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27-5A-3
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act
as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker
maintains an office either directly, or as a member or employee of a firm or association,
or an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance
intermediary-broker is a licensed producer in this state. (2) In another state, unless the
reinsurance intermediary-broker is a licensed producer in this state or another state having
a law substantially similar to this law or the reinsurance intermediary-broker is licensed
in this state as a nonresident reinsurance intermediary. (b) No person, firm, association,
or corporation shall act as a reinsurance intermediary-manager: (1) For a reinsurer domiciled
in this state, unless the reinsurance intermediary-manager is a licensed producer in this
state. (2) In this state, if the reinsurance intermediary-manager maintains an office...
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27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends
and other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
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27-29-6
Section 27-29-6 Registered insurers - Examination of records, etc., of insurer or affiliates.
(a) Subject to the limitation contained in this section and in addition to the powers
which the commissioner has under Sections 27-2-7, 27-2-21, 27-2-23, and 27-2-26, relating
to the examination of insurers, the commissioner shall also have the power to examine any
insurer registered under Section 27-29-4 and its affiliates to ascertain the financial
condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling
party, by any entity or combination of entities within the insurance holding company system,
or by the insurance holding company system on a consolidated basis. (b)(1) The commissioner
may order any insurer registered under Section 27-29-4 to produce such records, books,
or other information papers in the possession of the insurer or its affiliates as are reasonably
necessary to determine compliance with this title. (2) To determine compliance with...
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27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific
person, and shall mean a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the person specified. (2)
COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department
as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common
control with and shall mean the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract other than a commercial contract for goods or nonmanagement
services, or otherwise, unless the power is the result of an official...
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27-29-7
Section 27-29-7 Confidentiality of documents, materials, or other information; powers
of commissioner; disclosure and sharing of documents, etc. (a) All documents, materials, or
other information, and copies thereof, in the possession or control of the department that
are obtained by or disclosed to the commissioner or any other person in the course of an examination
or investigation made pursuant to Section 27-29-6 and all information reported pursuant
to paragraphs l. and m. of subdivision (l) of subsection (b) of Section 27-29-3, Section
27-29-4, Section 27-29-5, and Section 27-29-6.2 shall be confidential by law
and privileged, shall not be subject to any open records, freedom of information, sunshine
or other public record disclosure laws, and shall not be subject to subpoena. The commissioner
may use the documents, materials, and other information in the furtherance of any regulatory
or legal action in the course of the commissioner's official duties. The documents, materials,...
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27-7-7
Section 27-7-7 Licenses - Application - Generally; fees. Repealed by Act 2001-702, p.
1509, ยง 6, effective January 1, 2002. (a) The commissioner shall not issue any license except
upon application therefor as in this chapter provided. Each applicant for a license shall
file annually with the commissioner his written application therefor signed by him and showing:
(1) His name, age and place of residence; (2) The kinds of insurance to be transacted under
the license and the insurer or insurers he proposes so to represent; (3) The person, firm
or corporation by whom he expects to be employed or associated with as such licensee and his
status as an officer or representative thereof; (4) Whether he proposes to write or solicit
insurance of his own risks and interest, or those of his relatives, any firm or corporation
in which he is financially interested or connected, directly or indirectly, or of his employer;
(5) A short business history of the applicant and the name and nature of any...
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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions
in this section apply throughout this article. (1) APPLICANT. In the case of: a. An
individual long-term care insurance policy, the person who seeks to contract for benefits.
b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE.
Any certificate issued under a group long-term care insurance policy, which policy has been
delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner
of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which
is delivered or issued for delivery in this state and issued to any of the following: a. One
or more employers or labor organizations, or to a trust or to the trustees of a fund established
by one or more employers or labor organizations, or a combination thereof, for employees or
former employees or a combination thereof, or for members or former members or a...
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27-29-10
Section 27-29-10 Violations and penalties; criminal proceedings. (a) Any insurer failing,
without just cause, to file any registration statement as required in this chapter shall be
required, after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000)
for each day's delay, to be recovered by the commissioner and the penalty so recovered shall
be paid into the state General Fund. The maximum penalty under this section is fifty
thousand dollars ($50,000). The commissioner may reduce the penalty if the commissioner, in
the commissioner's sole discretion, determines it is equitable to do so or the insurer demonstrates
to the commissioner that the imposition of the penalty would constitute a financial hardship
to the insurer. (b) Every director or officer of an insurance holding company system who knowingly
violates, participates in, or permits any of the officers or agents of the insurer to engage
in transactions or make investments that have not been properly...
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27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association
captive insurance company or industrial insured group formed as a stock or mutual corporation
may be converted to or merged with and into a reciprocal insurer in accordance with a plan
therefor and this section. (b) A plan for this conversion or merger shall satisfy both
of the following: (1) Be fair and equitable to the shareholders, in the case of a stock insurer,
or the policyholders, in the case of a mutual insurer. (2) Provide for the purchase of the
shares of any nonconsenting shareholder of a stock insurer or the policyholder interest of
any nonconsenting policyholder of a mutual insurer in substantially the same manner and subject
to the same rights and conditions as are accorded a dissenting shareholder under Article 13,
commencing with Section 10-2B-13.01, of Chapter 2B of Title 10. (c) A conversion authorized
under subsection (a) shall satisfy all of the following: (1) The conversion shall...
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27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Either of the three accounts created under Section 27-44-6. (2) ASSOCIATION.
The Alabama Life and Disability Insurance Guaranty Association created under Section
27-44-6. (3) AUTHORIZED ASSESSMENT or the term AUTHORIZED when used in the context of assessments.
A resolution by the board of directors has been passed whereby an assessment will be called
immediately or in the future from member insurers for a specified amount. An assessment is
authorized when the resolution is passed. (4) BENEFIT PLAN. A specific employee, union, or
association of natural persons benefit plan. (5) CALLED ASSESSMENT or the term CALLED when
used in the context of assessments. A notice that has been issued by the association to member
insurers requiring that an authorized assessment be paid within the time frame set forth within...
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