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27-18-2
Section 27-18-2 Policy provisions - Generally. No policy of group life insurance shall
be delivered in this state unless it contains in substance the applicable provisions set forth
in Sections 27-18-3 through 27-18-13, or provisions which in the opinion of the commissioner
are more favorable to the persons insured or at least as favorable to the persons insured
and more favorable to the policyholder; except, however, that: (1) Sections 27-18-9 and 27-18-13
inclusive shall not apply to policies issued to a creditor to insure debtors of such creditor;
(2) The standard provisions required for individual life insurance policies shall not apply
to group life insurance policies; and (3) If the group life insurance policy is on a plan
of insurance other than the term plan, it shall contain a nonforfeiture provision, or provisions,
which, in the opinion of the commissioner, is, or are, equitable to the insured persons and
to the policyholder, but nothing in this section shall be construed to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-2.htm - 1K - Match Info - Similar pages
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
40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division
and from the computation of the amount of the tax levied, assessed, or payable under this
division the following: (1) The gross proceeds of the sales of lubricating oil and gasoline
as defined in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-4.htm - 34K - Match Info - Similar pages
27-19-105
Section 27-19-105 Regulations for long-term care policies; outline of coverage, policy
summary, and monthly report. (a) The commissioner may adopt regulations that include standards
for full and fair disclosure setting forth the manner, content, and required disclosures for
the sale of long-term care insurance policies, terms of renewability, initial and subsequent
conditions of eligibility, nonduplication of coverage provisions, coverage of dependents,
preexisting conditions, termination of insurance, continuation or conversion, probationary
periods, limitations, exceptions, reductions, elimination periods, requirements for replacement,
recurrent conditions, and definitions of terms. Regulations under this subsection should recognize
the developing and unique nature of long-term care insurance and the distinction between group
and individual long-term insurance policies. (b) No long-term care insurance policy may do
any of the following: (1) Be cancelled, nonrenewed, or otherwise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-105.htm - 11K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-18-6
Section 27-18-6 Policy provisions - Insurability. The group life insurance policy shall
contain a provision setting forth the conditions, if any, under which the insurer reserves
the right to require a person eligible for insurance to furnish evidence of individual insurability,
satisfactory to the insurer as a condition to part or all of his coverage. (Acts 1971, No.
407, p. 707, §412.)...
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27-18-12
Section 27-18-12 Policy provisions - Conversion - Termination of policy. The group life
insurance policy shall contain a provision that if the group policy terminates, or is amended
so as to terminate the insurance of any class of insured persons, every person insured thereunder
at the date of such termination whose insurance terminates and who has been so insured for
at least five years prior to such termination date shall be entitled to have issued to him
by the insurer an individual policy of life insurance, subject to the same conditions and
limitations as are provided by Section 27-18-11; except, that the group policy may
provide that the amount of such individual policy shall not exceed the smaller of: (1) The
amount of the person's life insurance protection ceasing because of the termination or amendment
of the group policy, less the amount of any life insurance for which he is, or becomes, eligible
under any group policy issued or reinstated by the same or another insurer,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-12.htm - 1K - Match Info - Similar pages
27-18-11
Section 27-18-11 Policy provisions - Conversion - Termination of eligibility. The group
life insurance policy shall contain a provision that if the insurance, or any portion of it,
on a person covered under the policy ceases because of termination of employment or of membership
in the class, or classes, eligible for coverage under the policy, such person shall be entitled
to have issued to him by the insurer, without evidence of insurability, an individual policy
of life insurance without disability or other supplementary benefits, provided application
for the individual policy shall be made and the first premium paid to the insurer within 31
days after such termination and provided, further, that: (1) The individual policy shall,
at the option of such person, be on any one of the forms, except term insurance, then customarily
issued by the insurer at the age and for the amount applied for; (2) The individual policy
shall be in an amount not in excess of the amount of life insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-11.htm - 2K - Match Info - Similar pages
27-19-3
Section 27-19-3 Mandatory policy provisions - Generally. (a) Except as provided in subsection
(b) of this section, each such policy delivered, or issued for delivery, to any person
in this state shall contain the provisions specified in Sections 27-19-4 through 27-19-15,
in the words in which the same appear; except, that the insurer may, at its option, substitute
for one or more of such provisions corresponding provisions of different wording approved
by the commissioner which are in each instance not less favorable in any respect to the insured
or the beneficiary. Each such provision shall be preceded individually by the applicable caption
shown or, at the option of the insurer, by such appropriate individual or group captions or
subcaptions as the commissioner may approve. (b) If any such provision is, in whole or in
part, inapplicable to, or inconsistent with, the coverage provided by a particular form of
policy, the insurer, with the approval of the commissioner, shall omit from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-3.htm - 1K - Match Info - Similar pages
27-19-16
Section 27-19-16 Optional policy provisions - Generally. Except as provided in subsection
(b) of Section 27-19-3, no such policy delivered, or issued for delivery, to any person
in this state shall contain provisions respecting the matters set forth in Sections 27-19-17
through 27-19-26 unless such provisions are in the words in which the same appear in the applicable
section; except, that the insurer may, at its option, use in lieu of any such provision
a corresponding provision of different wording approved by the commissioner which is not less
favorable in any respect to the insured or the beneficiary. Any such provision contained in
the policy shall be preceded individually by the appropriate caption or, at the option of
the insurer, by such appropriate individual, or group captions or subcaptions as the commissioner
may approve. (Acts 1953, No. 193, p. 247, §3; Acts 1957, No. 597, p. 834; Acts 1971, No.
407, p. 707, §437.)...
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