27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by regulation are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. The commissioner, by regulation, shall define the specifics of this opinion and add any other items deemed to be necessary to its scope. (2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance company, except as exempted pursuant to regulation, shall also annually include in the opinion required by subdivision (1) an opinion of the same qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-4.htm - 12K - Match Info - Similar pages
27-43-11
Section 27-43-11 Premium rates. (a) No policy of legal expense insurance may be issued in this state unless the premium rates for the insurance have been filed with and approved by the commissioner. (b) Premium rates must be established and justified in accordance with generally accepted insurance principles, including, but not limited to, the experience or judgment of the insurer making the rate filing or actuarial computations. (c) The commissioner may disapprove rates that are excessive, inadequate, or unfairly discriminatory. Rates are not unfairly discriminatory because they are averaged broadly among persons insured under group, blanket, or franchise policies. (d) The commissioner may require the submission of whatever relevant information is deemed necessary in determining whether to approve or disapprove a filing made under this section or Section 27-43-10. (Acts 1981, No. 81-719, p. 1214, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-11.htm - 1K - Match Info - Similar pages
27-19-51
Section 27-19-51 Purpose of article. The purpose of this article is to establish certain definitions, policy provisions, anticipated loss ratio standards, and disclosure requirements applicable to group and individual Medicare supplement disability policies and to authorize the implementation of these requirements through regulations promulgated by the Commissioner of Insurance consistent with the uniform standards developed by the National Association of Insurance Commissioners to meet the standards enacted in Public Law 96-265 (Laws 1980). (Acts 1981, No. 81-560, p. 940, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-51.htm - 891 bytes - Match Info - Similar pages
27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance. (a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section 27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as they may accept and may receive deposits of premiums thereon. (b) All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state. (c) All such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless and until the certificate of authority has been issued; and (3) The prepaid premium or deposit and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-17.htm - 2K - Match Info - Similar pages
27-3-32
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders; effect upon certificates of authority, agents, etc., including outstanding policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of details of transfer and file amendments required by law. The certificate of authority, agents appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-32.htm - 2K - Match Info - Similar pages
27-31D-2.1
Section 27-31D-2.1 Endorsement offer to upgrade home to fortified standard when damage requires roof replacement. (a) Insurance companies writing homeowners insurance shall offer a fortified bronze roof endorsement to upgrade a nonfortified home, which is otherwise eligible for a fortified standard, to a fortified standard identified in Section 27-31D-2, when the insured incurs damage covered by the policy requiring the roof to be replaced. The endorsement shall upgrade the nonfortified home consistent with the fortified requirements for the geographic area in which the nonfortified home is located. (b) The endorsement offer shall be made at the time of writing a new policy on a nonfortified home and at the time of first renewal of an existing policy on a nonfortified home following January 1, 2020. (c) Insurance companies shall file their endorsement form and accompanying rates for approval by the Department of Insurance by October 2, 2019. (d) The commissioner may adopt rules as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31D-2.1.htm - 1K - Match Info - Similar pages
27-15-73
Section 27-15-73 Computation of cash surrender value. (a) Any cash surrender value available under the policy in the event of default in the premium payment due on any policy anniversary, whether or not required by Section 27-15-72, shall be an amount not less than the excess, if any, of the present value on such anniversary of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions if there had been no default, over the sum of: (1) The then present value of the adjusted premium as defined in Sections 27-15-75, 27-15-76, 27-15-77, and 27-15-78, corresponding to premiums which would have fallen due on and after such anniversary. (2) The amount of any indebtedness to the insurer on account of or secured by the policy. (b) Provided, however, that for any policy issued on or after the operative date of Section 27-15-78, as defined therein, which provides supplemental life insurance or annuity benefits at the option of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-73.htm - 3K - Match Info - Similar pages
27-21-2
Section 27-21-2 Offering of insurance. Any insurer authorized and licensed to engage in the business of health insurance in this state may join with one or more other such insurers to offer to any resident of this state, who meets the qualifications established by the commissioner, insurance against major financial loss from accident or disease. Such insurance may be offered by such insurers in their own names or in the name of a voluntary unincorporated association or other organization formed by such insurers solely for the purpose of this plan. The forms of applications, certifications, and policies of such insurance, the applicable premium rates, annual statement, and all other information required by the department under Alabama law for organizations in the business of health insurance shall be filed with the commissioner for his approval. Any other information which the commissioner deems necessary for the efficient operation of the plan may also be required. (Acts 1971, No. 501,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21-2.htm - 1K - Match Info - Similar pages
27-22-2
Section 27-22-2 Industrial fire insurance policies. (a) Industrial fire insurance policies are policies issued by insurers writing fire and allied lines of insurance through agents operating on the debit agency system under which system a weekly or monthly collection percentage is paid based either on actual weekly or monthly premium collections or weekly or monthly increases of premium collections. (b) No such policy, or such policies, covering any of the same subjects of insurance shall be issued which provides indemnity exceeding the limits set by the commissioner as to any one loss resulting from any, or all, of the hazards or perils insured against. (c) No such policy shall be issued except upon a monthly or weekly premium payment basis. No discount for premiums paid in advance shall exceed five percent for premiums paid for six months in advance or 10 percent for premiums paid for 12 months in advance. In no event shall premiums be collected for more than 12 months in advance....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22-2.htm - 1K - Match Info - Similar pages
27-36-1
Section 27-36-1 Liabilities generally. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: (1) The amount of its capital stock outstanding, if any; (2) The amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof; (3) With reference to life and disability insurance and annuity contracts: a. The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto; b. Reserves for disability benefits, for both active and disabled lives; c. Reserves for accidental death benefits; and d. Any additional reserves which may be required by the commissioner...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36-1.htm - 2K - Match Info - Similar pages
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