27-29-6.2
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group. (a)(1) The commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. The commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group meets any of the following: a. Does not have substantial insurance operations in the United States. b. Has substantial insurance operations in the United States, but not in this state. c. Has substantial insurance operations in the United States and this state, but the commissioner has determined pursuant to the factors set forth in subsections (b) and (f) that the other regulatory official is the appropriate group-wide supervisor. (2) An insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the commissioner make a determination or acknowledgment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-6.2.htm - 10K - Match Info - Similar pages
27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required to make any annual report except as provided in this chapter. (b) Prior to March 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. Except as provided in Section 27-31B-6, each captive insurance company shall report using statutory accounting principles, unless the commissioner approves the use of generally accepted accounting principles, with any useful or necessary modifications or adaptations thereof required or approved or accepted by the commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the commissioner. Except as otherwise provided, each association captive insurance company and each industrial insured captive insurance company insuring the risks of an industrial insured group...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-9.htm - 3K - Match Info - Similar pages
27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves under this section shall calculate reserves for ordinary life insurance, accident and health insurance contracts, credit life contracts, group life contracts, annuities, or deposit-type contracts in this state as if the policies were issued before the operative date of the valuation manual. For such policies issued after the operative date of the valuation manual, any mortality and interest rates defined by the valuation manual for net premium reserves shall be used. A company calculating reserves under this section shall comply with Section 27-36A-4(a) instead of Section 27-36A-4(b) and meet all of the following conditions: (1) The company has less than three hundred million dollars ($300,000,000) of ordinary life premium. (2) If the company is a member of a group of life insurers, the group has combined ordinary life premium of less than six hundred million dollars ($600,000,000). (3) The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-20.htm - 3K - Match Info - Similar pages
27-31A-2
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER. The Insurance Commissioner of this state or the commissioner, director, or superintendent of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by either of the following: a. Any person who performs that work. b. Any person who hires an independent contractor to perform that work, but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. (3) DOMICILE. For purposes of determining the state in which a purchasing group is domiciled: a. For a corporation, the state in which the purchasing group is incorporated. b. For an unincorporated entity, the state of its principal place of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-2.htm - 8K - Match Info - Similar pages
27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY. A corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE. The District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section 27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section 27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-1.htm - 7K - Match Info - Similar pages
27-11-2
Section 27-11-2 Prohibition against transaction of insurance business, etc., in state without license; exceptions. It shall be unlawful for any insurer to transact the business of insurance in this state or to enter into a contract for insurance in this state without first obtaining a license or certificate of authority from the commissioner. This unauthorized insurers law shall not apply to: (1) Contracts of insurance procured pursuant to the surplus line insurance law; (2) Transactions in this state involving contracts of insurance lawfully entered into, written and the policy delivered outside of this state covering subjects of insurance not resident, located or expressly to be performed in this state at the time of issuance and transactions subsequent to the making of such contract and the issuance of such policy; (3) Reinsurance contracts; (4) Transactions in this state involving group or blanket insurance and group annuities where the master policy or contract was lawfully issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-2.htm - 2K - Match Info - Similar pages
27-2B-2
Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued by the commissioner specifying corrective actions which the commissioner has determined are required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER. Any insurer which is licensed to do business in this state but not domiciled in this state. (5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION. Any health care service plan, health maintenance organization, limited health service organization, dental services corporation, or other managed care organization licensed under this title. This term does not include any life and disability insurer or property and casualty insurer. (7) INSURER. As defined in Section 27-1-2, including, without...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-2.htm - 4K - Match Info - Similar pages
27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE COMPANY. Any insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting the business of insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations, limited liability companies, partnerships, associations, or other entities whereby either of the following exists: a. The member organizations of which, or the association itself, whether or not in conjunction with some or all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive insurance company or a protected cell captive insurance company shall be formed as a stock or mutual insurer, or as a nonprofit or limited liability company with its capital divided into units and held by the stockholders, members, or other equivalent as allowed by law. (b) An association captive insurance company, an industrial insured captive insurance company, or a risk retention group may be formed in any of the following ways: (1) Organized as a stock insurer with its capital divided into share units and held by the stockholders, members, or other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock, the governing body of which is elected by the member organizations of its association. (3) Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized as a manager-managed limited liability company. (c) A captive insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-8.htm - 6K - Match Info - Similar pages
25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks. An employer subject to this chapter may secure the payment of compensation under this chapter by insuring and keeping insured his or her liability in some insurance corporation, association, organization, insurance association, corporation, or association formed of employers and workers or formed by a group of employers to insure the risks under this chapter, operating by mutual assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association, organization, or corporation shall have first had its contract and plan of business approved in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized by the Department of Insurance to transact the business of workers' compensation insurance in this state and under the plan. Notwithstanding any other provision of the law to the contrary, the obligations of employers under law for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-8.htm - 14K - Match Info - Similar pages
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