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27-17-9
Section 27-17-9 Policy provisions - Furnishing of merchandise and services - Cash benefit
in lieu thereof. There shall be a provision that if the death of the insured or, if a vault
or monument policy, the burial of the insured occurs outside the State of Alabama or at a
greater distance from an authorized funeral director or monument dealer of the insurer than
that specified in Section 27-17-8, the insurer will, in lieu of furnishing such merchandise
and services, pay a cash benefit of not less than one half of the specified retail value of
the merchandise and services provided in the policy; provided, however, that the insurer may
provide for a reduced benefit as to an insured less than one year of age at death. The policy
may contain a provision for the payment of such cash benefit at the option of the insurer
under any other circumstances where it is impractical for any reason to furnish the merchandise
and services provided by the policy. (Acts 1971, No. 407, p. 707, ยง400.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17-9.htm - 1K - Match Info - Similar pages
27-36A-6
Section 27-36A-6 Computation of minimum standard for annuities. (a) Except as provided
in Section 27-36A-7, the minimum standard of valuation for individual and group annuity
and pure endowment contracts issued on or after May 28, 1996, shall be the commissioners reserve
valuation methods defined in Sections 27-36A-8 and 27-36A-9 and the following tables and interest
rates: (1) For individual annuity and pure endowment contracts issued prior to July 30, 1979,
excluding any disability and accidental death benefits in the contracts: The 1971 Individual
Annuity Mortality Table, or any modification of this table approved by the commissioner, and
six percent interest for single premium immediate annuity contracts and four percent interest
for all other individual annuity and pure endowment contracts. (2) For individual single premium
immediate annuity contracts issued on or after July 30, 1979, excluding any disability and
accidental death benefits in the contracts: The 1971 Individual...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-6.htm - 3K - Match Info - Similar pages
25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure
risks. An employer subject to this chapter may secure the payment of compensation under this
chapter by insuring and keeping insured his or her liability in some insurance corporation,
association, organization, insurance association, corporation, or association formed of employers
and workers or formed by a group of employers to insure the risks under this chapter, operating
by mutual assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance
association, organization, or corporation shall have first had its contract and plan of business
approved in writing by the Commissioner of the Department of Insurance of Alabama and have
been authorized by the Department of Insurance to transact the business of workers' compensation
insurance in this state and under the plan. Notwithstanding any other provision of the law
to the contrary, the obligations of employers under law for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-8.htm - 14K - Match Info - Similar pages
27-27-18
Section 27-27-18 Domestic mutual insurers - Deposit in trust of premiums or fees on
qualifying applications. (a) All sums collected by a domestic mutual corporation as premiums
or fees on qualifying applications for insurance therein shall be deposited in trust in a
bank or trust company in this state under a written trust agreement approved by the commissioner
and consistent with this section and with subdivision (c) (3) of Section 27-27-17.
The corporation shall file an executed copy of such trust agreement with the commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind
of insurance for which such applications were solicited, all funds so held in trust shall
become the funds of the insurer, and the insurer shall, thereafter in due course, issue and
deliver its policies for which premiums had been paid and accepted. The insurance provided
by such policies shall be effective as of the date of the certificate of authority or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-18.htm - 1K - Match Info - Similar pages
27-13-22
Section 27-13-22 Applicability of article - Inland marine insurance. The provisions
of this section shall apply to all insurance which is now or hereafter defined by statute,
by ruling of the commissioner or by lawful custom as inland marine insurance, but this article
shall not apply to insurance of vessels or craft, their cargoes, marine builder's risks, marine
protection and indemnity, or other risks commonly insured under marine insurance policies:
(1) As to all classes of inland marine insurance for which class rates or rating plans are
customarily fixed by rating organizations or associations of underwriters, rates or rating
plans shall be filed by all authorized insurers writing such classes, with the department
in such manner and form as it shall direct, and also special rates fixed by any such rating
organization or association shall be similarly filed. All such rates shall be reasonable,
adequate and not unfairly discriminatory. Due consideration shall be given to past...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-22.htm - 2K - Match Info - Similar pages
27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers
- Generally. (a) If a stock insurer's capital, as represented by the aggregated par value
of its outstanding capital stock, becomes impaired or the assets of a mutual insurer are less
than its liabilities and the minimum amount of surplus required to be maintained by it under
Sections 27-27-15 or 27-27-20 for authority to transact the kinds of insurance being transacted,
the commissioner shall, at once, determine the amount of deficiency and serve notice upon
the insurer to make good the deficiency within 60 days after service of such notice. (b) The
deficiency may be made good in cash or in assets eligible for the investment of the insurer's
funds, or, if a stock insurer, by reduction of the insurer's capital to an amount not below
the minimum required for the kinds of insurance thereafter to be transacted or, if a mutual
insurer, by amendment of its certificate of authority to cover only such kind...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
27-31C-4
Section 27-31C-4 Issuance of license - Requirements. (a)(1) The commissioner may not
issue a license to an Alabama Coastal Captive Insurance Company unless the company possesses
and maintains unimpaired paid-in capital of not less than one million dollars ($1,000,000);
however, in the case of an Alabama Coastal Captive Insurance Company formed as a sponsored
captive insurance company that does not assume any risk, where the risks insured by the protected
cells are homogenous, the commissioner may reduce this amount to an amount not less than five
hundred thousand dollars ($500,000). (2) a. Except for an Alabama Coastal Captive Insurance
Company formed as a sponsored captive insurance company that does not assume any risk, the
capital must be in the form of cash, cash equivalent, or an irrevocable letter of credit issued
by a bank chartered by this state or a member bank of the Federal Reserve System with a branch
office in this state or as approved by the commissioner. b. For an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-4.htm - 3K - Match Info - Similar pages
27-14-8
Section 27-14-8 Forms - Filing and approval or disapproval. (a) No basic insurance policy
or annuity contract form or application form where written application is required and is
to be made a part of the policy, or contract, or printed rider, or endorsement form or form
of renewal certificate shall be delivered or issued for delivery in this state unless the
form has been filed with, and approved by, the commissioner. This subsection shall not apply
to surety bonds or to specially rated inland marine risks, nor to policies, riders, endorsements,
or forms of unique character designed for, and used with, relation to insurance upon a particular
subject or which relate to the manner of distribution of benefits or to the reservation of
rights and benefits under life or disability insurance policies and are used at the request
or with the consent of the individual policyholder, contract holder, or certificate holder.
As to group insurance policies effectuated and delivered outside this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-8.htm - 3K - Match Info - Similar pages
27-6A-4
Section 27-6A-4 Contract requirements. No person, firm, association, or corporation
acting in the capacity of a managing general agent shall place business with an insurer unless
there is in force a written contract between the parties that sets forth the responsibilities
of each party and where both parties share responsibility for a particular function, specifies
the division of such responsibilities, and that contains the following minimum provisions:
(a) The insurer may terminate the contract for cause upon written notice to the managing general
agent. The insurer may suspend the underwriting authority of the managing general agent during
the pendency of any dispute regarding the cause for termination. (b) The managing general
agent shall render accounts to the insurer detailing all transactions and remit all funds
due under the contract to the insurer on not less than a monthly basis. (c) All funds collected
for the account of an insurer will be held by the managing general agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-4.htm - 6K - Match Info - Similar pages
32-7-23
Section 32-7-23 Uninsured motorist coverage; "uninsured motorist" defined;
limitation on recovery. (a) No automobile liability or motor vehicle liability policy insuring
against loss resulting from liability imposed by law for bodily injury or death suffered by
any person arising out of the ownership, maintenance, or use of a motor vehicle shall be delivered
or issued for delivery in this state with respect to any motor vehicle registered or principally
garaged in this state unless coverage is provided therein or supplemental thereto, in limits
for bodily injury or death set forth in subsection (c) of Section 32-7-6, under provisions
approved by the Commissioner of Insurance for the protection of persons insured thereunder
who are legally entitled to recover damages from owners or operators of uninsured motor vehicles
because of bodily injury, sickness or disease, including death, resulting therefrom; provided,
that the named insured shall have the right to reject such coverage; and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-23.htm - 2K - Match Info - Similar pages
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