|
27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance
company doing business in this state shall annually submit the opinion of a qualified actuary
as to whether the reserves and related actuarial items held in support of the policies and
contracts specified by the commissioner by regulation are computed appropriately, are based
on assumptions which satisfy contractual provisions, are consistent with prior reported amounts,
and comply with applicable laws of this state. The commissioner, by regulation, shall define
the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-4.htm - 12K - Match Info - Similar pages
27-14-8
Section 27-14-8 Forms - Filing and approval or disapproval. (a) No basic insurance policy or
annuity contract form or application form where written application is required and is to
be made a part of the policy, or contract, or printed rider, or endorsement form or form of
renewal certificate shall be delivered or issued for delivery in this state unless the form
has been filed with, and approved by, the commissioner. This subsection shall not apply to
surety bonds or to specially rated inland marine risks, nor to policies, riders, endorsements,
or forms of unique character designed for, and used with, relation to insurance upon a particular
subject or which relate to the manner of distribution of benefits or to the reservation of
rights and benefits under life or disability insurance policies and are used at the request
or with the consent of the individual policyholder, contract holder, or certificate holder.
As to group insurance policies effectuated and delivered outside this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-8.htm - 3K - Match Info - Similar pages
27-2A-2
Section 27-2A-2 Report of material acquisitions and dispositions; confidential treatment. (a)
Every insurer domiciled in this state shall file a report with the commissioner disclosing
material acquisitions and dispositions of assets or material nonrenewals, cancellations, or
revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets
or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have
been submitted to the commissioner for review, approval, or information purposes pursuant
to other provisions of the insurance code, laws, regulations, or other requirements. (b) The
report required in subsection (a) is due within 15 days after the end of the calendar month
in which any of the transactions in subsection (a) occur. (c) One complete copy of the report,
including any exhibits or other attachments, shall be filed with the following: (1) The insurance
department of the insurers state of domicile. (2) The National...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2A-2.htm - 2K - Match Info - Similar pages
27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original
certificate of authority an insurer shall file with the commissioner its application therefor,
accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location
of its home office or, if an alien insurer, principal office in the United States, kinds of
insurance to be transacted, state or country of domicile and such additional information as
the commissioner may reasonably require, together with the following documents, as applicable:
(1) A copy of its corporate charter, articles of incorporation or other charter documents
with all amendments thereto, certified by the public officer with whom the originals are on
file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as
amended, certified by its secretary or other officer having custody thereof; (3) If a foreign
reciprocal insurer, copies of the power of attorney of its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-17.htm - 3K - Match Info - Similar pages
27-45A-4
Section 27-45A-4 Licensure of pharmacy benefits managers. (a) (1) Effective January 1, 2020,
to conduct business in this state, a pharmacy benefits manager must be licensed by the commissioner.
To initially obtain a license or renew a license, a pharmacy benefits manager shall submit
all of the following: a. A nonrefundable fee not to exceed $500. b. A copy of the licensee's
corporate charter, articles of incorporation, or other charter document. c. A completed licensure
form adopted by the commissioner containing: 1. The name and address of the licensee. 2. The
name, address, and official position of an employee who will serve as the primary contact
for the Department of Insurance. 3. Any additional contact information deemed appropriate
by the commissioner or reasonably necessary to verify the information contained in the application.
(2) The licensee shall inform the commissioner by any means acceptable to the commissioner
of any change in the information required by this subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-45A-4.htm - 2K - 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
27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer
shall have on file an independent financial examination, in a form acceptable to the commissioner,
of each managing general agent with which it has done business. (2) If a managing general
agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary
attesting to the adequacy of loss reserves established for losses incurred and outstanding
on business produced by the managing general agent. This is in addition to any other required
loss reserve certification. (3) The insurer shall periodically, and at least semi-annually,
conduct an onsite review of the underwriting and claims processing operations of the managing
general agent. (4) Binding authority for all reinsurance contracts or participation in insurance
or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated
with the managing general agent. (5) Within 30 days of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-5.htm - 2K - 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
27-9A-12
Section 27-9A-12 License denial, non-renewal, or revocation. (a) The commissioner may place
on probation, suspend, revoke, or refuse to issue or renew an independent adjuster's license,
an apprentice independent adjuster's license, or the registration of an emergency independent
adjuster, or may levy a civil penalty in accordance with subsection (d), or any combination
of these actions, for any one or more of the following causes: (1) Providing incorrect, misleading,
incomplete, or materially untrue information in the license application. (2) Violating any
insurance laws, rules, subpoena, or order of the commissioner or of another state's insurance
regulator. (3) Obtaining or attempting to obtain a license or registration through misrepresentation
or fraud. (4) Improperly withholding, misappropriating, or converting any monies or properties
received in the course of acting as an adjuster of any type or in otherwise doing insurance
business in this state or elsewhere. (5) Intentionally...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-12.htm - 4K - 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
|