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27-29B-1
Section 27-29B-1 Purpose and scope. (a) The purpose of this chapter is to do all of the following:
(1) Provide the Commissioner of Insurance a summary of an insurer or insurance group's corporate
governance structure, policies, and practices to permit the commissioner to gain and maintain
an understanding of the insurer's corporate governance framework. (2) Outline the requirements
for completing a corporate governance annual disclosure with the commissioner. (3) Provide
for the confidential treatment of the corporate governance annual disclosure and related information
that will contain confidential and sensitive information related to an insurer or insurance
group's internal operations and proprietary and trade secret information which, if made public,
could potentially cause the insurer or insurance group competitive harm or disadvantage. (b)
Nothing in this chapter shall be construed to prescribe or impose corporate governance standards
and internal procedures beyond the procedures...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-1.htm - 1K - Match Info - Similar pages
27-29B-5
Section 27-29B-5 Contents of Corporate Governance Annual Disclosure. (a) The insurer or insurance
group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall
contain the material information necessary to permit the commissioner to gain an understanding
of the insurer's or insurance group's corporate governance structure, policies, and practices.
The commissioner may request additional information that the commissioner deems material and
necessary to provide the commissioner with a clear understanding of the corporate governance
policies or the reporting or information system or controls implementing those policies. (b)
Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by
the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure
Model Regulation developed by the NAIC. Documentation and supporting information shall be
maintained and made available upon examination or upon...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-5.htm - 1K - Match Info - Similar pages
27-35-5
Section 27-35-5 Conversion into stock or mutual life insurance company - Ratification or amendment
of articles of incorporation - Filing. (a) The articles of incorporation so adopted or as
so amended, as the case may be, shall be filed with the probate judge as required of domestic
insurers under this title; except, that no bond or solicitation permit shall be required.
(b) At the time of filing of articles of incorporation or amended articles of incorporation
with the commissioner, the society shall likewise file a report of the meeting of its supreme
governing or legislative body referred to in Sections 27-35-3 and 27-35-4, certified by the
presiding officer thereof under the corporate seal, if the society has a corporate seal. (Acts
1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §731.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-5.htm - 1K - Match Info - Similar pages
27-6-6
Section 27-6-6 Securities and assets - Assignment and reassignment, etc.; appraisal or valuation.
(a) All securities not negotiable by delivery and deposited by an insurer shall be duly assigned
to the commissioner and his successors in office. All other assets so deposited shall be duly
transferred or conveyed to the commissioner. Upon release of any such security or asset to
the insurer, the commissioner shall reassign, or transfer or reconvey the same to the insurer.
(b) The commissioner may, in his discretion, prior to acceptance for deposit of any security
or asset or at any time thereafter while so deposited, have the same appraised or valued by
competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne
by the insurer. (Acts 1971, No. 407, p. 707, §102.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-6.htm - 1K - Match Info - Similar pages
27-13-102
Section 27-13-102 Filing with commissioner; orders by commissioner against unfair practices,
etc., or violations. (a) Every advisory organization shall file with the commissioner: (1)
A copy of its constitution, its articles of agreement or association or its certificate of
incorporation and its bylaws, rules, and regulations governing its activities; (2) A list
of its members; (3) The name and address of a resident of this state upon whom notices or
orders of the commissioner or process issued at his direction may be served; and (4) An agreement
that the commissioner may examine such advisory organization in accordance with the provisions
of this section. (b) If, after a hearing, the commissioner finds that the furnishing of such
information or assistance involves any act or practice which is unfair or unreasonable or
otherwise inconsistent with the provisions of Articles 2 or 3 of this chapter, as the case
may be, he may issue a written order specifying in what respects such act or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-102.htm - 2K - Match Info - Similar pages
27-2B-2
Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following
meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner
in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued
by the commissioner specifying corrective actions which the commissioner has determined are
required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER.
Any insurer which is licensed to do business in this state but not domiciled in this state.
(5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION.
Any health care service plan, health maintenance organization, limited health service organization,
dental services corporation, or other managed care organization licensed under this title.
This term does not include any life and disability insurer or property and casualty insurer.
(7) INSURER. As defined in Section 27-1-2, including, without...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-2.htm - 4K - Match Info - Similar pages
27-30-27
Section 27-30-27 Qualification of corporation for original certificate of authority. (a) When
applying for an original certificate of authority, a domestic corporation formed to transact
a mutual aid business on the mutual plan must be otherwise qualified therefor under this title,
must have entered into bona fide agreements for insurance of the kind proposed to be transacted,
with not less than 500 persons and must have received therefrom as initial premiums, fees,
or contributions at rates theretofore filed with, and approved by, the commissioner as being
both adequate and reasonable, not less than $25,000.00 in cash. (b) No such agreements shall
be solicited, however, except pursuant to a solicitation permit granted by the commissioner
as provided in Sections 27-27-4 through 27-27-7. (Acts 1939, No. 374, p. 502; Acts 1971, No.
407, p. 707, §585.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-27.htm - 1K - Match Info - Similar pages
27-37-6
Section 27-37-6 Valuation - Other securities; preferred or guaranteed stocks or shares. (a)
Securities, other than those referred to in Section 27-37-5, held by an insurer shall be valued,
in the discretion of the commissioner, at their market value, or at their appraised value
or at prices determined by him as representing their fair market value. (b) Preferred or guaranteed
stocks or shares, while paying full dividends, may be carried at a fixed value in lieu of
market value, at the discretion of the commissioner and in accordance with such method of
valuation as he may approve. (c) No valuation under this section shall be inconsistent with
any applicable valuation or method currently accepted and in use among insurers in general.
(Acts 1971, No. 407, p. 707, §750.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-6.htm - 1K - Match Info - Similar pages
8-17-91
Section 8-17-91 Disposition of funds; overpayments. (a) The proceeds from the permit fees,
inspection fees, and penalties, if any, collected by the Commissioner of Agriculture and Industries
and the Revenue Commissioner pursuant to Section 8-17-87 together with one-third of the proceeds
of the six cent ($.06) additional motor fuel excise tax levied on gasoline under subdivision
(1) of subsection (a) of Section 40-17-325, shall be paid into the State Treasury and distributed
by the State Treasurer as follows: (1) An amount equal to five percent or no less than $175,000,
whichever is greater, of the combined proceeds received each month shall accrue to the credit
of, and be deposited in, the Agricultural Fund; and (2) The balance of the proceeds shall
be distributed as follows: a. 13.87 percent of the balance of the proceeds shall be distributed
equally among each of the 67 counties of the state monthly. The county shall deposit the proceeds
into the county's special RRR Fund as provided...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-17-91.htm - 9K - Match Info - Similar pages
27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions; validity
of contracts. (a) No person shall in this state, directly or indirectly, act as agent for,
or otherwise represent or aid on behalf of another, any insurer not then authorized to transact
such insurance in this state in the solicitation, negotiation, or effectuation of insurance
or annuity contracts, forwarding of applications, delivery of policies or contracts, inspection
of risks, fixing of rates, investigation or adjustment of losses, collection of premiums,
or in any other manner in the transaction of insurance with respect to subjects of insurance
resident, located or to be performed in this state. (b) This section shall not apply to: (1)
Acceptance of service of process by the commissioner under Section 27-10-52; (2) Surplus lines
insurance or coverage specified in Section 27-10-34 and other transactions as to which a certificate
of authority is not required of an insurer; (3) Adjustment...
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