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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to
do business in this state and which is a member of an insurance holding company system shall
register with the commissioner, except a foreign insurer subject to registration requirements
and standards adopted by statute or regulation in the jurisdiction of its domicile which are
substantially similar to those contained in this section and both of the following:
a. Subdivision (1) of subsection (a) of Section 27-29-5, and subsections (b) and (d)
of Section 27-29-5. b. Either subdivision (2) of subsection (a) of Section 27-29-5
or a provision such as the following: Each registered insurer shall keep current the information
required to be disclosed in its registration statement by reporting all material changes or
additions within 15 days after the end of the month in which it learns of each change or addition.
(2) Any insurer which is subject to registration under this section shall register
within 15...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-4.htm - 8K - Match Info - Similar pages
27-42-8.1
Section 27-42-8.1 Maximum assessment. (a) Notwithstanding the one percent maximum assessment
set forth in subdivision (3) of subsection (a) of Section 27-42-8, no member insurer
may be assessed in any one year for the workers' compensation account an amount greater than
two percent of that member insurer's net direct written premiums for workers' compensation
insurance for the calendar year preceding the assessment. (b) The provisions of this section
shall apply to the Alabama Insurance Guaranty Association's obligations under policies of
insolvent insurers as they exist on and after May 19, 2008. (Act 2008-460, p. 894, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-8.1.htm - 950 bytes - Match Info - Similar pages
25-5-50
Section 25-5-50 Applicability; exemptions; coverage for school boards, volunteer fire
departments, and rescue squads; sports officials. (a) This article and Article 2 of this chapter
shall not be construed or held to apply to an employer of a domestic employee; an employer
of a farm laborer; an employer of a person whose employment at the time of the injury is casual
and not in the usual course of the trade, business, profession, or occupation of the employer;
an employer who regularly employs less than five employees in any one business, other than
the business of constructing or assisting on-site in the construction of new single-family,
detached residential dwellings; or a municipality having a population of less than 2,000 according
to the most recent federal decennial census. An employer who regularly employs less than five
employees in any one business; a farm-labor employer; an employer of a domestic employee;
or a municipality having a population of less than 2,000 according to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-50.htm - 9K - Match Info - Similar pages
27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers
- Generally. (a) If a stock insurer's capital, as represented by the aggregated par value
of its outstanding capital stock, becomes impaired or the assets of a mutual insurer are less
than its liabilities and the minimum amount of surplus required to be maintained by it under
Sections 27-27-15 or 27-27-20 for authority to transact the kinds of insurance being transacted,
the commissioner shall, at once, determine the amount of deficiency and serve notice upon
the insurer to make good the deficiency within 60 days after service of such notice. (b) The
deficiency may be made good in cash or in assets eligible for the investment of the insurer's
funds, or, if a stock insurer, by reduction of the insurer's capital to an amount not below
the minimum required for the kinds of insurance thereafter to be transacted or, if a mutual
insurer, by amendment of its certificate of authority to cover only such kind...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether
domestic, foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's,"
whereby each underwriter is liable for the proportionate part assumed by him of the whole
amount so insured by a policy issued by such underwriters, may be authorized to transact any
kind, or kinds, of insurance in this state other than life or title insurances if the insurer
is otherwise in compliance with this title, subject to the following conditions: (1) If a
foreign or alien insurer, it must have successfully been in business as an authorized insurer
in the state or country of domicile for at least 10 years. (2) If a domestic insurer, it must
file with the commissioner evidence, satisfactory to him, that it has been soundly organized
and that its insurance operations will, at all times, be competently conducted by individuals
having the necessary experience in insurance underwriting and management to do so,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-16.htm - 2K - Match Info - Similar pages
27-32-30
Section 27-32-30 Claims upon liquidation of insurer - Allowance. (a) No contingent and
unliquidated claim shall share in a distribution of the assets of an insurer which has been
adjudicated to be insolvent by an order made pursuant to this chapter; except, that such claim
shall be considered, if properly presented, and may be allowed to share where: (1) Such claim
becomes absolute against the insurer on or before the last day for filing claims against the
assets of such insurer; or (2) There is a surplus and the liquidation is thereafter conducted
upon the basis that such insurer is solvent. (b) Where an insurer has been so adjudicated
to be insolvent, any person who has a cause of action against an insured of such insurer under
a liability insurance policy issued by such insurer shall have the right to file a claim in
the liquidation proceeding, regardless of the fact that such claim may be contingent, and
such claim may be allowed: (1) If it may be reasonably inferred from the proof...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-30.htm - 2K - Match Info - Similar pages
32-7-22
Section 32-7-22 Motor vehicle liability policy defined; policy provisions. (a) A motor
vehicle liability policy, as the term is used in this chapter, means an owner's or an operator's
policy of liability insurance, certified as provided in Section 32-7-20 or Section
32-7-21 as proof of financial responsibility, and issued, except as otherwise provided in
Section 32-7-21, by an insurance carrier duly authorized to transact business in this
state, to or for the benefit of the person named in the policy as insured. (b) The owner's
policy of liability insurance: (1) Shall designate by explicit description or by appropriate
reference all motor vehicles to be insured; and (2) Shall insure the person named in the policy
and any other person, as insured, using any motor vehicle or motor vehicles designated in
the policy with the express or implied permission of the named insured, against loss from
the liability imposed by law for damages arising out of the ownership, maintenance, or use
of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-22.htm - 5K - Match Info - Similar pages
45-37-123.53
Section 45-37-123.53 Conversion of unpaid membership time to paid membership time. (a)
Commission-authorized conversions. The commission, from time to time, may authorize members
of the system to convert unpaid membership time to paid membership time if it determines that
such conversion is in the public interest. Unpaid membership time may be converted to paid
membership time only when specifically authorized by the commission, and as set forth below:
(b) Pension board authorized conversions. The pension board, from time to time, may authorize
members of the system to convert unpaid membership time to paid membership time if it determines
that the conversion is in the best interest of the system. The conversion shall be conducted
as set forth below. (1) ACTUARIAL STUDY AND CALCULATIONS. Before an opportunity to convert
unpaid membership time to paid membership time shall be made available to any members, the
pension board shall cause and the county shall pay for an actuarial...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.53.htm - 3K - Match Info - Similar pages
27-27-42
Section 27-27-42 Deficiencies in stock insurer's capital or assets of mutual insurers
- Curing of deficiency. Any insurer receiving the commissioner's notice mentioned in Section
27-27-41: (1) If a stock insurer and if its articles of incorporation and laws of this state
so permit, by resolution of its board of directors and subject to any limitations upon assessment
contained in its articles of incorporation, may assess its stockholders for amounts necessary
to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition.
If any stockholder fails to pay a lawful assessment after notice given to him in person or
by advertisement in such time and manner as approved by the commissioner, the insurer may
require the return of the original certificate of stock held by the stockholder and, in cancellation
and in lieu thereof, issue a new certificate for such number of shares as the stockholder
may then be entitled to, upon the basis of the stockholder's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-42.htm - 1K - Match Info - Similar pages
27-3-7
Section 27-3-7 Authority to transact insurance - Kind or combinations of kinds - Minimum
paid-in capital stock and surplus. (a) To qualify for authority to transact any one kind of
insurance, as defined in Chapter 5 of this title, or combination of kinds of insurance as
shown below, an insurer applying for its original certificate of authority in this state after
the effective date of this title or continuing such original certificate of authority shall
possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired
surplus, if a foreign mutual or foreign reciprocal insurer, in amount not less than as applicable
under the schedule below and shall possess when first so authorized such additional funds
as surplus as are required under Section 27-3-8: Kind or kinds of insurance Minimum
capital or surplus required Life $800,000.00 Disability 500,000.00 Life and disability 800,000.00
Property 300,000.00 Marine 300,000.00 Casualty 400,000.00 Surety...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-7.htm - 3K - Match Info - Similar pages
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