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27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before
soliciting any applications for insurance required under Section 27-27-15, as qualification
for the original certificate of authority, the incorporators of the proposed mutual insurer
shall file with the commissioner a corporate surety bond in the penalty of $15,000.00 in favor
of the State of Alabama and for the use and benefit of the state and of applicant members
and creditors of the corporation. The bond shall be conditioned as follows: (1) Upon payment
of any loss suffered by applicants who have cancelled or lapsed existing insurance policies
due to misrepresentation by the incorporators or by persons soliciting such applications under
authorization by the corporation, to the effect that the making of such application for insurance
and prepayment of premiums in such proposed insurer provides insurance protection prior to
issuance of a certificate of authority to such insurer by the...
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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...
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27-15-24
Section 27-15-24 Exclusions and restrictions in life insurance policies. (a) No policy
of life insurance shall be delivered or issued for delivery in this state if it contains any
of the following provisions: (1) A provision for a period shorter than that provided by statute
within which an action may be commenced on such a policy; and (2) A provision which excludes
or restricts liability for death caused in a certain specified manner or occurring while the
insured has a specified status; except, that a policy may contain provisions excluding or
restricting coverage as specified therein in the event of death under any one or more of the
following circumstances: a. Death as a result, directly or indirectly, of war, declared or
undeclared, or of action by military forces, or of any act or hazard of such war or action,
or of service in the military, naval, or air forces or in civilian forces auxiliary thereto,
or from any cause while a member of such military, naval, or air forces of any...
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27-15-82
Section 27-15-82 Exceptions. This article shall not apply to any of the following: (1)
Reinsurance. (2) Group insurance. (3) Pure endowment. (4) Annuity or reversionary annuity
contract. (5) Variable life insurance contract. (6) A term policy of uniform amount, which
provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years
or less, expiring before age 71, for which uniform premiums are payable during the entire
term of the policy. (7) A term policy of decreasing amount, which provides no guaranteed nonforfeiture
or endowment benefits, on which each adjusted premium, calculated as specified in Sections
27-15-75, 27-15-76, 27-15-77, and 27-15-78, is less than the adjusted premium so calculated
on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture
or endowment benefits, issued at the same age and for the same initial amount of insurance
and for a term of 20 years or less, expiring before age 71, for which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-82.htm - 2K - Match Info - Similar pages
27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties.
(a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as
defined and limited in the standard real property and contents insurance forms as approved
by the commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an
association captive under the provisions of Section 27-31B-8 is exempt from the requirement
that the association be in existence for one year so long as the association is in good standing
as an entity before becoming an owner of an Alabama Coastal Captive Insurance Company. (c)
An Alabama Coastal Captive Insurance Company may write homeowners insurance coverage as limited
in Section 27-31B-3(a)(4) and as limited to perils described in subsection (a)...
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27-15-72
Section 27-15-72 Nonforfeiture benefits. (a) In the case of policies issued on or after
January 1, 1972, no policy of life insurance, except as set forth in Section 27-15-82,
shall be delivered or issued for delivery in this state unless it shall contain in substance
the following provisions, or corresponding provisions which, in the opinion of the commissioner,
are at least as favorable to the defaulting or surrendering policyholder as are the minimum
requirements specified in this section and are essentially in compliance with Section
27-15-81: (1) That, in the event of default in any premium payment, the insurer will grant,
upon proper request not later than 60 days after the due date of the premium in default, a
paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due
date, of such amount as may be specified in this article. In lieu of such stipulated paid-up
nonforfeiture benefit, the insurer may substitute, upon proper request not later than 60...
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27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall
pay to the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one
percent on the first 20 million dollars, three-tenths of one percent on the next 20 million
dollars, two-tenths of one percent on the next 20 million dollars, seventy-five thousandths
of one percent on each dollar thereafter on the direct premiums collected or contracted for
on policies or contracts of insurance written by the captive insurance company during the
year ending December 31 next preceding, after deducting from the direct premiums subject to
the tax the amounts paid to policyholders as return premiums which shall include dividends
on unabsorbed premiums or premium deposits returned or credited to policyholders. Notwithstanding
the foregoing, no tax shall be due or payable as to considerations received for annuity contracts.
(b) Each captive insurance company shall pay to the commissioner by March 1 of...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
10A-20-6.13
Section 10A-20-6.13 Deposit of securities with State Treasurer. Every health care service
corporation shall deposit with, and thereafter maintain on deposit with, the Treasurer of
the State of Alabama bonds of the United States government or of the State of Alabama, or
of any subdivision thereof, or first mortgages on real estate situated in Alabama securing
an indebtedness not in excess of 50 percent of the appraised value thereof, subject to the
approval of the Commissioner of Insurance, in an amount to be determined as of the first day
of January of each year as follows: (1) Every company whose gross annual premium receipts
from business done within this state for the preceding year ending December 31 are less than
fifty thousand dollars ($50,000) shall so deposit and maintain securities of par and market
value not less than five thousand dollars ($5,000); (2) Every company whose gross annual premium
receipts so computed are in excess of fifty thousand dollars ($50,000) and less...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.13.htm - 2K - Match Info - Similar pages
27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy
of assessments. (a) If at any time the assets of a domestic mutual insurer are less than its
liabilities and the minimum amount of surplus required to be maintained by it under this title
for authority to transact the kinds of insurance being transacted and the deficiency is not
cured from other sources, its directors shall levy an assessment only upon its members who
held policies providing for contingent liability at any time within the 12 months preceding
the date notice of such assessment was mailed to them, and such members shall be liable to
the insurer for the amount so assessed. (b) The assessment shall be for such an amount as
is required to cure such deficiency and to provide a reasonable amount of working funds above
such minimum amount of surplus, but such working funds so provided shall not exceed five percent
of the insurer's liabilities as of the date as of which the amount of such...
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