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27-18-3
Section 27-18-3 Policy provisions - Grace period. The group life insurance policy shall
contain a provision that the policyholder is entitled to a grace period of not less than 30
days for the payment of any premium due except the first, during which grace period the death
benefit coverage shall continue in force unless the policyholder shall have given the insurer
written notice of discontinuance in advance of the date of discontinuance and in accordance
with the terms of the policy. The policy may provide that the policyholder shall be liable
to the insurer for the payment of a pro rata premium for the time the policy was in force
during such grace period. (Acts 1971, No. 407, p. 707, §409.)...
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27-15-72
Section 27-15-72 Nonforfeiture benefits. (a) In the case of policies issued on or after
January 1, 1972, no policy of life insurance, except as set forth in Section 27-15-82,
shall be delivered or issued for delivery in this state unless it shall contain in substance
the following provisions, or corresponding provisions which, in the opinion of the commissioner,
are at least as favorable to the defaulting or surrendering policyholder as are the minimum
requirements specified in this section and are essentially in compliance with Section
27-15-81: (1) That, in the event of default in any premium payment, the insurer will grant,
upon proper request not later than 60 days after the due date of the premium in default, a
paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due
date, of such amount as may be specified in this article. In lieu of such stipulated paid-up
nonforfeiture benefit, the insurer may substitute, upon proper request not later than 60...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-72.htm - 4K - 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
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - 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
27-15-3
Section 27-15-3 Life insurance policy provisions - Grace period. There shall be a provision
that a grace period of 30 days or, at the option of the insurer, of one month of not less
than 30 days shall be allowed within which the payment of any premium after the first may
be made, during which period of grace the policy shall continue in full force; but if a claim
arises under the policy during such period of grace, the amount of any premium due or overdue
may be deducted from the policy proceeds. (Acts 1971, No. 407, p. 707, §348.)...
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27-15-8
Section 27-15-8 Life insurance policy provisions - Loans on policy. (a) In case of policies
issued on and after the operative date of Section 21-15-28, there shall be a provision
that after the policy has a cash surrender value and while no premium is in default beyond
the grace period for payment the insurer will advance, on proper assignment or pledge of the
policy and on the sole security thereof, at a specified rate of interest not exceeding eight
percent per annum, payable in advance, an amount equal to or, at the option of the party entitled
thereto, less than the loan value of the policy. The loan value of the policy shall be at
least equal to the cash surrender value at the end of the then current policy year, provided
that the insurer may deduct, either from such loan value or from the proceeds of the loan,
any existing indebtedness not already deducted in determining such cash surrender value including
any interest then accrued but not due, any unpaid balance of the premium...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-8.htm - 2K - Match Info - Similar pages
27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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27-19-107
Section 27-19-107 Nonforfeiture benefits. (a) Except as provided in subsection (b),
a long-term care insurance policy may not be delivered or issued for delivery in this state
unless the policyholder or certificateholder has been offered the option of purchasing a policy
or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may
be in the form of a rider that is attached to the policy. In the event the policyholder or
certificateholder declines the nonforfeiture benefit, the insurer shall provide a contingent
benefit upon lapse that shall be available for a specified period of time following a substantial
increase in premium rates. (b) When a group long-term care insurance policy is issued, the
offer required in subsection (a) shall be made to the group policyholder. However, if the
policy is issued as group long-term care insurance, as defined in Section 27-19-103(4)d.,
other than to a continuing care retirement community or other similar entity, the...
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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:...
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