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27-15-76
Section 27-15-76 Calculation of adjusted premiums - Ordinary policies. (a) This section
shall not apply to ordinary policies issued on or after the operative date of Section
27-15-78, as defined therein. (b) In the case of ordinary policies issued on or after the
operative date of this section, all adjusted premiums and present values referred to
in this article shall be calculated on the basis of the Commissioners 1958 Standard Ordinary
Mortality Table, provided that, for any category of ordinary insurance issued on female risks,
adjusted premiums and present values may be calculated according to an age not more than three
years younger than the actual age of the insured and provided that, for any category of ordinary
insurance issued on female risks on or after July 30, 1979, adjusted premiums and present
values may be calculated according to an age not more than six years younger than the actual
age of the insured. (c) In calculating the present value of any paid-up term insurance...
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27-15-77
Section 27-15-77 Calculation of adjusted premiums - Industrial policies. (a) This section
shall not apply to industrial policies to be issued on or after the operative date of Section
27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in
this article for all policies of industrial insurance shall be calculated on the basis of
the Commissioners 1961 Standard Industrial Mortality Table. All calculations shall be made
on the basis of the rate of interest specified in the policy for calculating cash surrender
values and paid-up nonforfeiture benefits; provided, that such rate of interest shall not
exceed three and one-half percent per annum; provided further, that a rate of interest not
exceeding four percent per annum may be used for policies issued on or after August 23, 1976,
and prior to July 30, 1979, and a rate of interest not exceeding five and one-half percent
per annum may be used for policies issued on or after July 30, 1979; provided, however,...
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27-15-75
Section 27-15-75 Calculation of adjusted premiums. (a)(1) This section shall
not apply to policies issued on or after the operative date of Section 27-15-78, as
defined therein. Except as provided in subsection (c), the adjusted premiums for any policy
shall be calculated on an annual basis and shall be such uniform percentage of the respective
premiums specified in the policy for each policy year, excluding extra premiums on a substandard
policy, that the present value at the date of issue of the policy, of all such adjusted premiums
shall be equal to the sum of: a. The then present value of the future guaranteed benefits
provided for by the policy. b. Two percent of the amount of the insurance if the insurance
be uniform in amount, or of the equivalent uniform amount, as defined in this article, if
the amount of insurance varies with the duration of the policy. c. Forty percent of the adjusted
premium for the first policy year. d. Twenty-five percent of either the adjusted premium...
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27-34-25
Section 27-34-25 Paid-up nonforfeiture benefits, cash surrender values, and certificate
loans, etc. (a) A society may grant paid-up nonforfeiture benefits, cash surrender values,
certificate loans, and such other options as its laws may permit. As to certificates issued
on and after January 1, 1972, a society shall grant at least one paid-up nonforfeiture benefit,
except in the case of pure endowment, annuity or reversionary annuity contracts reducing term
insurance contracts or contracts of term insurance of uniform amount of 15 years or less expiring
before age 66. (b) In the case of certificates other than those for which reserves are computed
on the commissioners 1958 Standard Ordinary Mortality Table or the 1961 Standard Industrial
Table, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender
value, loan or other option granted shall not be less than the excess, if any, of subdivision
(1) over subdivision (2) of this subsection, as follows: (1) The...
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27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life
insurance or annuities and benefits incidental thereto. A life insurer organized under the
laws of this state may, by or pursuant to a resolution of its board of directors, establish
one or more separate accounts and may allocate thereto amounts, including without limitation
proceeds applied under optional modes of settlement or under dividend options, to provide
for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable
amounts or both, subject to the following: (1) The income, gains, and losses, realized or
unrealized, from assets allocated to a separate account shall be credited to, or charged against,
the account, without regard to other income, gains, or losses of the insurer; (2) Except as
provided in this section, amounts allocated to any separate account, and accumulations
thereon, may be invested and reinvested without regard to any requirements or...
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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...
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27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition
of an insurer, there shall be allowed as assets only such assets as are owned by the insurer
and which consist of: (1) Cash in the possession of the insurer or in transit under its control,
and including the true balance of any deposit in a solvent bank or trust company; (2) Investments,
securities, properties, and loans acquired, or held, in accordance with this title and in
connection therewith the following items: a. Interest due or accrued on any bond or evidence
of indebtedness which is not in default and which is not valued on a basis including accrued
interest; b. Declared and unpaid dividends on stock and shares, unless such amount has otherwise
been allowed as an asset; c. Interest due or accrued upon a collateral loan in an amount not
to exceed one year's interest thereon; d. Interest due or accrued on deposits in solvent banks
and trust companies, and interest due or accrued on other assets,...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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27-36A-15
Section 27-36A-15 Valuation manual for policies issued on or after the operative date
of the valuation manual. (a) For policies issued on or after the operative date of the valuation
manual, the standard prescribed in the valuation manual is the minimum standard of valuation
required under subsection (b) of Section 27-36A-3, except as provided under subsection
(e) or (g) of this section, Section 27-36A-19, or Section 27-36A-20.
(b) The operative date of the valuation manual is January 1 of the first calendar year following
the first July 1 as of which all of the following have occurred: (1) The valuation manual
has been adopted by the NAIC by an affirmative vote of at least 42 members, or three-fourths
of the members voting, whichever is greater. (2) The Standard Valuation Law, as amended by
the NAIC in 2009, or legislation including substantially similar terms and provisions, has
been enacted by states representing greater than 75 percent of the direct premiums written
as reported in...
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8-32-3
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either
the provider or its designee shall: (1) Provide a receipt for, or other written evidence of,
the purchase of the service contract to the contract holder. (2) Provide a copy of the service
contract to the service contract holder within a reasonable period of time from the date of
purchase. (b) A provider may, but is not required to, appoint an administrator or other designee
to be responsible for any or all of the administration of service contracts and compliance
with this chapter. (c) Each provider of service contracts sold in this state shall file a
registration with the commissioner on a form prescribed by the commissioner. Each provider
shall pay to the commissioner a fee in the amount of two hundred dollars ($200) annually.
All fees collected shall be paid into a special revolving fund to be set up by the State Treasurer
referred to as the "Service Contract Revolving Fund." The Service...
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