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27-27-10
Section 27-27-10 Solicitation permit - Bond or deposit in lieu thereof; waiver of same.
(a) Except as to proposed domestic insurers which are subject to the requirements of Section
27-27-16, the commissioner shall not issue a solicitation permit until the applicant therefor
has filed with him a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of proposed Alabama investors in and
creditors of the proposed organization. (b) The bond shall be conditioned upon the payment
of costs incurred by the state in event of any legal proceedings for liquidation or dissolution
of the proposed organization before completion of organization or in event a certificate of
authority is not granted and upon a full accounting for funds received until the proposed
insurer has been granted its certificate of authority or until the proposed corporation, syndicate,
organization, or financing has been completed as defined in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-10.htm - 2K - 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
27-27-7
Section 27-27-7 Solicitation permit - Issuance; contents; compliance with terms. (a)
Upon the filing of any bond required by Sections 27-27-10 or 27-27-16, after notice by the
commissioner provided for in subsection (a) of Section 27-27-6, or upon his decision
to grant a solicitation permit if such a bond is not so required, the commissioner shall issue
to the applicant or to the newly formed corporation, if the application is on behalf of a
newly formed incorporated domestic insurer, a solicitation permit. Every solicitation permit
issued by the commissioner shall contain provisions in substance as follows: (1) State the
securities or other rights or interests for which subscriptions are to be solicited, the number,
classes, par value, and selling price thereof, or identify the insurance contract, or contracts,
for which applications and advance premiums or deposits of premium are to be solicited in
the case of mutual or reciprocal insurers; (2) Require that any particular class of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-7.htm - 5K - Match Info - Similar pages
27-27-5
Section 27-27-5 Solicitation permit - Application. To apply for a solicitation permit,
the person shall: (1) File with the commissioner a request therefor showing: a. Name, type
and purpose of insurer, corporation, syndicate, association, firm, partnership, or organization
formed or proposed to be formed; b. Names, addresses, business background, and qualifications
of each person associated, or to be associated, in the enterprise or in the formation of the
proposed insurer, corporation, syndicate, association, firm, partnership, or organization;
c. Full disclosure of the terms of all pertinent understandings and agreements existing or
proposed among persons so associated; and copies of all such agreements, relative to the proposed
financing of the insurer, corporation, syndicate, association, firm, partnership, or organization,
or the formation thereof; d. The plan according to which solicitations are to be made; and
e. Such additional information as the commissioner may reasonably...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-5.htm - 3K - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before
soliciting any applications for insurance required under Section 27-27-15, as qualification
for the original certificate of authority, the incorporators of the proposed mutual insurer
shall file with the commissioner a corporate surety bond in the penalty of $15,000.00 in favor
of the State of Alabama and for the use and benefit of the state and of applicant members
and creditors of the corporation. The bond shall be conditioned as follows: (1) Upon payment
of any loss suffered by applicants who have cancelled or lapsed existing insurance policies
due to misrepresentation by the incorporators or by persons soliciting such applications under
authorization by the corporation, to the effect that the making of such application for insurance
and prepayment of premiums in such proposed insurer provides insurance protection prior to
issuance of a certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
27-27-12
Section 27-27-12 Deposit of solicitation permit funds in escrow - Requirement. (a) All
funds received in Alabama pursuant to a solicitation permit, other than advance premiums for
insurance which are subject to Section 27-27-18, shall, by the permit holder, be deposited
and held in escrow in a bank or trust company located in this state under an agreement approved
by the commissioner. (b) No part of such funds shall be withdrawn from such deposit, except:
(1) For the payment of promotion, sales, and organization expenses as authorized by the solicitation
permit, and funds for such purposes may be withheld from the deposit; (2) For the purpose
of making any deposit with the commissioner required for the issuance of a certificate of
authority to an insurer; (3) If the proposed organization is not to be an insurer, upon completion
of payments on securities subscriptions made under the solicitation permit and deposit or
appropriation of such funds to the purposes specified in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-12.htm - 1K - Match Info - Similar pages
27-27-6
Section 27-27-6 Solicitation permit - Approval or denial. (a) The commissioner shall
expeditiously examine the application for a solicitation permit and make such investigation
relative thereto as he deems necessary, subject to subsection (b) of this section,
if he finds that: (1) The application is complete; (2) The documents therewith filed are proper
in form; and (3) The proposed articles of incorporation of any proposed domestic insurer comply
with this title and are not in conflict with the Constitution and laws of the United States
or of this state; He shall give notice to the applicant that he will approve and file the
articles of incorporation, if a proposed corporation, and issue a solicitation permit, stating
the terms to be contained therein, upon the filing of any bond required by Sections 27-27-10
or 27-27-16. (b) If the commissioner does not so find, or finds that any proposed sale of
securities would be, or tend to be, fraudulent or inequitable as to present or proposed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-6.htm - 2K - Match Info - Similar pages
5-5A-44
Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure. (a) No
person, acting directly or indirectly or through or in concert with one or more persons, may
acquire control of a state bank or of any corporation or other entity having control of a
state bank, unless an application is filed with the superintendent for review of the proposed
transaction and for his or her action, if any, as provided in this section. (b) The
application shall be on a form prescribed by the superintendent and shall be made under oath.
The application must contain all information that the superintendent by regulation requires
to be furnished in an application, as well as any information that the superintendent orders
to be included in the particular application being filed and shall be accompanied by the filing
fee prescribed by the Banking Board. For the purposes of this section, the Banking
Board may reduce or waive any prescribed fees for applications where a change of control...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-44.htm - 11K - Match Info - Similar pages
27-27-13
Section 27-27-13 Deposit of solicitation permit funds in escrow - Withdrawal and refund.
The commissioner shall withdraw all funds held in escrow under Section 27-27-12, and
refund to securities subscribers or purchasers all sums paid in on securities subscriptions,
less that part of such sums paid in as has been allowed and used for promotion, sales, and
organization expenses, and shall dissolve the proposed domestic insurer, corporation, syndicate,
or organization if: (1) It fails to complete its organization or financing and obtain full
payment for subscriptions and, if to be an insurer, it fails to secure its certificate of
authority, all before expiration of the solicitation permit; or (2) The commissioner revokes
the solicitation permit. (Acts 1971, No. 407, p. 707, ยง509.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-13.htm - 1K - Match Info - Similar pages
27-27-14
Section 27-27-14 Solicitation permit for subsequent financing. (a) No insurer, or insurance
holding corporation, or stock corporation for financing operations of a mutual insurer, or
attorney-in-fact corporation, or a reciprocal insurer, or any other type of organization existing
for the same purpose, after: (1) It has received a certificate of authority, if an insurer,
in this or any other state; or (2) It has completed its initial organization and financing,
if a corporation, syndicate, or other organization other than an insurer, shall in this state
solicit or receive funds in exchange for its securities, other than when combining and selling,
for the account of its stockholders entitled thereto, fractional shares to which they become
entitled through a stock dividend to existing stockholders until it has applied to the commissioner
for, and has been granted, a solicitation permit. (b) The commissioner shall issue such a
permit unless he finds: (1) That the funds proposed to be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-14.htm - 2K - Match Info - Similar pages
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