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27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued after June 30, 2006, or by election under this section until June
30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual
deferred annuities. (b) This section shall not apply to any reinsurance group annuity
purchased under a retirement plan or plan of deferred compensation established or maintained
by an employer (including a partnership or sole proprietorship) or by an employee organization,
or by both, other than a plan providing individual retirement accounts or individual retirement
annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended,
premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred
annuity contract after annuity payments have commenced or reversionary annuity, nor to any
contract which shall be delivered outside this state through an agent or other representative...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - 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
27-17-3
Section 27-17-3 Policy provisions - Grace period. There shall be a provision that the
insured is entitled to a grace period of four weeks within which the payment of any premium
after the first may be made, except, that, in policies the premiums which are payable monthly
or less often, the period of grace shall be one month but not less than 30 days, and that
during the period of grace the policy shall continue in full force, but if during the grace
period the policy becomes a claim, then any overdue premiums may be deducted from any cash
payment which may be due under the policy. (Acts 1971, No. 407, p. 707, §394.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17-3.htm - 929 bytes - Match Info - Similar pages
27-19-6
Section 27-19-6 Mandatory policy provisions - Grace period. There shall be a provision
as follows: "Grace Period: A grace period of _____ (insert a number not less than '7'
for weekly premium policies, '10' for monthly premium policies and '31' for all other policies)
days will be granted for the payment of each premium falling due after the first premium,
during which grace period the policy shall continue in force." A policy in which the
insurer reserves the right to refuse any renewal shall have, at the beginning of the above
provision, "Unless not less than 30 days prior to the premium due date the insurer has
delivered to the insured or has mailed to his last address as shown by the records of the
insurer written notice of its intention not to renew this policy beyond the period for which
the premium has been accepted." (Acts 1953, No. 193, p. 247, §3; Acts 1957, No. 597,
p. 834; Acts 1971, No. 407, p. 707, §427.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-6.htm - 1K - Match Info - Similar pages
27-18-13
Section 27-18-13 Policy provisions - Conversion - Death during conversion period. The
group life insurance policy shall contain a provision that if a person insured under the policy
dies during the period within which he would have been entitled to have an individual policy
issued to him in accordance with Sections 27-18-11 and 27-18-12 and before such an individual
policy shall have become effective, the amount of life insurance which he would have been
entitled to have issued to him under such individual policy shall be payable as a claim under
the group policy, whether or not application for the individual policy or the payment of the
first premium therefor has been made. (Acts 1971, No. 407, p. 707, §419.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-13.htm - 1K - Match Info - Similar pages
27-18-14
Section 27-18-14 Notice as to conversion rights. If any individual insured under a group
life insurance policy hereafter delivered in this state becomes entitled under the terms of
such policy to have an individual policy of life insurance issued to him without evidence
of insurability, subject to making of application and payment of the first premium within
the period specified in such policy, and if such individual is not given notice of the existence
of such right at least 15 days prior to the expiration date of such period, then, in such
event, the individual shall have an additional period within which to exercise such right,
but nothing contained in this section shall be construed to continue any insurance
beyond the period provided in such policy. This additional period shall expire 15 days next
after the individual is given such notice, but in no event shall such additional period extend
beyond 60 days next after the expiration date of the period provided in such policy....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-14.htm - 1K - Match Info - Similar pages
27-14-19
Section 27-14-19 Delivery of policies. (a) Subject to the insurer's requirements as
to payment of premium, every policy shall be mailed or delivered to the insured or to the
person entitled thereto within a reasonable period of time after its issuance, except where
a condition required by the insurer has not been met by the insured. (b) In event the original
policy is delivered, or is so required to be delivered, to or for deposit with any vendor,
mortgagee, or pledgee of any motor vehicle, and in which policy any interest of the vendee,
mortgagor, or pledgor in or with reference to such vehicle is insured, a duplicate of such
policy, setting forth the name and address of the insurer, insurance classification of vehicle,
type of coverage, limits of liability, premiums for the respective coverages, and duration
of the policy, or memorandum thereof containing the same such information, shall be delivered
by the vendor, mortgagee, or pledgee to each such vendee, mortgagor, or pledgor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-19.htm - 1K - Match Info - Similar pages
25-5-318
Section 25-5-318 One-time discount to small employers. (a) For purposes of this article,
"small employer" means an employer who is not experienced-rated for workers' compensation
insurance purposes and whose annual workers' compensation premium is less than $5,000.00.
(b) The Department of Insurance shall promulgate a plan by which all insurance companies writing
workers' compensation insurance in this state shall grant a one-time discount to small employers
who qualify under this article and by which surcharges are assessed against small employers
who experience two or more employee on-the-job injuries resulting in payment of indemnity
or medical payments during a one-year period. (c) A small employer who has not experienced
an employee on-the-job injury resulting in payment of indemnity or medical payments during
the most recent one-year period for which statistics are available shall receive a one-time
discount of 10 percent on the amount of the employer's workers' compensation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-318.htm - 3K - Match Info - Similar pages
27-19-5
Section 27-19-5 Mandatory policy provisions - Time limit on certain defenses. There
shall be a provision as follows: "Time Limit on Certain Defenses: (1) After two years
from the date of issue of this policy, no misstatements, except fraudulent misstatements,
made by the applicant in the application for such policy shall be used to void the policy
or to deny a claim for loss incurred or disability (as defined in the policy) commencing after
the expiration of such two-year period." (The foregoing policy provision shall not be
so construed as to affect any legal requirement for avoidance of a policy or denial of a claim
during such initial two-year period nor to limit the application of Sections 27-19-17 through
27-19-21 in the event of misstatement with respect to age or occupation or other insurance.)
(A policy which the insured has the right to continue in force subject to its terms by the
timely payment of premium: (1) Until at least age 50; or (2) In the case of a policy issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-5.htm - 2K - Match Info - Similar pages
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