|
15-13-22
Section 15-13-22 Qualifications for bail; bond required for bondsmen; qualification when sufficiency
of bail doubtful. (a) Each person signing as surety an undertaking of bail must be: (1) A
resident of this state; and (2) Worth, exclusive of property exempt from execution, the amount
expressed in the undertaking; but the court or magistrate, in taking bail, may allow more
than two persons to justify severally as bail in amounts less than that expressed in the undertaking,
provided the whole is equivalent to two sufficient bails. (b) The court or magistrate in taking
bail, in lieu of the foregoing, may allow a corporation, foreign or domestic, qualified to
do a bonding business in this state and authorized to execute the undertaking of bail, to
execute such bail. (c) Every person engaged in the business of making bail bonds and charging
therefor, except corporations qualified to do a bonding business in this state, shall be required,
in addition to all other requirements of this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/15-13-22.htm - 2K - Match Info - Similar pages
27-32-33
Section 27-32-33 Assessments - Levy. (a) Upon the basis of the report provided for in Section
27-32-32, including any amendments thereto, the court may, of its own motion, order the commissioner
to levy one or more assessments against all members of such insurer who, as shown by the records
of the insurer, were members, if a mutual insurer, or subscribers, if a reciprocal insurer,
at any time within one year prior to the date of issuance of the order to show cause under
Section 27-32-4. (b) Such assessment or assessments shall cover the excess of the probable
liabilities over the reasonable value of the assets, together with the estimated cost of collection
and percentage of uncollectability thereof. The total of all assessments against any member
or subscriber with respect to any policy, whether levied pursuant to this chapter or pursuant
to any other provision of law, shall be for no greater amount than that specified in the policy
or policies of the member or subscriber; except,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-33.htm - 1K - Match Info - Similar pages
39-2-14
Section 39-2-14 Registration of out-of-state contractors required; deposit; surety bond. (a)
Every nonresident contractor, as defined in Section 39-2-12 shall register with the Department
of Revenue prior to engaging in the performance of a contract in this state. At the time of
registration the contractor shall deposit with the Department of Revenue five per centum of
the amount such contractor is to receive for the performance of the contract which shall be
held within a "contractors use tax fund" pending the completion of the contract,
the determination of the taxes due this state and other governmental bodies, and the payment
of same. In lieu of such deposit the contractor may provide a corporate surety bond to be
approved by the Commissioner of Revenue as to form, sufficiency, value, amount, stability,
and other features necessary to provide a guarantee of payment of the taxes due this state
and other governmental bodies. (b) In addition, within 30 days after registration, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/39-2-14.htm - 2K - Match Info - Similar pages
40-23-6
Section 40-23-6 License required to engage in business; one-time surety bond. (a) If any person
shall engage in or continue in any business for which a privilege tax is imposed by Section
40-23-2 as a condition precedent to engaging or continuing in such business, the person shall
apply for and obtain from the Department of Revenue a license to engage in and to conduct
such business for the current tax year upon the condition that the person shall pay the taxes
accruing to the State of Alabama under the provisions of this division; provided, that no
license shall be issued under the provisions of this division to any person who has not complied
with the provisions of this division, and no provision of this division shall be construed
as relieving any person from the payment of any license or privilege tax now or hereafter
imposed by law. (b)(1) Any person applying for an initial license or the renewal of an expired
or cancelled license on or after January 1, 2020, who is in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-6.htm - 4K - Match Info - Similar pages
27-31-29
Section 27-31-29 Proceedings when assets of insurer insufficient. (a) If the assets of a reciprocal
insurer are at any time insufficient to discharge its liabilities, other than any liability
on account of funds contributed by the attorney or others, and to maintain the required surplus,
its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers
for the amount needed to make up the deficiency, but subject to the limitation set forth in
the power of attorney or policy. (b) If the attorney fails to make up such deficiency or to
make the assessment within 30 days after the commissioner orders him to do so or if the deficiency
is not fully made up within 60 days after the date the assessment was made, the insurer shall
be deemed insolvent and shall be proceeded against as authorized by this title. (c) If liquidation
of such an insurer is ordered, an assessment shall be levied upon the subscribers for such
an amount, subject to limits as provided by this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-29.htm - 1K - Match Info - Similar pages
5-5A-35
Section 5-5A-35 Agreements between principal and sureties on bond for deposit of money and
assets in bank, etc. It shall be lawful for any party of whom a bond, undertaking or other
obligation is required to agree with his surety or sureties for the deposit of any or all
money and assets for which he and his surety or sureties are or may be held responsible with
a bank, or with other depository approved by the court or a judge thereof, if such deposit
is otherwise proper, for the safekeeping thereof, and in such manner as to prevent the withdrawal
of such money or assets or any part thereof, without the written consent of such surety or
sureties, or an order of court or a judge thereof made on such notice to such surety or sureties
as such court or judge may direct; provided, however, that such agreement shall not in any
manner release from or change the liability of the principal or sureties as established by
the terms of the bond. (Acts 1980, No. 80-658, ยง5-5-35.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-35.htm - 1K - Match Info - Similar pages
27-1-2
Section 27-1-2 Definitions. For the purposes of this title, the following terms shall have
the meanings respectively ascribed to them by this section. (1) INSURANCE. A contract whereby
one undertakes to indemnify another or pay or provide a specified amount or benefit upon determinable
contingencies. (2) INSURER. Every person engaged as indemnitor, surety, or contractor in the
business of entering into contracts of insurance. (3) PERSON. An individual, insurer, company,
association, organization, Lloyd's insurer, society, reciprocal insurer or interinsurance
exchange, partnership, syndicate, business trust, corporation, and every legal entity. (4)
COMMISSIONER. The Commissioner of Insurance of this state. (5) DEPARTMENT. The Department
of Insurance of this state. (6) DOMESTIC INSURER. One formed under the laws of this state.
(7) FOREIGN INSURER. One formed under the laws of any jurisdiction other than this state.
Except where distinguished by context, "foreign" insurers includes also...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-2.htm - 2K - Match Info - Similar pages
27-31-17
Section 27-31-17 Determination of financial condition. In determining the financial condition
of a reciprocal insurer, the commissioner shall apply the following rules: (1) He shall charge
as liabilities the same reserves as are required of incorporated insurers issuing nonassessable
policies on a reserve basis; (2) The surplus deposits of subscribers shall be allowed as assets,
except that any premium deposits delinquent for 90 days shall first be charged against such
surplus deposit; (3) The surplus deposits of subscribers shall not be charged as a liability;
(4) All premium deposits delinquent less than 90 days shall be allowed as assets; (5) An assessment
levied upon subscribers and not collected shall not be allowed as an asset; (6) The contingent
liability of subscribers shall not be allowed as an asset; and (7) The computation of reserves
shall be based upon premium deposits, other than membership fees, and without any deduction
for expenses and the compensation of the attorney....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-17.htm - 1K - Match Info - Similar pages
27-17A-14
Section 27-17A-14 Surety bond. (a) As an alternative to the trust requirement of Section 27-17A-13,
the details of which are set forth in Articles 3 and 4, a preneed provider may, with the prior
approval of the commissioner, purchase a surety bond in an amount not less than the aggregate
value of outstanding liabilities on undelivered preneed contracts for merchandise, services,
and cash advances. For the purposes of this section, the term outstanding liabilities means
the original retail amount of services and cash advances and the actual cost to the entity
to provide the undelivered merchandise sold on each contract written after April 30, 2002.
The surety bond shall be in an amount sufficient to cover the outstanding liability at the
time each contract is executed. (b) The bond shall be made payable to the State of Alabama
for the benefit of the commissioner and of all purchasers of preneed merchandise, services,
and cash advances. The bond shall be issued by an insurance company...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-14.htm - 4K - Match Info - Similar pages
27-36-3.1
Section 27-36-3.1 Unearned premium reserve - Bail bond surety insurers. In lieu of the unearned
premium reserve required in Section 27-36-3, the Commissioner of Insurance may require any
surety insurer or limited insurer to set up and maintain a reserve on all bail bonds or other
single-premium bonds without a definite expiration date, furnished in judicial proceedings,
equal to the lesser of 35 percent of the bail premiums in force or seven dollars ($7) per
one thousand dollars ($1,000) of bail liability. This reserve shall be reported as a liability
in financial statements required to be filed with the commissioner. Each insurer shall file
a supplementary schedule showing bail premiums in force and bail liability and the associated
special reserve for bail and judicial bonds with financial statements required by Section
27-3-26. Bail premiums in force do not include amounts retained by licensed bail bond agents
or licensed managing general agents, but may not be less than 6.5 percent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36-3.1.htm - 1K - Match Info - Similar pages
|