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27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-21.htm - 5K - Match Info - Similar pages
27-3-7
Section 27-3-7 Authority to transact insurance - Kind or combinations of kinds - Minimum paid-in
capital stock and surplus. (a) To qualify for authority to transact any one kind of insurance,
as defined in Chapter 5 of this title, or combination of kinds of insurance as shown below,
an insurer applying for its original certificate of authority in this state after the effective
date of this title or continuing such original certificate of authority shall possess and
thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired surplus,
if a foreign mutual or foreign reciprocal insurer, in amount not less than as applicable under
the schedule below and shall possess when first so authorized such additional funds as surplus
as are required under Section 27-3-8: Kind or kinds of insurance Minimum capital or surplus
required Life $800,000.00 Disability 500,000.00 Life and disability 800,000.00 Property 300,000.00
Marine 300,000.00 Casualty 400,000.00 Surety...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-7.htm - 3K - Match Info - Similar pages
27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy of assessments.
(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and
the minimum amount of surplus required to be maintained by it under this title for authority
to transact the kinds of insurance being transacted and the deficiency is not cured from other
sources, its directors shall levy an assessment only upon its members who held policies providing
for contingent liability at any time within the 12 months preceding the date notice of such
assessment was mailed to them, and such members shall be liable to the insurer for the amount
so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency
and to provide a reasonable amount of working funds above such minimum amount of surplus,
but such working funds so provided shall not exceed five percent of the insurer's liabilities
as of the date as of which the amount of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-32.htm - 2K - Match Info - Similar pages
27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with
the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic
reciprocal insurer shall file with the commissioner a bond in favor of this state for the
benefit of all persons damaged as a result of breach by the attorney of the conditions of
his bond as set forth in subsection (b) of this section. The bond shall be executed by the
attorney and by an authorized corporate surety and shall be subject to the commissioner's
approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned
that the attorney will faithfully account for all moneys and other property of the insurer
coming into his hands and that he will not withdraw or appropriate to his own use from the
funds of the insurer any moneys or property to which he is not entitled under the power of
attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-11.htm - 1K - Match Info - Similar pages
27-27-40
Section 27-27-40 Loans by domestic insurers. (a) A domestic stock or mutual insurer may borrow
money to defray the expenses of its organization, provide it with surplus funds or for any
purpose of its business, upon a written agreement that such money is required to be repaid
only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement
may provide for interest at a reasonable rate per annum, which interest shall, or shall not,
constitute a liability of the insurer as to its funds other than such excess of surplus, as
stipulated in the agreement. No commission or promotion expense shall be paid in connection
with any such loan. (b) Money so borrowed, together with the interest thereon if so stipulated
in the agreement, shall not form a part of the insurer's legal liabilities except as to its
surplus in excess of the amount thereof stipulated in the agreement or be the basis of any
setoff, but, until repaid, financial statements filed or published by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-40.htm - 2K - Match Info - Similar pages
27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-6-13
Section 27-6-13 Sale of surety insurers' special deposit to pay outstanding judgment. (a) If
any surety insurer which has made the deposit provided for in Section 27-3-12 fails or refuses
to pay any final judgment entered against it upon any bond or undertaking from which no appeal
and supersedeas has been taken for 30 days after the entry of such judgment, the clerk or
register of the court in which such judgment was entered shall certify a copy thereof to the
commissioner, together with the fact that it remains unpaid, and the commissioner shall sell
as many of the securities or other assets deposited by such insurer as may be necessary to
pay such judgment, and the interest and costs thereon, and to pay to the clerk or register
of the court, from the proceeds of the sale, the amount of the judgment, with interest and
costs. The commissioner shall sell such securities or other assets at private or public sale,
with or without notice, or so many as may be necessary for the best price...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-13.htm - 1K - Match Info - Similar pages
27-27-35
Section 27-27-35 Nonassessable policies in mutual insurers - Revocation of domestic insurers
authority to issue. The commissioner shall revoke the authority of a domestic mutual insurer
to issue policies without contingent liability if at any time the insurer's assets are less
than the sum of its liabilities and the surplus required for such authority or if the insurer,
by resolution of its board of directors approved by a majority of its members, requests that
the authority be revoked. During the absence of such authority, the insurer shall not issue
any policy without providing therein for the contingent liability of the policyholder nor
renew any policy which is renewable at the option of the insurer without endorsing the same
to provide for such contingent liability. (Acts 1971, No. 407, p. 707, ยง531.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-35.htm - 1K - Match Info - Similar pages
27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-14.htm - 2K - Match Info - Similar pages
27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
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