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27-2B-3
Section 27-2B-3 Preparation and submission of RBC report; formulas; desirability of excess
capital; adjustment of inaccurate RBC report. (a) Every domestic insurer shall, on or prior
to each March 1 (the "filing date"), prepare and submit to the commissioner a report
of its RBC levels as of the end of the calendar year just ended, in a form and containing
information as is required by the RBC instructions. In addition, every domestic insurer shall
file its RBC report with: (1) The NAIC according to the RBC instructions. (2) The insurance
commissioner in any state in which the insurer is authorized to do business, if the insurance
commissioner has notified the insurer of its request in writing, in which case the insurer
shall file its RBC report not later than the later of either of the following: a. Fifteen
days from the receipt of notice to file its RBC report with that state. b. The filing date.
(b) A life and health insurer's and a fraternal benefit society's RBC shall be determined...
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27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether domestic,
foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's," whereby
each underwriter is liable for the proportionate part assumed by him of the whole amount so
insured by a policy issued by such underwriters, may be authorized to transact any kind, or
kinds, of insurance in this state other than life or title insurances if the insurer is otherwise
in compliance with this title, subject to the following conditions: (1) If a foreign or alien
insurer, it must have successfully been in business as an authorized insurer in the state
or country of domicile for at least 10 years. (2) If a domestic insurer, it must file with
the commissioner evidence, satisfactory to him, that it has been soundly organized and that
its insurance operations will, at all times, be competently conducted by individuals having
the necessary experience in insurance underwriting and management to do so,...
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27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections
27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist
of certified checks, or certificates of deposit or any combination of securities, the market
value of which is readily ascertainable, and, if negotiable by delivery or assignment, of
the kinds described below: (1) United States government obligations; (2) State, county, municipal,
and school obligations; (3) Public improvement obligations; (4) Housing authority obligations;
(5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations;
(7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10)
Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic
insurer pursuant to the laws of another state, province, or country shall be comprised of
securities, if negotiable by delivery or assignment, of the kind,...
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37-3-18
Section 37-3-18 Bond or other security. (a) No certificate or permit shall be issued to a motor
carrier or remain in force, and no motor carrier subject to the provisions of this chapter
shall engage in any operation on any highway of this state, unless such carrier complies with
such reasonable rules and regulations as the commission shall prescribe governing the filing
and approval of surety bonds, policies of insurance, qualifications as a self-insurer or other
securities or agreements, in such reasonable amounts as the commission may require, conditioned
to pay, within the amount of such surety bonds, policies of insurance, qualifications as a
self-insurer or other securities or agreements, any final judgment recovered against such
motor carrier for bodily injuries to or the death of any person resulting from the negligent
operation, maintenance or use of motor vehicles under certificate or permit or for loss or
damage to property of others. The commission shall, under such rules...
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27-31-12
Section 27-31-12 Bond of attorney of domestic insurer - Deposit in lieu thereof. In lieu of
the bond required under Section 27-31-11, the attorney may maintain on deposit with the State
Treasurer, through the office of the commissioner, a like amount in cash or in value of securities
qualified for deposit under Section 27-6-3, and subject to the same conditions as the bond.
(Acts 1971, No. 407, p. 707, ยง602.)...
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27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-10.htm - 2K - Match Info - Similar pages
27-4A-2
Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless
the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS.
All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State
of Alabama. (4) DOMESTIC INSURER. Any insurer organized under the laws of the State of Alabama
which maintains its principal office and chief place of business in the State of Alabama.
(5) FOREIGN INSURER. Any insurer organized under the laws of any country or of any state of
the United States other than the State of Alabama and any insurer organized under the laws
of Alabama which maintains its principal office or chief place of business outside the State
of Alabama. (6) INSURER. Every insurer as defined in Section 27-1-2, and every other insurance
company or association charging a premium for contracts entered...
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2-15-63
Section 2-15-63 Bonds of livestock market operators. Any person operating a livestock market
in this state shall make and execute a bond in favor of the State of Alabama, which bond shall
be made by a surety company qualified to do business in the State of Alabama and such bond
shall be filed in the office of the commissioner. The minimum amount of such bond shall be
$5,000.00 or such greater sum not to exceed $50,000.00. The exact amount of said bond shall
be determined by dividing the gross amount of business done by such livestock market during
the preceding 12 months or such part thereof as the livestock market was engaged in business
by the number of days on which sales were made, and such bond shall be not less than the nearest
multiple of $1,000.00. Any bond accepted under the provisions of this section shall be not
less than $5,000.00 nor more than $50,000.00. In the event the livestock market has not engaged
in business during the year preceding the date of its application for...
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2-29-6
Section 2-29-6 Proceedings for review of denial or revocation of permit by commissioner. Any
act of the commissioner in refusing to grant or in revoking any permit may be reviewed by
the circuit court of the county in which the business affected is or is proposed to be located,
upon filing of a complaint in such court, within 10 days after notice to the applicant or
permittee of the commissioner's decision. Such complaint shall be entitled in the name of
the applicant or permittee as plaintiff against the commissioner as defendant. Such complaint
shall set forth the action of the commissioner complained of and request its reversal. It
shall be the duty of the commissioner to serve an answer to such complaint within 30 days
after being notified by the plaintiff of its filing. The action shall be heard de novo by
the court. The judge of the circuit court shall determine from the evidence whether the refusal
or revocation of the permit is or is not justified under this chapter and enter...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-29-6.htm - 1K - Match Info - Similar pages
27-3-15
Section 27-3-15 Deposit requirements - Alien insurers - Trusteed assets. (a) In order to comply
with the requirements of Section 27-3-14, an alien insurer shall appoint citizens of the United
States of America or public depositaries or trust institutions located in the United States,
all as approved by the commissioner, as trustee, or trustees, to hold its funds and assets
in trust for the benefit of its policyholders or policyholders and creditors in the United
States. Any such trustee, or trustees, shall be named by the board of directors or comparable
directive body of the insurer, and a certified copy of the record of the appointment and of
the deed of trust shall be filed with the commissioner. (b) Funds and assets so held, to the
extent that they consist of cash, securities and other assets of the same general character
as are eligible for the investment of like funds of a domestic insurer, under Sections 27-1-8
and 27-1-9, shall constitute the assets of the insurer for the...
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