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27-62-3
Section 27-62-3 Definitions. For purposes of this chapter, the following words have the following
meanings: (1) AUTHORIZED INDIVIDUAL. An individual known to and screened by the licensee and
determined to be necessary and appropriate to have access to the nonpublic information held
by the licensee and its information systems. (2) COMMISSIONER. The Commissioner of Insurance.
(3) CONSUMER. An individual, including, but not limited to, an applicant, policyholder, insured,
beneficiary, claimant, or certificate holder, who is a resident of this state and whose nonpublic
information is in the possession, custody, or control of a licensee. (4)a. CYBERSECURITY EVENT.
An event resulting in unauthorized access to, disruption, or misuse of an information system
or nonpublic information stored on an information system. b. The term cybersecurity event
does not include the unauthorized acquisition of encrypted nonpublic information if the encryption,
process, or key is not also acquired, released,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-62-3.htm - 5K - Match Info - Similar pages
27-13-66
Section 27-13-66 Annual statistical reports of insurers; exchange of information; rules and
regulations. Every insurer shall file annually on, or before, July 1, with the rating organization
of which it is a member or subscriber, or with such other common agency representing a group
of insurers as the department may approve, and with the department a statistical report showing
its premiums and its losses on all kinds of insurance to which this article is applicable,
together with such other information as the department may deem necessary for the proper determination
of the reasonableness and adequacy of rates. Such statistical report filed with the rating
organization may be consolidated and filed by such common agency. Such data shall be kept
and reports made in such manner and on such forms as may be prescribed by the commissioner.
All such annual filings with the department shall be kept under lock and key, and any official
or employee of the department who shall divulge the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-66.htm - 2K - Match Info - Similar pages
27-17A-11.1
Section 27-17A-11.1 Report of preneed contract activity; written logs. (a) On a semi-annual
basis, within 45 days after the end of each second calendar reporting period, the certificate
holder shall file a report of its preneed contract activity on a form or in a format prescribed
by the commissioner. The information reported shall include the total number of preneed contracts
in force at the end of the previous reporting period, the total number of preneed contracts
sold during the reporting period, the total number of preneed contracts fulfilled during the
reporting period, the total number of preneed contracts in force at the end of the reporting
period, and such other information as may be required by the commissioner. The report shall
be organized by type of funding including, life insurance, trust, letter of credit, or surety
bond. The report shall also provide a certification by the trustee of the amount of assets
held by the trust at the beginning of the reporting period and at...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-11.1.htm - 2K - Match Info - Similar pages
27-44-12
Section 27-44-12 Duties of commissioner and board with regard to detection and prevention of
insolvencies or impairment. To aid in the detection and prevention of insurer insolvencies
or impairment: (1) It shall be the duty of the commissioner: a. To notify the commissioners
of those states, territories of the United States and the District of Columbia where such
member company is licensed when he takes any of the following actions against a member insurer:
1. Revocation of license; 2. Suspension of license; 3. Makes any formal order that such company
restrict its premium writing or obtain additional contributions to capital or surplus. Such
notice shall be mailed to all commissioners within 30 days following the action taken or the
date on which such action occurs. b. To report to the board of directors when he has taken
any of the actions set forth in paragraph a. of this subdivision or has received a report
from any other commissioner indicating that any such action has been taken...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-12.htm - 4K - Match Info - Similar pages
16-8-42.1
Section 16-8-42.1 Authority for risk management cooperative. (a) Definitions. For the purpose
of this section, the following terms shall have the meanings subscribed to them by this section:
(1) RISK MANAGEMENT COOPERATIVE. An entity or entities, to be formed by local boards of education
in any combination of 25 or more for the purpose of pooling resources and funds to jointly
purchase insurance or to self-insure such boards of education, their members and employees,
against risks to which they are exposed. (2) MEMBER BOARDS OF EDUCATION. A city board of education,
county board of education, Department of Youth Services School District, Alabama Institute
for Deaf and Blind, State Board of Education or other public education governing board which
elects to pool its resources and funds with one or more other boards of education for the
purpose of forming a risk management cooperative. (b) Boards of education in any combination
of 25 or more may establish a risk management cooperative for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-8-42.1.htm - 4K - Match Info - Similar pages
27-13-65
Section 27-13-65 Rate-making and making rating plans. Every rating organization and every insurer
which makes its own rates shall make rates that are not unreasonably high or inadequate for
the safety and soundness of the insurer and which do not unfairly discriminate between risks
in this state and shall, in rate-making and in making rating plans: (1) Adopt basis classifications,
which shall be used as the basis of all manual, minimum, class, schedule, or experience rates;
(2) Give consideration to past experience within the state and without the state, when necessary,
and due consideration may be given to prospective loss experience within the state and without
the state, when necessary, over such period of years as appears to be fairly representative
of the frequency of the occurrence of the particular risk; and (3) Give consideration to all
factors reasonably related to the kind of insurance involved, including a reasonable profit
for the insurer and, in the case of participating...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-65.htm - 1K - Match Info - Similar pages
27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties. (a)
An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined
and limited in the standard real property and contents insurance forms as approved by the
commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an association
captive under the provisions of Section 27-31B-8 is exempt from the requirement that the association
be in existence for one year so long as the association is in good standing as an entity before
becoming an owner of an Alabama Coastal Captive Insurance Company. (c) An Alabama Coastal
Captive Insurance Company may write homeowners insurance coverage as limited in Section 27-31B-3(a)(4)
and as limited to perils described in subsection (a)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-3.htm - 6K - Match Info - Similar pages
27-34-36
Section 27-34-36 Annual statements - Requirements. (a) Report shall be filed and synopses of
annual statements shall be published in accordance with the provisions of this section. (b)
Every society transacting business in this state shall annually, on or before March 1, unless
for cause shown such time has been extended by the commissioner, file with the commissioner
a true statement of its financial condition, transactions, and affairs for the preceding calendar
year and pay a fee of $10.00 for filing same. The statement shall be in general form and context
as approved by the National Association of Insurance Commissioners for fraternal benefit societies
and as supplemented by additional information required by the commissioner. (c) A synopsis
of its annual statement providing an explanation of the facts concerning the condition of
the society thereby disclosed shall be printed and mailed to each benefit member of the society
not later than June 1 of each year, or, in lieu thereof,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-36.htm - 1K - Match Info - Similar pages
27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is certified by the commissioner as a reinsurer in this state
and secures its obligations in accordance with the requirements of this section. In order
to be eligible for certification, the assuming insurer shall meet all of the following requirements:
(1) The assuming insurer must be domiciled and licensed to transact insurance or reinsurance
in a qualified jurisdiction, as determined by the commissioner pursuant to subsection (c).
(2) The assuming insurer must maintain minimum capital and surplus, or its equivalent, in
an amount to be determined by the commissioner pursuant to regulation. (3) The assuming insurer
must maintain financial strength ratings from two or more rating agencies deemed acceptable
by the commissioner pursuant to regulation. (4) The assuming insurer must agree to submit
to the jurisdiction of this state, appoint the commissioner as its agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
27-12A-2
Section 27-12A-2 Insurance fraud - definition. A person commits the crime of insurance fraud
if, knowingly and with intent to defraud, he or she commits, or conceals any material information
concerning, one or more of the following acts: (1) The solicitation or acceptance of new or
renewal insurance risks on behalf of an insurer, reinsurer, or other person engaged in the
transaction of the business of insurance, by a person who knows the insurer, reinsurer, or
other person responsible for the risk is financially unable to pay its claims at the time
of the transaction. (2) The removal, concealment, alteration, or destruction of the assets
or records relating to the transaction of the business of insurance of an insurer, reinsurer,
or other person engaged in the transaction of the business of insurance. This section does
not prohibit an insurer, reinsurer, or other person engaged in the transaction of the business
of insurance from destroying records or documents relating to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12A-2.htm - 3K - Match Info - Similar pages
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