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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages

27-29-2
Section 27-29-2 Subsidiaries and affiliates of domestic insurers. (a) Authorization.
A domestic insurer, either by itself or in cooperation with one or more persons, may organize
or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or
businesses and their authority to do so shall not be limited by reason of the fact that they
are subsidiaries or affiliates of a domestic insurer. (b) Additional investment authority.
In addition to investments in common stock, preferred stock, debt obligations, and other securities
permitted under all other sections of this title, a domestic insurer may also: (1) Invest,
in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries,
amounts which do not exceed the lesser of 10 percent of such insurer's assets or 50 percent
of the insurer's surplus as regards policyholders, provided that after such investments, the
insurer's surplus as regards policyholders will be reasonable in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-2.htm - 4K - Match Info - Similar pages

27-12-14
Section 27-12-14 Inducements as to property, casualty, or surety insurance. (a) No property,
casualty, or surety insurer, or any employee thereof, and no broker, agent, or solicitor shall
pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement
to insurance or after insurance has been effected, any rebate, discount, abatement, credit,
or reduction of the premium named in a policy of insurance, or any special favor or advantage
in the dividends or other benefits to accrue thereon or any valuable consideration or inducement
whatever not specified in the policy except to the extent provided for in rating systems filed
with the commissioner by, or on behalf of, the insurer and approved by the commissioner. (b)
No insured named in a policy nor any employee of such insured shall knowingly receive or accept,
directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium.
(c) Nothing in this section shall be construed as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-14.htm - 4K - Match Info - Similar pages

27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life
insurance or annuities and benefits incidental thereto. A life insurer organized under the
laws of this state may, by or pursuant to a resolution of its board of directors, establish
one or more separate accounts and may allocate thereto amounts, including without limitation
proceeds applied under optional modes of settlement or under dividend options, to provide
for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable
amounts or both, subject to the following: (1) The income, gains, and losses, realized or
unrealized, from assets allocated to a separate account shall be credited to, or charged against,
the account, without regard to other income, gains, or losses of the insurer; (2) Except as
provided in this section, amounts allocated to any separate account, and accumulations
thereon, may be invested and reinvested without regard to any requirements or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-1.htm - 6K - Match Info - Similar pages

27-41-34
Section 27-41-34 Particular investments - Real estate. (a)(1) An insurer may acquire,
invest in, own, maintain, alter, furnish, and improve the following real estate: a. Land and
buildings used for home office and branch office purposes, together with such other real estate
as is required for the convenient transaction of its business; and b. Funeral home buildings
used in the servicing of burial insurance policies. (2) An insurer may lease to others part
of the real property otherwise occupied by it for home office and other purposes under paragraphs
a. and b. of subdivision (1) of this subsection, except that the value of the parts so leased
must be included in subdivision (2) of subsection (b) of this section. (3) Except as
provided in subsection (e) of this section, an insurer may not carry, as an admitted
asset, real estate acquired under this subsection following 10 years from the date when such
real estate ceases to be necessary for the convenient accommodation of the insurer in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-34.htm - 4K - Match Info - Similar pages

27-31B-7
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of,
or other distribution with respect to, capital or surplus, in excess of the limitations set
forth in subsection (g) of Section 27-29-5, without the prior approval of the commissioner.
Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned
upon the retention, at the time of each payment, of capital or surplus in excess of amounts
specified by, or determined in accordance with formulas approved by, the commissioner. (Act
2006-509, p. 1153, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-7.htm - 884 bytes - Match Info - Similar pages

27-5B-5
Section 27-5B-5 Accredited reinsurer. Credit shall be allowed when the reinsurance is
ceded to an assuming insurer that is accredited by the commissioner as a reinsurer in this
state. In order to be eligible for accreditation, a reinsurer must do all of the following:
(1) File with the commissioner evidence of its submission to this state's jurisdiction. (2)
Submit to this state's authority to examine its books and records. (3) Be licensed to transact
insurance or reinsurance in at least one state, or in the case of a U.S. branch of an alien
assuming insurer, be entered through and licensed to transact insurance or reinsurance in
at least one state. (4) File annually with the commissioner a copy of its annual statement
filed with the insurance department of its state of domicile and a copy of its most recent
audited financial statement. (5) Demonstrate to the satisfaction of the commissioner that
it has adequate financial capacity to meet its reinsurance obligations and is otherwise...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-5.htm - 1K - Match Info - Similar pages

27-31B-22
Section 27-31B-22 Protected cell captive insurance companies. (a) One or more sponsors
may form a protected cell captive insurance company under this chapter. (b) A protected cell
captive insurance company formed or licensed under this chapter may establish and maintain
one or more protected cells to insure risks of one or more participants, subject to all of
the following conditions: (1) Each protected cell shall be accounted for separately on the
books and records of the protected cell captive insurance company to reflect the financial
condition and results of operations of the protected cell, net income or loss, dividends or
other distributions to participants, and other factors as may be provided in the participant
contract or required by the commissioner. (2) The assets of a protected cell shall not be
chargeable with liabilities arising out of any other insurance business the protected cell
captive insurance company may conduct. (3) No sale, exchange, or other transfer of assets...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-22.htm - 4K - Match Info - Similar pages

27-31C-4
Section 27-31C-4 Issuance of license - Requirements. (a)(1) The commissioner may not
issue a license to an Alabama Coastal Captive Insurance Company unless the company possesses
and maintains unimpaired paid-in capital of not less than one million dollars ($1,000,000);
however, in the case of an Alabama Coastal Captive Insurance Company formed as a sponsored
captive insurance company that does not assume any risk, where the risks insured by the protected
cells are homogenous, the commissioner may reduce this amount to an amount not less than five
hundred thousand dollars ($500,000). (2) a. Except for an Alabama Coastal Captive Insurance
Company formed as a sponsored captive insurance company that does not assume any risk, the
capital must be in the form of cash, cash equivalent, or an irrevocable letter of credit issued
by a bank chartered by this state or a member bank of the Federal Reserve System with a branch
office in this state or as approved by the commissioner. b. For an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-4.htm - 3K - Match Info - Similar pages

27-3-21
Section 27-3-21 Suspension or revocation of certificates - Additional grounds; notice
and hearing. (a) The commissioner may, in his discretion, suspend or revoke an insurer's certificate
of authority if, after a hearing thereon, he finds that the insurer has willfully violated
any material provision of this title other than those for which suspension or revocation is
mandatory or has failed to pay applicable taxes with respect to a preceding calendar year
as required by this title. (b) The commissioner shall, after a hearing thereon, suspend or
revoke an insurer's certificate of authority if he finds that the insurer: (1) Is in unsound
condition, or is in such condition or is using such methods and practices in the conduct of
its business as to render its further transaction of insurance in this state hazardous to
its policyholders or to the public; (2) Has refused to be examined or to produce its accounts,
records, and files for examination or if any of its officers or agents have...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-21.htm - 3K - Match Info - Similar pages