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27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-29.htm - 5K - Match Info - Similar pages
27-12A-2
Section 27-12A-2 Insurance fraud - definition. A person commits the crime of insurance
fraud if, knowingly and with intent to defraud, he or she commits, or conceals any material
information concerning, one or more of the following acts: (1) The solicitation or acceptance
of new or renewal insurance risks on behalf of an insurer, reinsurer, or other person engaged
in the transaction of the business of insurance, by a person who knows the insurer, reinsurer,
or other person responsible for the risk is financially unable to pay its claims at the time
of the transaction. (2) The removal, concealment, alteration, or destruction of the assets
or records relating to the transaction of the business of insurance of an insurer, reinsurer,
or other person engaged in the transaction of the business of insurance. This section
does not prohibit an insurer, reinsurer, or other person engaged in the transaction of the
business of insurance from destroying records or documents relating to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12A-2.htm - 3K - Match Info - Similar pages
27-2-14
Section 27-2-14 Records, documents, and files - Custody; inspection; reproduction; destruction.
(a) The commissioner shall keep and preserve in permanent form accurate and complete records
of his proceedings, including also a concise statement of the result of such examination of
insurers by the commissioner, record and file all bonds and contracts and shall file such
records in the department. The commissioner is responsible for the custody and preservation
of all records, documents, and files of the department. (b) The records of the commissioner
and insurance filings in his office shall be open to public inspection, except as otherwise
provided by this title. (c) The commissioner may photograph, microphotograph, or reproduce
on film, whereby each page will be reproduced in exact conformity with the original, all financial
records, financial statements of domestic insurers, reports of business transacted in this
state by foreign insurers, reports of examination of domestic insurers,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-14.htm - 2K - Match Info - Similar pages
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
27-28-2
Section 27-28-2 Plan for exchange of stock, etc., between domestic stock insurer and
holding company - Procedure for exchange. A plan of exchange shall be adopted and become effective
in the following manner: (1) APPROVAL OF THE BOARDS OF DIRECTORS. - The boards of directors
of each corporate party to the plan of exchange by resolution shall adopt the plan of exchange
which shall set forth the terms and conditions of the exchange and the mode of carrying the
same into effect and such other provisions with respect to the exchange as may be deemed necessary
or desirable. (2) APPROVAL OF COMMISSIONER. - Every plan of exchange, before being submitted
to vote of the stockholders pursuant to subdivision (3) of this section, shall be submitted
for approval to the commissioner in accordance with the following procedure: a. After the
approval required by subdivision (1) of this section is obtained, the domestic company
shall submit to the commissioner three copies of the plan of exchange and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-28-2.htm - 13K - Match Info - Similar pages
27-32-6
Section 27-32-6 Grounds - Rehabilitation of domestic insurers. The commissioner may
apply to the court for an order appointing him as receiver of, and directing him to rehabilitate,
a domestic insurer upon one or more of the following grounds. That the insurer: (1) Is impaired
or insolvent; (2) Has refused to submit any of its books, records, accounts, or affairs to
reasonable examination by the commissioner; (3) Has concealed or removed records or assets
or otherwise violated Section 27-27-29; (4) Has failed to comply with an order of the
commissioner to make good an impairment of capital or surplus, or both; (5) Has transferred,
or attempted to transfer, substantially its entire property or business or has entered into
any transaction the effect of which is to merge substantially its entire property or business
in that of any other insurer without having first obtained the written approval of the commissioner;
(6) Has willfully violated its charter or articles of incorporation or any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-6.htm - 2K - Match Info - Similar pages
27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1)
No person other than the issuer shall make a tender offer for or a request or invitation for
tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire
in the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - 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
27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its
articles of association, charter, or other organizational document, may apply to the commissioner
for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5,
in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of
subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10,
and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all
of the following: (1) No pure captive insurance company may insure any risks other than those
of its parent and affiliated companies or controlled unaffiliated business. (2) No association
captive insurance company may insure any risks other than those of the member organizations
of its association, and their affiliated companies. (3) No industrial insured captive insurance
company may insure any risks other than those of the industrial insureds that comprise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-3.htm - 11K - Match Info - Similar pages
32-8-87
Section 32-8-87 Dismantling, destroying, changing identity of vehicle; certificate requirements;
insurance claims; "total loss"; removal of identification numbers, plates, etc.;
transfer of salvage vehicles; inspections; "component parts"; rebuilt vehicles;
flood vehicles; online verifications. (a) Each owner of a motor vehicle and each person mentioned
as owner in the last certificate of title who scraps, dismantles, destroys, or changes the
motor vehicle in such a manner that it is not the same motor vehicle described in the certificate
of origin or certificate of title shall as soon as practicable cause the certificate of origin
or certificate of title, if any, and any other documents or information required by the department
to be mailed or delivered to the department for processing. The department shall, with the
consent of any holder of liens noted on the surrendered certificate, enter a cancellation
upon its records. Upon cancellation of a certificate of origin or certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-8-87.htm - 32K - Match Info - Similar pages
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