|
27-31D-2
Section 27-31D-2 Premium discount or insurance rate reduction - Fortified existing homes. (a)
Commencing on May 14, 2009, insurance companies shall provide a premium discount or insurance
rate reduction in an amount and manner as established in subsection (g) and pursuant to Section
27-31D-3. In addition, insurance companies may also offer additional adjustments in deductible,
other credit rate differentials, or a combination thereof, collectively referred to as adjustments.
These adjustments shall be available under the terms specified in this section to any owner
who retrofits his or her insurable property located in the State of Alabama to resist loss
due to hurricane or other catastrophic windstorm events. (b) To obtain the adjustment provided
in this section, an insurable property shall be retrofitted to any of the following: (1) The
Fortified Home: Hurricane Standards (FHH), or the Fortified Home: Highwind and Hail Standards
(FHWH) requirements as may from time to time be adopted...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31D-2.htm - 4K - Match Info - Similar pages
26-1A-210
Section 26-1A-210 Insurance and annuities. Unless the power of attorney otherwise provides,
language in a power of attorney granting general authority with respect to insurance and annuities
authorizes the agent to: (1) continue, pay the premium or make a contribution on, modify,
exchange, rescind, release, or terminate a contract procured by or on behalf of the principal
which insures or provides an annuity to either the principal or another person, whether or
not the principal is a beneficiary under the contract; (2) procure new, different, and additional
contracts of insurance and annuities for the principal and the principal's spouse, children,
and other dependents, and select the amount, type of insurance or annuity, and mode of payment;
(3) pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate
a contract of insurance or annuity procured by the agent; (4) apply for and receive a loan
secured by a contract of insurance or annuity; (5) surrender...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-210.htm - 2K - Match Info - Similar pages
27-14-20
Section 27-14-20 Renewal or extension of policies. Any insurance policy terminating by its
term at a specified expiration date and not otherwise renewable may be renewed or extended
at the option of the insurer, and upon a currently authorized policy form and at the premium
rate then required therefor for a specific additional period, or periods, by certificate or
by endorsement of the policy and without requiring the issuance of a new policy. (Acts 1971,
No. 407, p. 707, §333.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-20.htm - 791 bytes - Match Info - Similar pages
27-19-106
Section 27-19-106 Effect of misrepresentation; field issuance. (a) For a policy or certificate
that has been in force for less than six months an insurer may rescind a long-term care insurance
policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing
of misrepresentation that is material to the acceptance for coverage. (b) For a policy or
certificate that has been in force for at least six months but less than two years an insurer
may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term
care insurance claim upon a showing of misrepresentation that is both material to the acceptance
for coverage and which pertains to the condition for which benefits are sought. (c) After
a policy or certificate has been in force for two years it is not contestable upon the grounds
of misrepresentation alone but may be contested only upon a showing that the insured knowingly
and intentionally misrepresented relevant facts...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-106.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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-32.htm - 2K - 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
16-22-5
Section 16-22-5 Authority of school boards to form groups for purpose of obtaining group insurance;
payment of insurance premiums. Each local board of education may form its employees into a
group or groups or recognize existing groups for the purpose of obtaining the advantages of
group life, disability, medical and dental insurance or any group insurance plans to aid its
employees, as long as the employees continue to be employed by the board of education. Any
local board of education may pay all or part of the premium on the policies and/or may deduct
from the salaries of the employees that part of the premium which is to be paid by them and
may contract with the insurer to provide the above benefits. (Acts 1973, No. 655, p. 984,
§1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-22-5.htm - 1K - Match Info - Similar pages
27-15-8.1
Section 27-15-8.1 Life insurance policy provisions - Maximum rates of interest on policy loans.
(a) For purposes of this section the "published monthly average" means: (1) The
Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's
Investors Service, Inc., or any successor thereto; or (2) In the event that the Monthly Average
of the Composite Yield on Seasoned Corporate Bonds is no longer published, a substantially
similar average, established by regulation issued by the commissioner. (b)(1) Policies issued
on or after May 15, 1981, shall provide for policy loan interest rates as follows: a. A provision
permitting a maximum interest rate of not more than eight percent per annum; or b. A provision
permitting an adjustable maximum interest rate established from time to time by the life insurer
as permitted by law. (2) The rate of interest charged on a policy loan made under subdivision
(1) of this subsection shall not exceed the higher of the following:...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-8.1.htm - 4K - Match Info - Similar pages
27-15-80
Section 27-15-80 Proration of values; net value of paid-up additions. Any cash surrender value
and any paid-up nonforfeiture benefit available under the policy in the event of default in
a premium payment due at any time other than on the policy anniversary shall be calculated
with allowance for the lapse of time and the payment of fractional premiums beyond the last
preceding policy anniversary. All values referred to in Sections 27-15-73, 27-15-74, 27-15-75,
27-15-76, 27-15-77, and 27-15-78 may be calculated on the assumption that any death benefit
is payable at the end of the policy year of death. The net value of any paid-up additions,
other than paid-up term additions, shall not be less than the amounts used to provide such
additions. Notwithstanding the provisions of Section 27-15-73, additional benefits payable
as follows shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits
required by this article, and no such additional benefits shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-80.htm - 2K - Match Info - Similar pages
27-3-7
Section 27-3-7 Authority to transact insurance - Kind or combinations of kinds - Minimum paid-in
capital stock and surplus. (a) To qualify for authority to transact any one kind of insurance,
as defined in Chapter 5 of this title, or combination of kinds of insurance as shown below,
an insurer applying for its original certificate of authority in this state after the effective
date of this title or continuing such original certificate of authority shall possess and
thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired surplus,
if a foreign mutual or foreign reciprocal insurer, in amount not less than as applicable under
the schedule below and shall possess when first so authorized such additional funds as surplus
as are required under Section 27-3-8: Kind or kinds of insurance Minimum capital or surplus
required Life $800,000.00 Disability 500,000.00 Life and disability 800,000.00 Property 300,000.00
Marine 300,000.00 Casualty 400,000.00 Surety...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-7.htm - 3K - Match Info - Similar pages
|