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27-31-23
Section 27-31-23 Levy of assessments on subscribers of domestic insurers - Time limit.
Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable
for and shall pay his share of, any assessment, as computed and limited in accordance with
this chapter, if: (1) While his policy is in force or within one year after its termination,
he is notified by either the attorney or the commissioner of his intentions to levy such assessment;
or (2) An order to show cause why a receiver, conservator, rehabilitator, or liquidator of
the insurer should not be appointed is issued while his policy is in force or within one year
after its termination. (Acts 1971, No. 407, p. 707, §613.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-23.htm - 1K - Match Info - Similar pages
27-27-20
Section 27-27-20 Domestic mutual insurers - Authorization to transact additional kinds
of insurance. A domestic mutual insurer, after being authorized to transact one kind of insurance,
may be authorized by the commissioner to transact such additional kinds of insurance as are
permitted under Section 27-3-6, while otherwise in compliance with this title and while
maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital
stock required of a domestic stock insurer transacting like kinds of insurance, subject further
to the additional expendable surplus requirements of Section 27-3-8 applicable to such
a stock insurer. (Acts 1971, No. 407, p. 707, §516.)...
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27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY.
Any company in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
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27-27-21
Section 27-27-21 Domestic mutual insurers - Membership. (a) Each policyholder of a domestic
mutual insurer, other than of a reinsurance contract, is a member of the insurer with all
rights and obligations of such membership, and the policy shall so specify. (b) Any individual,
or firm or any public or private corporation, board, or association in this state, or elsewhere,
may make application, enter into agreements for, and hold policies in any such mutual insurer.
Any officer, stockholder, trustee, or local representative of any such corporation, board,
association, or estate may be recognized as acting for, or on its behalf for, the purpose
of such membership, but shall not be personally liable upon such contract of insurance by
reason of acting in such representative capacity. The right of any corporation organized under
the laws of this state to participate as a member of any such insurer is declared to be incidental
to the purpose for which the corporation is organized and as much...
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27-27-39
Section 27-27-39 Dividends - Liability for illegal dividends by domestic insurers. (a)
Any director of a domestic stock or mutual insurer who knowingly votes for, or concurs in,
declaration or payment of a dividend to stockholders or members except as authorized in Sections
27-27-37 or 27-27-38 shall, upon conviction thereof, be guilty of a misdemeanor and shall
be jointly and severally liable, together with other such directors likewise voting for or
concurring, for any loss thereby sustained by the insurer. (b) Any stockholder receiving such
an illegal dividend shall be liable in the amount thereof to the insurer. (c) The commissioner
may revoke or suspend the certificate of authority of an insurer which has declared or paid
such an illegal dividend. (Acts 1971, No. 407, p. 707, §535.)...
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27-31-25
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of
assets over all liabilities at least equal to the minimum capital stock required of a domestic
stock insurer authorized to transact like kinds of insurance, upon application of the attorney
and as approved by the subscribers' advisory committee, the commissioner shall issue his certificate
authorizing the insurer to extinguish the contingent liability of subscribers under its policies
then in force in this state and to omit provisions imposing contingent liability in all policies
delivered, or issued for delivery, in this state for so long as all such surplus remains unimpaired.
(b) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate.
Such revocation shall not render subject to contingent liability any policy then in force
and for the remainder of the period for which the premium has theretofore been paid; but after
such revocation, no policy shall be issued or...
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27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure
captive insurance company or a protected cell captive insurance company shall be formed as
a stock or mutual insurer, or as a nonprofit or limited liability company with its capital
divided into units and held by the stockholders, members, or other equivalent as allowed by
law. (b) An association captive insurance company, an industrial insured captive insurance
company, or a risk retention group may be formed in any of the following ways: (1) Organized
as a stock insurer with its capital divided into share units and held by the stockholders,
members, or other equivalent as allowed by law. (2) Organized as a mutual insurer without
capital stock, the governing body of which is elected by the member organizations of its association.
(3) Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
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45-37A-51.04
Section 45-37A-51.04 Membership. (a) The following shall be members of the supplemental
pension system hereby created: Members of the fire department or police department of the
city who belong to the general retirement and relief system, created by Act 929 on whose account
the city makes no contribution or pays no tax, to the United States of America under the federal
Social Security Act. (b) As used in this subpart these terms have the meanings here given
them: (1) ACT 556 CREDITABLE SERVICE. A member's service with the city during the period while
the salary deductions of Section 45-37A-51.05 applied to him or her and also his or
her service with the city during any period while salary deductions did not apply to him or
her, provided he or she exercises the option subsection (d) or (e) accords him or her to have
his or her service during the last mentioned period counted as Act 556 creditable services.
(2) BENEFIT. A benefit payable under this subpart to a member or to any person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.04.htm - 10K - Match Info - Similar pages
27-30-26
Section 27-30-26 Incorporation and financing of new associations. New domestic mutual
aid associations, whether stock corporations or mutual corporations, shall hereafter be incorporated
and financed under the same provisions and procedures as apply to domestic legal reserve stock
or mutual insurers under Chapter 27 of this title, other than provisions made inapplicable
under Section 27-30-33 or in conflict with the express provisions of this chapter;
except, that, if to be a mutual corporation, its articles of incorporation shall provide either
for the contingent liability of its members for the payment of losses and expenses of the
association or the general conditions under which such members may otherwise be required to
pay assessments for the payment of such losses and expenses, and the liability of members
to assessment shall be further detailed in the corporation's bylaws. (Acts 1971, No. 407,
p. 707, §584.)...
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27-31-29
Section 27-31-29 Proceedings when assets of insurer insufficient. (a) If the assets
of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than
any liability on account of funds contributed by the attorney or others, and to maintain the
required surplus, its attorney shall forthwith make up the deficiency or levy an assessment
upon the subscribers for the amount needed to make up the deficiency, but subject to the limitation
set forth in the power of attorney or policy. (b) If the attorney fails to make up such deficiency
or to make the assessment within 30 days after the commissioner orders him to do so or if
the deficiency is not fully made up within 60 days after the date the assessment was made,
the insurer shall be deemed insolvent and shall be proceeded against as authorized by this
title. (c) If liquidation of such an insurer is ordered, an assessment shall be levied upon
the subscribers for such an amount, subject to limits as provided by this...
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