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27-44-3
Section 27-44-3 Scope of chapter. (a) This chapter shall provide coverage for the policies
and contracts specified in subsection (b) as follows: (1) To persons who, regardless of where
they reside (except for non-resident certificate holders under group policies or contracts),
are the beneficiaries, assignees, or payees of the persons covered under subdivision (2).
(2) To persons who are owners of or certificate holders under the policies or contracts, other
than structured settlement annuities, and in each case who are either of the following: a.
Residents b. Not residents, but only under all of the following conditions: 1. The insurer
that issued the policies or contracts is domiciled in this state. 2. The states in which the
persons reside have associations similar to the association created by this chapter. 3. The
persons are not eligible for coverage by an association in any other state due to the fact
the insurer was not licensed in the state at the time specified in the state's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-3.htm - 12K - Match Info - Similar pages
27-27-7
Section 27-27-7 Solicitation permit - Issuance; contents; compliance with terms. (a) Upon the
filing of any bond required by Sections 27-27-10 or 27-27-16, after notice by the commissioner
provided for in subsection (a) of Section 27-27-6, or upon his decision to grant a solicitation
permit if such a bond is not so required, the commissioner shall issue to the applicant or
to the newly formed corporation, if the application is on behalf of a newly formed incorporated
domestic insurer, a solicitation permit. Every solicitation permit issued by the commissioner
shall contain provisions in substance as follows: (1) State the securities or other rights
or interests for which subscriptions are to be solicited, the number, classes, par value,
and selling price thereof, or identify the insurance contract, or contracts, for which applications
and advance premiums or deposits of premium are to be solicited in the case of mutual or reciprocal
insurers; (2) Require that any particular class of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-7.htm - 5K - Match Info - Similar pages
27-27-9
Section 27-27-9 Solicitation permit - Modification or revocation. (a) The commissioner may,
for cause, modify a solicitation permit theretofore issued or may, after a hearing, revoke
any solicitation permit for violation of any provision of this title, or of the terms of the
permit, or of any proper order of the commissioner or for misrepresentation in the offering
or sale of securities or policies under the permit. (b) The commissioner shall revoke the
solicitation permit if requested in writing by a majority of the syndicate members, or by
a majority of the incorporators and two-thirds of the subscribers to stock or applicants for
insurance in the proposed incorporated insurer or corporation or if he is so requested by
a majority of the subscribers of a proposed reciprocal insurer. (Acts 1971, No. 407, p. 707,
ยง505.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-9.htm - 1K - Match Info - Similar pages
34-1A-7
Section 34-1A-7 Licenses - Required. (a) Effective January 1, 1998, it shall be unlawful for
any person or business entity to engage in a business regulated by this chapter in this state
without a current valid license or in violation of this chapter and applicable rules and regulations
of the board. (b) Effective January 1, 1998, it shall be unlawful for a person or business
entity not licensed under this chapter to advertise or hold out to the public that he or she
is a licensee of the board. (c) Any person or business entity who violates this chapter or
any order, rule, or regulation of the board shall be guilty of a Class A misdemeanor, and
for each offense for which he or she is convicted shall be punished as provided by law. (d)
Effective January 1, 1998, it shall constitute a Class A misdemeanor to willfully or intentionally
do any of the following: (1) Obliterate the serial number on an alarm system for the purpose
of falsifying service reports. (2) Knowingly and deliberately...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-1A-7.htm - 7K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-1.htm - 5K - Match Info - Similar pages
27-3-18
Section 27-3-18 Application for certificate of authority - Issuance or refusal; ownership of
certificate. (a) If upon completion of the application for a certificate of authority the
commissioner finds that the insurer has met the requirements for and is entitled thereto under
this title, he shall issue to the insurer a proper certificate of authority; if he does not
so find, the commissioner shall issue his order refusing such certificate. The commissioner
shall act upon an application for a certificate of authority within a reasonable period after
its completion. (b) The certificate, if issued, shall specify the kind, or kinds, of insurance
the insurer is authorized to transact in this state. At the insurer's request, the commissioner
may issue a certificate of authority limited to particular types of insurance or insurance
coverages within the scope of a kind of insurance as defined in Chapter 5 of this title. (c)
Although issued to the insurer, the certificate of authority is at...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-18.htm - 1K - Match Info - Similar pages
27-22A-7
Section 27-22A-7 Application for license and fees. (a) A sworn application for a license under
this chapter shall be made to and filed with the department on forms prescribed and furnished
by the commissioner. (b) The application shall provide all of the following: (1) The name,
residence address, and other information required by the commissioner for an employee or officer
of the vendor that is designated by the applicant as the person responsible for the vendor's
compliance with the requirements of this chapter. However, if the vendor derives more than
50 percent of its revenue from the sale of portable electronics insurance the information
noted above shall be provided for all officers, directors, and shareholders of record having
beneficial ownership of 10 percent or more of any class of securities registered under the
federal securities law. (2) The location of the applicant's home office. (c) Any vendor engaging
in portable electronics insurance transactions on or before January...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22A-7.htm - 2K - 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
8-33-5
Section 8-33-5 Conditions for warrantors. (a) No vehicle protection product shall be sold or
offered for sale in this state unless the warrantor meets one of the conditions in subsection
(b) or (c) in order to ensure adequate performance under the warranty. No other financial
security requirements or financial standards for warrantors shall be required. (b) The vehicle
protection product warrantor is insured under a warranty reimbursement insurance policy issued
by an insurer authorized to do business in this state which provides that: (1) The insurer
will pay to, or on behalf of, the warrantor 100 percent of all sums that the warrantor is
legally obligated to pay according to the warrantor's contractual obligations under the warrantor's
vehicle protection product warranty. (2) A true and correct copy of the warranty reimbursement
insurance policy has been filed with the commissioner by the warrantor. (3) The policy contains
the provision required in Section 8-33-6. (c)(1) The vehicle...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-33-5.htm - 2K - Match Info - Similar pages
27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a) A surplus
line broker shall not knowingly place surplus line insurance with an insurer that is unsound
financially, or that is ineligible under this section. The broker shall ascertain the financial
condition of the unauthorized insurer before placing insurance therewith. (b) The broker shall
not so insure with any of the following: (1) With any insurer which is not an authorized insurer
in at least one state of the United States for the kind of insurance involved, and with capital
or surplus, or both, amounting to at least five million dollars ($5,000,000); or guaranteed
trust fund amounting to at least five million dollars ($5,000,000). (2) With an alien insurer
not authorized to transact insurance in at least one state of the United States, unless the
insurer shall have established an effective trust fund of at least two million five hundred
thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
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