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27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of
this chapter, if it meets both of the following: (1) The insurer has annual direct written
and unaffiliated assumed premium, including international direct and assumed premium but excluding
premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program,
less than five hundred million dollars ($500,000,000). (2) The insurance group of which the
insurer is a member has annual direct written and unaffiliated assumed premium including international
direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance
Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b)
If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the
insurance group of which the insurer is a member does not qualify for exemption pursuant to
subdivision (2) of subsection (a), then the ORSA Summary Report that may...
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27-29A-1
Section 27-29A-1 Purpose and scope. (a) The purpose of this chapter is to provide the
requirements for maintaining a risk management framework and completing an Own Risk and Solvency
Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report
with the Commissioner of Insurance. (b) The requirements of this chapter shall apply to all
insurers domiciled in this state unless exempt pursuant to Section 27-29A-6. (c) The
Legislature finds and declares that the ORSA Summary Report will contain confidential and
sensitive information related to an insurer or insurance group's identification of risks material
and relevant to the insurer or insurance group filing the report. This information will include
proprietary and trade secret information that has the potential for harm and competitive disadvantage
to the insurer or insurance group if the information is made public. It is the intent of this
Legislature that the ORSA Summary Report shall be a confidential...
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27-19-105
Section 27-19-105 Regulations for long-term care policies; outline of coverage, policy
summary, and monthly report. (a) The commissioner may adopt regulations that include standards
for full and fair disclosure setting forth the manner, content, and required disclosures for
the sale of long-term care insurance policies, terms of renewability, initial and subsequent
conditions of eligibility, nonduplication of coverage provisions, coverage of dependents,
preexisting conditions, termination of insurance, continuation or conversion, probationary
periods, limitations, exceptions, reductions, elimination periods, requirements for replacement,
recurrent conditions, and definitions of terms. Regulations under this subsection should recognize
the developing and unique nature of long-term care insurance and the distinction between group
and individual long-term insurance policies. (b) No long-term care insurance policy may do
any of the following: (1) Be cancelled, nonrenewed, or otherwise...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
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27-25-3
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall
have the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments
of public record of whatever kind or nature which in any manner affect title to a specified
parcel of real property. (2) BUSINESS ENTITY. A domestic entity properly formed and existing
under Title 10A. (3) COMMISSIONER. The Commissioner of the Alabama Department of Insurance.
(4) INDIVIDUAL. A natural person. (5) NAIC. The National Association of Insurance Commissioners,
its subsidiaries and affiliates, and any successor thereof. (6) OPINION OF TITLE. A written
expression of the status of title, including, but not limited to, the validity or invalidity
thereof, based upon an examination by an attorney at law, who is licensed to practice law
in this state, of instruments of public record or an abstract thereof affecting title to a
specified parcel of real property to ascertain the history and present...
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27-2A-4
Section 27-2A-4 Nonrenewals, cancellations, or revisions of ceded reinsurance agreements.
(a) Materiality and scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance
agreements need be reported pursuant to Section 27-2A-2 if the nonrenewals, cancellations,
or revisions are not material. For purposes of this section, a material nonrenewal,
cancellation, or revision is one that affects: a. As respects property and casualty business,
including accident and health business written by a property and casualty insurer: 1. More
than 50 percent of the insurer's total ceded written premium. 2. More than 50 percent of the
insurer's total ceded indemnity and loss adjustment reserves. b. As respects life, annuity,
and accident and health business: More than 50 percent of the total reserve credit taken for
business ceded, on an annualized basis, as indicated in the insurer's most recent annual statement.
c. As respects either property and casualty or life, annuity, and accident...
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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...
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27-31A-3.1
Section 27-31A-3.1 Risk retention groups to comply with governance standards. (a) By
January 1, 2016, existing risk retention groups shall be in compliance with the governance
standards set forth in this section. New risk retention groups shall be in compliance
with these standards at the time of licensure. (b) The board of directors or board, as used
in this section, means the governing body of the risk retention group elected by the
shareholders or members to establish policy, elect or appoint officers and committees, and
make other governing decisions. Director, as used in this section, means a natural
person designated in the articles of the risk retention group, or designated, elected, or
appointed by any other manner, name, or title to act as a member of the board of directors.
(c)(1) The board of directors of the risk retention group shall have a majority of independent
directors. If the risk retention group is a reciprocal, then the attorney-in-fact would be
required to adhere...
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27-6B-4
Section 27-6B-4 Contract requirements. (a) Unless there is a written contract between
the controlling producer and the insurer approved by the board of directors of the insurer
and specifying the responsibilities of each party, a controlled insurer shall not accept business
from a controlling producer and a controlling producer shall not place business with a controlled
insurer. The contract between a controlling producer and a controlled insurer shall, as a
minimum, contain all of the following: (1) A provision that, upon written notice to the controlling
producer, the controlled insurer may terminate the contract for cause. The controlled insurer
shall suspend the authority of the controlling producer to write business during any pending
dispute regarding the cause for the termination. (2) A provision requiring the controlling
producer to give a detailed accounting to the controlled insurer on any material transaction,
including information necessary to support all commissions,...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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