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27-17A-32
Section 27-17A-32 Rights of seller; powers and duties of trustee. (a) If amounts paid by the
purchaser under a preneed contract for funeral merchandise have previously been deposited
in trust, the seller may withdraw the principal amount and trust appreciation attributable
to the delivered item at such time as the funeral merchandise is delivered or installed or,
if comprised of materials designed to withstand prolonged, protected storage without deterioration,
the merchandise is placed in storage with a responsible third party bonded and insured for
the wholesale value thereof and evidenced by a receipt specifically identifying the item,
the specific preneed contract, the location of the item, and the identity and address of the
bonding and insuring parties. For purposes of this subsection only, caskets and alternative
containers may not be held in storage by the seller or a third party storage facility prior
to the death of the funeral beneficiary. (b) The trustee shall make regular...
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27-17A-14
Section 27-17A-14 Surety bond. (a) As an alternative to the trust requirement of Section 27-17A-13,
the details of which are set forth in Articles 3 and 4, a preneed provider may, with the prior
approval of the commissioner, purchase a surety bond in an amount not less than the aggregate
value of outstanding liabilities on undelivered preneed contracts for merchandise, services,
and cash advances. For the purposes of this section, the term outstanding liabilities means
the original retail amount of services and cash advances and the actual cost to the entity
to provide the undelivered merchandise sold on each contract written after April 30, 2002.
The surety bond shall be in an amount sufficient to cover the outstanding liability at the
time each contract is executed. (b) The bond shall be made payable to the State of Alabama
for the benefit of the commissioner and of all purchasers of preneed merchandise, services,
and cash advances. The bond shall be issued by an insurance company...
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27-17A-55
Section 27-17A-55 Construction of mausoleum, etc. A cemetery authority shall start construction
of that section of a mausoleum or bank of below-ground crypts in which sales, contracts for
sale, reservations for sale, or agreements for sale are being made, within five years after
the date of the first sale or when 75 percent of the mausoleum or below-ground crypts have
been sold and the purchase price has been received, whichever occurs first. The construction
shall be completed within six years after the date of the first sale made. Extensions for
completion, not to exceed one year, may be granted by the commissioner for good cause shown.
If the units have not been completely constructed at the time of need or the time specified
herein, unless otherwise specified in the preneed contract, all monies paid shall be refunded
upon request, plus interest earned thereon if deposited by the cemetery authority in an escrow
or trust fund, and if not so deposited in an escrow or trust fund...
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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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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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27-1-17
Section 27-1-17 Limitation periods for payment of claims; overdue claims; retroactive denials,
adjustments, etc.; penalties. (a) Each insurer, health service corporation, and health benefit
plan that issues or renews any policy of accident or health insurance providing benefits for
medical or hospital expenses for its insured persons shall pay for services rendered by Alabama
health care providers within 45 calendar days upon receipt of a clean written claim or 30
calendar days upon receipt of a clean electronic claim. If the insurer, health service corporation,
or health benefit plan is denying or pending the claim, the insurer, health service corporation,
or health benefit plan shall, within 45 calendar days for a written claim and 30 calendar
days for an electronic claim, notify the health care provider or certificate holder of the
reason for denying or pending the claim and what, if any, additional information is required
to process the claim. Any undisputed portion of the claim...
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27-17A-18
Section 27-17A-18 Preneed sales agent. (a) All individuals who offer preneed contracts to the
public, or who execute preneed contracts on behalf of a certificate holder, shall be registered
with the commissioner as preneed sales agents, pursuant to this article. (b) All preneed sales
agents and funeral directors acting as preneed sales agents shall be affiliated with the certificate
holder that they are representing. (c) A certificate holder shall be responsible for the activities
of all preneed sales agents and all funeral directors acting as preneed sales agents, who
are affiliated with the certificate holder and who perform any type of preneed-related activity
on behalf of the certificate holder. In addition to the preneed sales agents and funeral directors
acting as preneed sales agents, each certificate holder shall also be subject to discipline
if its preneed sales agents or funeral directors acting as preneed sales agents violate any
provision of this article. (d) A preneed...
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27-17A-33
Section 27-17A-33 Rights of purchaser; cancellation of contract; revocability. (a) A purchaser,
by providing written notice to the certificate holder, may cancel a preneed contract within
30 days of the date that the contract was executed provided that the funeral merchandise and
funeral services have not yet been used. Upon providing the notice, the purchaser shall be
entitled to a complete refund of the amount paid, except for the amount allocable to any funeral
merchandise or funeral services that have been used, and shall be released from all obligations
under the contract. This subsection shall apply to all items that are purchased as part of
a preneed contract. (b) After 30 days from the date the preneed contract was executed, a purchaser,
by providing written notice to the certificate holder, may cancel the funeral services, funeral
merchandise, facilities, and cash advance items portions of a preneed contract at any time,
and shall be entitled to the refund defined in the...
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27-17A-10
Section 27-17A-10 Certificate required. (a) No person may sell a preneed contract without first
having a valid certificate of authority. (b)(1) No person may receive any funds for payment
on a preneed contract who does not hold a valid certificate of authority. (2) Any preneed
transaction in which a buyer pays to the seller before need, in whole or in part, a purchase
price for funeral or cemetery merchandise and services, and in which the seller is not obligated
to deliver the contracted for merchandise or to perform the services until need, in whole
or in part, shall be evidenced by a written preneed contract satisfying the requirements of
this chapter and signed by the seller and the purchaser. No person may receive or accept any
form of consideration in such a transaction without a fully signed written preneed contract.
A transaction not evidenced by a signed written preneed contract shall be voidable at the
election of the buyer and, if such election is made, the seller shall...
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27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
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