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
27-28-3
Section 27-28-3 Plan for exchange of stock, etc., between domestic stock insurer and holding company - Fees, etc., for promotion of plan. No director, officer, agent, or employee of any corporation which is a party to the plan of exchange, except as is expressly provided by the plan filed with the commissioner, shall receive any fee, commission, other compensation, or valuable consideration whatever for in any manner aiding, promoting, or assisting in the promotion of the plan of exchange. (Acts 1971, No. 1449, p. 2472.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-28-3.htm - 827 bytes - Match Info - Similar pages
27-3-31
Section 27-3-31 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders. Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to this state if qualified as a foreign insurer. The Commissioner of Insurance shall approve any such proposed transfer unless he shall determine such transfer is not in the interest of the policyholders of this state. (Acts 1991, No. 91-446, p. 816, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-31.htm - 1K - Match Info - Similar pages
27-3-32
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders; effect upon certificates of authority, agents, etc., including outstanding policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of details of transfer and file amendments required by law. The certificate of authority, agents appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-32.htm - 2K - Match Info - Similar pages
27-30-14
Section 27-30-14 Contracts - Issuance; contents; approval by commissioner. (a) A mutual aid association shall issue to each member or policyholder a contract, in the English language, printed or reproduced by other easily legible means, and whether called a "certificate," "policy," "agreement," or by whatever name, setting forth the aid and benefits for which the association is liable as to the respective individuals covered by such contract and the terms and conditions thereof and the amounts payable to the association on account of such contract and the terms and conditions of such payments. Any contract providing for aid, service, funeral, or other benefits payable otherwise than in cash shall set forth the reasonable cash value at retail of such aid, service, funeral, and other benefits, together with the valuation of such benefits for the purpose of computation of the reserves as provided in Section 27-30-17. (b) No provision or agreement not contained in such contract shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-14.htm - 2K - Match Info - Similar pages
27-33-8
Section 27-33-8 Trust agreement - Withdrawal of approval. The commissioner's approval of any trust agreement, or of any amendment thereof, may be withdrawn by the commissioner if he finds upon hearing, after notice thereof to the insurer and the trustee or trustees, that the requisites for such approval, as provided in this chapter, no longer exist. (Acts 1971, No. 407, p. 707, §663.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-8.htm - 693 bytes - Match Info - Similar pages
27-27-47
Section 27-27-47 Bulk reinsurance - Domestic stock insurers. (a) A domestic stock insurer may reinsure all, or substantially all, of its insurance in force or a major class thereof with another insurer by an agreement of bulk reinsurance, but no such agreement shall become effective unless filed with the commissioner and approved by him in writing after a hearing thereon. (b) The commissioner shall approve such agreement within a reasonable time after such filing unless he finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, he shall so notify the insurer in writing, specifying his reasons therefor. If the commissioner does not approve or disapprove such agreement and notify the insurer thereof in writing within 30 days after such filing, it shall conclusively be presumed that the agreement is approved by the commissioner. (Acts 1971, No....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-47.htm - 1K - Match Info - Similar pages
10A-4-4.02
Section 10A-4-4.02 Merger and conversion. (a) A domestic professional corporation may convert to or merge with another corporation, professional corporation, or another type of entity, domestic or foreign, under the Alabama Business Corporation Law, or may merge with or convert to another type of entity as permitted by Article 8 of Chapter 1. Upon the merger, consolidation, or conversion, if the surviving or new corporation or converted entity, as the case may be, is to render professional services in Alabama, it shall comply with the provisions of this chapter. (b) An unincorporated professional association organized under Article 1 of Chapter 30 may merge or consolidate with a professional corporation organized under this chapter. In the merger, the procedure specified in the Alabama Business Corporation Law shall apply, provided that: (1) The surviving corporation shall be a domestic professional corporation, (2) The following terms, when used in the Alabama Business Corporation Law...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-4-4.02.htm - 2K - Match Info - Similar pages
27-29-6.1
Section 27-29-6.1 Registered insurers - Supervisory colleges. (a) With respect to any insurer registered under Section 27-29-4, and in accordance with subsection (c), the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this title. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following: (1) Initiating the establishment of a supervisory college. (2) Clarifying the membership and participation of other supervisors in the supervisory college. (3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor. (4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-6.1.htm - 2K - Match Info - Similar pages
27-30-29
Section 27-30-29 Membership; meetings of members; voting rights. (a) Every holder of a policy, certificate, or benefit agreement issued by the association and then in force shall be deemed to be a member of the association. (b) Annual and special meetings of the members of a domestic mutual aid association formed on the mutual plan shall be held as provided by the laws of this state for stock insurers. (c) Notwithstanding the provisions of subdivision (b) (1) of Section 27-27-22, each member of the association shall be entitled to one vote upon each matter voted upon at the meeting. Each member shall have the right to attend and vote on all matters before the meeting in person or by written proxy executed at least 30 days prior to the meeting. (Acts 1971, No. 407, p. 707, §587.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-29.htm - 1K - Match Info - Similar pages
|