purpose of this chapter is to do all of the following:
(1) Provide the Commissioner of Insurance a summary of an insurer or insurance group's corporate
governance structure, policies, and practices to permit the commissioner to gain and maintain
an understanding of the insurer's corporate governance framework. (2) Outline the requirements
for completing a corporate governance annual disclosure with the commissioner. (3) Provide
for the confidential treatment of the corporate governance annual disclosure and related information
that will contain confidential and sensitive information related to an insurer or insurance
group's internal operations and proprietary and trade secret information which, if made public,
could potentially cause the insurer or insurance group competitive harm or disadvantage. (b)
Nothing in this chapter shall be construed to prescribe or impose corporate governance standards
and internal procedures beyond the procedures...
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