27-27-40
Section 27-27-40 Loans by domestic insurers. (a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement may provide for interest at a reasonable rate per annum, which interest shall, or shall not, constitute a liability of the insurer as to its funds other than such excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan. (b) Money so borrowed, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement or be the basis of any setoff, but, until repaid, financial statements filed or published by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-40.htm - 2K - Match Info - Similar pages
27-42-8
Section 27-42-8 Powers and duties. (a) The association shall: (1)a. Be obligated to pay covered claims existing prior to the order of liquidation arising within 30 days after the order of liquidation, or before the policy expiration date if less than 30 days after the order of liquidation, or before the insured replaces the policy or causes its cancellation, if he or she does so within 30 days of the order of liquidation. The obligation shall be satisfied by paying to the claimant an amount as follows: 1. The full amount of a covered claim for benefits under workers' compensation insurance coverage. 2. An amount not exceeding ten thousand dollars ($10,000) per policy for a covered claim for the return of unearned premium. 3. An amount not exceeding three hundred thousand dollars ($300,000) or the policy limits, whichever is less, per claim for all covered claims. For purposes of this limitation, all claims of any kind whatsoever arising out of, or related to, bodily injury or death to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-8.htm - 10K - Match Info - Similar pages
28-9-8
Section 28-9-8 Liability of supplier for acts diminishing value of wholesaler's business; arbitration procedures; determination of amount of compensation; cost of arbitration; default of arbitration procedures. (a) Except as provided for in this chapter, a supplier that has amended, modified, canceled, terminated, or refused to renew any agreement; or has caused a wholesaler to resign from an agreement; or has interfered with, prevented or unreasonably delayed, or where required by this chapter, has withheld or unreasonably delayed consent to or approval of, any assignment or transfer of a wholesaler's business, shall pay the wholesaler reasonable compensation for the diminished value of the wholesaler's business, including any ancillary business which has been negatively affected by the act of the supplier. The value of the wholesaler's business or ancillary business shall include, but not be limited to, any good will. Provided, however, nothing contained in this chapter shall give...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/28-9-8.htm - 4K - Match Info - Similar pages
40-21-102
Section 40-21-102 Levy of tax; sourcing of total sales price for telegraph or telephone services. (a) There is hereby levied, in addition to all other taxes of every kind now imposed by law, and shall be collected as herein provided, an excise tax on the storage, use, or other consumption of electricity, domestic water, and natural gas in the State of Alabama. The amount of the tax shall be determined by the application of rates against the sales price of such services in the State of Alabama. The tax shall be computed monthly in accordance with the following table: If the total sales price of the utility services furnished by a utility and stored, used, or otherwise consumed by a person in one month is: The tax with respect to the utility service is: Not over $40,000.00 4% of the sales price Over $40,000.00 but not over $60,000.00 $1,600.00 plus 3% of excess over $40,000.00 Over $60,000.00 $2,200.00 plus 2% of excess over $60,000.00 (b) There is hereby levied an excise tax on the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-21-102.htm - 6K - Match Info - Similar pages
40-2A-6
Section 40-2A-6 Government contract for examination of taxpayer's records where compensation, etc., contingent upon tax, interest, etc., assessed or collected; violation; costs of examination. (a) The state or any county or municipal governing authority may not enter into any contract or arrangement for the examination of a taxpayer's books and records, written or otherwise, with a private auditing or collecting firm, if any part of the compensation or other benefits paid or payable to the private auditing or collecting firm is contingent upon or in any manner related to the amount of tax, license fee, interest, court cost, penalty, or any other item assessed against or collected from the taxpayer. Any such contract or arrangement, if made or entered into, is void and unenforceable. Any assessment or preliminary assessment of taxes, license fees, penalties, court costs, interest, or other items proposed or asserted by, or based upon the recommendation of, a private auditing or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2A-6.htm - 5K - Match Info - Similar pages
10A-5A-8.02
Section 10A-5A-8.02 Death or disqualification of member. (a) In the case of a limited liability company performing professional services, upon the death of a member, upon a member becoming a disqualified person, or upon a transferable interest being transferred by operation of law or court decree to a disqualified person, the transferable interest of the deceased member or of the disqualified person may be transferred to a qualified person and, if not so transferred, subject to Section 10A-5A-4.06, shall be purchased by the limited liability company as provided in this section. (b) If the price of the transferable interest is not fixed by the limited liability company agreement, the limited liability company, within six months after the death or 30 days after the disqualification or transfer, as the case may be, shall make a written offer to pay to the holder of the transferable interest a specified price deemed by the limited liability company to be the fair value of the transferable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-8.02.htm - 7K - Match Info - Similar pages
27-27-44
Section 27-27-44 Conversion of mutual insurer into stock insurer. (a) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the commissioner after a hearing thereon. (b) The commissioner shall not approve any such plan or procedure unless: (1) It is equitable to the insurer's members; (2) It is subject to approval by vote of not less than three-fourths of the insurer's current members voting thereon in person, by proxy, or by mail at a meeting of members called for the purpose pursuant to such reasonable notice and procedure as may be approved by the commissioner; if a life insurer, right to vote may be limited to members who hold policies other than term or group policies and whose policies have been in force for not less than one year; (3) The equity of each policyholder in the insurer is determinable under a fair formula approved by the commissioner, which such equity shall be based upon not less than the insurer's entire surplus, after...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-44.htm - 3K - Match Info - Similar pages
27-42-12
Section 27-42-12 Exhaustion of rights; nonduplication of recovery. (a) Any person having a claim under an insurance policy, whether or not it is a policy issued by a member insurer, where the claim under the other policy arises from the same facts, injury, or loss that gave rise to the covered claim against the association, shall be required first to exhaust all coverage provided by any such policy. Any amount payable on a covered claim under this chapter shall be reduced by the full applicable limits stated in the other insurance policy and the association shall receive a full credit for the stated limits, or, where there are no applicable stated limits, the claim shall be reduced by the total recovery. Notwithstanding the foregoing, no person shall be required to exhaust any right under the policy of an insolvent insurer. (1) A claim under a policy providing liability coverage to a person who may be jointly and severally liable with, or a joint tortfeasor with, the person covered...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-12.htm - 2K - Match Info - Similar pages
27-44-9
Section 27-44-9 Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than 30 days after prior written notice to the member insurers and shall accrue interest at six percent per annum on and after the due date. (b) There shall be two classes of assessments, as follows: (1) Class A assessments shall be authorized and called for the purpose of meeting administrative and legal costs and other expenses. Class A assessment may be authorized and called whether or not related to a particular impaired or insolvent insurer. (2) Class B assessments shall be authorized and called to the extent necessary to carry out the powers and duties of the association under Section 27-44-8 with regard to an impaired or insolvent insurer. (c)(1) The amount of a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-9.htm - 8K - Match Info - Similar pages
27-4A-2
Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS. All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State of Alabama. (4) DOMESTIC INSURER. Any insurer organized under the laws of the State of Alabama which maintains its principal office and chief place of business in the State of Alabama. (5) FOREIGN INSURER. Any insurer organized under the laws of any country or of any state of the United States other than the State of Alabama and any insurer organized under the laws of Alabama which maintains its principal office or chief place of business outside the State of Alabama. (6) INSURER. Every insurer as defined in Section 27-1-2, and every other insurance company or association charging a premium for contracts entered...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-2.htm - 3K - Match Info - Similar pages
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