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27-31B-22
Section 27-31B-22 Protected cell captive insurance companies. (a) One or more sponsors
may form a protected cell captive insurance company under this chapter. (b) A protected cell
captive insurance company formed or licensed under this chapter may establish and maintain
one or more protected cells to insure risks of one or more participants, subject to all of
the following conditions: (1) Each protected cell shall be accounted for separately on the
books and records of the protected cell captive insurance company to reflect the financial
condition and results of operations of the protected cell, net income or loss, dividends or
other distributions to participants, and other factors as may be provided in the participant
contract or required by the commissioner. (2) The assets of a protected cell shall not be
chargeable with liabilities arising out of any other insurance business the protected cell
captive insurance company may conduct. (3) No sale, exchange, or other transfer of assets...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-22.htm - 4K - Match Info - Similar pages
27-34-7
Section 27-34-7 License - Foreign or alien societies - Application; qualifications.
(a) No foreign or alien society shall transact business in this state without a license issued
by the commissioner. Any such society may be licensed to transact business in this state upon
filing with the commissioner: (1) A duly certified copy of its charter or articles of incorporation;
(2) A copy of its constitution and laws, certified by its secretary or corresponding officer;
(3) A power of attorney to the commissioner as prescribed in Section 27-34-47; (4)
A statement of its business under oath of its president and secretary, or corresponding officers,
in a form prescribed by the commissioner, duly verified by an examination made by the supervising
insurance official of its home state or other state, territory, province, or country satisfactory
to the commissioner; (5) A certificate from the proper official of its home state, territory,
province, or country that the society is legally incorporated...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-7.htm - 1K - 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
8-6-3
Section 8-6-3 Registration and bonds of dealers, agents, investment advisers, etc. (a)
It is unlawful for any person to transact business in this state as a dealer or agent for
securities unless he or she is registered under this article. It is unlawful for any dealer
or issuer to employ an agent unless the agent is registered. (b) It is unlawful for any person
to transact business in this state as an investment adviser or as an investment adviser representative
unless: (1) He or she is so registered under this article; (2) His or her only clients in
this state are investment companies as defined in the Investment Company Act of 1940, other
investment advisers, broker-dealers, banks, trust companies, savings and loan associations,
insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental
agencies or instrumentalities, whether acting for themselves or as trustees with investment
control, or other institutional investors as are designated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-3.htm - 12K - Match Info - Similar pages
27-32-15
Section 27-32-15 Conduct of delinquency proceedings - Domestic and alien insurers. (a)
Whenever under this chapter a receiver is to be appointed in delinquency proceedings for a
domestic or alien insurer, the court shall appoint the commissioner as such receiver. The
court shall order the commissioner forthwith to take possession of the assets of the insurer
and to administer the same under the orders of the court. (b) As a domiciliary receiver, the
commissioner shall be vested by operation of law with the title to all of the property, contracts,
and rights of action and all of the books and records of the insurer, wherever located, as
of the date of entry of the order directing him to rehabilitate or liquidate a domestic insurer
or to liquidate the United States branch of an alien insurer domiciled in this state, and
he shall have the right to recover the same and reduce the same to possession; except, that
ancillary receivers in reciprocal states shall have, as to assets located in...
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8-33-4
Section 8-33-4 Registration requirements. (a) A person may not operate as a warrantor
or represent to the public that the person is a warrantor unless the person is registered
with the department on a form prescribed by the commissioner. (b) Warrantor registration records
shall be filed annually and shall be updated within 30 days of any change. The registration
records shall contain the following information: (1) The warrantor's name, any fictitious
names under which the warrantor does business in the state, principal office address, and
telephone number. (2) The name and address of the warrantor's agent for service of process
in the state if other than the warrantor. (3) The names of the warrantor's executive officer
or officers directly responsible for the warrantor's vehicle protection product business.
(4) The name, address, and telephone number of any administrators designated by the warrantor
to be responsible for the administration of vehicle protection product warranties in...
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10A-10-1.15
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words
shall have the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST.
A real estate investment trust organized in compliance with the provisions of this chapter.
(2) BUSINESS TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated
trust or association, including an Alabama real estate investment trust, a common-law trust,
or a Massachusetts trust, which is engaged in business and in which property is acquired,
held, managed, administered, controlled, invested, or disposed of for the benefit and profit
of any person who may become a holder of a transferable unit of beneficial interest in the
trust. (3) DOMESTIC LIMITED LIABILITY COMPANY. A limited liability company as defined under
the Alabama Limited Liability Company Law. (4) DOMESTIC LIMITED PARTNERSHIP. A limited partnership
as defined under the Alabama Limited Partnership Law. (5) FOREIGN BUSINESS TRUST. A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.15.htm - 10K - Match Info - Similar pages
25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure
risks. An employer subject to this chapter may secure the payment of compensation under this
chapter by insuring and keeping insured his or her liability in some insurance corporation,
association, organization, insurance association, corporation, or association formed of employers
and workers or formed by a group of employers to insure the risks under this chapter, operating
by mutual assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance
association, organization, or corporation shall have first had its contract and plan of business
approved in writing by the Commissioner of the Department of Insurance of Alabama and have
been authorized by the Department of Insurance to transact the business of workers' compensation
insurance in this state and under the plan. Notwithstanding any other provision of the law
to the contrary, the obligations of employers under law for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-8.htm - 14K - Match Info - Similar pages
27-2-20
Section 27-2-20 Examinations - Power generally. (a) If he has reason to believe that
any such person has violated or is violating any provision of this title or upon complaint
by any resident of this state indicating that any such violation may exist, the commissioner
may examine the accounts, records, documents, and transactions pertaining to or affecting
the insurance affairs of any: (1) General agent, agent, broker, surplus line broker, solicitor,
or adjuster; (2) Person having a contract or power of attorney under which he enjoys in fact
the exclusive or dominant right to manage or control an insurer; or (3) Person engaged in
or proposing to be engaged in or assisting in the promotion or formation of a domestic insurer,
insurance holding corporation, or corporation to finance a domestic insurer or the production
of its business. (b) The commissioner may examine the insurance affairs and transactions of
the attorney-in-fact of a reciprocal insurer in the same manner and on the same...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-20.htm - 1K - Match Info - Similar pages
41-15-2
Section 41-15-2 Department of Finance to administer chapter; administrator of State
Insurance Fund. The Department of Finance is hereby constituted and designated as the agency
through which this chapter shall be administered, and the director of said department is empowered
with such authority as may be necessary to carry out its purposes. The director of said department,
with the approval of the Governor, may appoint a risk manager, as administrator of the State
Insurance Fund, who is familiar with insurance customs and practices and is otherwise qualified
by actual experience in the underwriting of risks and adjustment of losses, to assist the
director of said department in carrying out the purpose of this chapter. The said risk manager
shall install and keep an accurate system of accounting and statistical records and shall
adjust losses, make appraisals of insured properties for insurance purposes, when necessary,
and shall handle or supervise the handling of all other details...
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