27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement or arrangement the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, but is not limited to, the acquisition of voting securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER. Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this section applies to any acquisition in which there is a change in control of an insurer authorized to do business in this state. (2) This section shall not apply to the following: a. A purchase of securities solely for investment purposes so long as the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.1.htm - 12K - Match Info - Similar pages
40-29-30
Section 40-29-30 Legal effect of certificate of sale of personal property and deed of real property. (a) Certificate of sale of property other than real property. In all cases of a sale of property (other than real property) pursuant to Section 40-29-26, the certificate of such sale: (1) AS EVIDENCE. Shall be prima facie evidence of the right of the officer to make such sale, and conclusive evidence of the regularity of his proceedings in making the sale; and (2) AS CONVEYANCES. Shall transfer to the purchaser all right, title, and interest of the party delinquent in and to the property sold; and (3) AS AUTHORITY FOR TRANSFER OF CORPORATE STOCK. If such property consists of stocks, shall be notice when received, to any corporation, company, or association of such transfer, and shall be authority to such corporation, company, or association to record the transfer on its books and records in the same manner as if the stocks were transferred or assigned by the party holding the same, in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-30.htm - 3K - Match Info - Similar pages
45-49A-81.04
Section 45-49A-81.04 Investment of funds. All monies properly belonging to the fund shall be kept in a separate account or accounts, and may, in the discretion of the persons charged with the duties of administering the fund, be invested in any securities provided by law to be a suitable investment for trust fund monies pursuant to the laws of this state including, but not limited to, the following: (1) Bonds, notes, or other obligations of the United States, or those guaranteed by the United States or for which the credit of the United States is pledged for the payment of the principal and interest or the dividends thereof. (2) State bonds pledging the full faith and credit of the state and revenue bonds additionally secured by the full faith and credit of the state. (3) Bonds of the counties and municipalities of the state which contain a pledge of full faith and credit of the county or municipality which issues the bonds. (4) Savings accounts or certificates of deposit at any bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-81.04.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
40-16-1.2
Section 40-16-1.2 Additional items included in federal taxable income; items deducted from federal taxable income. (a) The following items shall be added to federal taxable income for purposes of computing net income under this chapter: (1) The tax due under this chapter that is deducted in computing federal taxable income. (2) State and local taxes that are deducted for purposes of calculating federal taxable income for which a credit is claimed under Section 40-16-8, to the extent the credit is utilized to reduce the tax owed under this chapter. (3) Refunds of federal income taxes deducted in prior tax periods for purposes of computing the tax due under this chapter. (4) Dividends received from a corporation in which the taxpayer owns less than 20 percent of the stock, by vote and value, but only to the extent the dividends are properly deducted in computing taxable income for federal income tax purposes. (5) State, county, and municipal interest income from loans and securities that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-1.2.htm - 3K - Match Info - Similar pages
5-13B-111
Section 5-13B-111 Asset maintenance. (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall hold in this state currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations payable in the United States or in United States funds or, with the prior approval of the superintendent, in funds freely convertible into United States funds, or such other assets as the superintendent shall by regulation or order permit, in an amount which shall bear such relationship as the superintendent shall by regulation or order prescribe to liabilities of such foreign bank payable at or through its Alabama state branch or Alabama state agency, including acceptances, but excluding amounts due and other liabilities to other offices, agencies, or branches of, and wholly owned, except for a nominal number of directors' shares,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-111.htm - 4K - Match Info - Similar pages
23-7-5
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the following power to: (1) Have perpetual succession. (2) Adopt, promulgate, amend, and repeal bylaws, not inconsistent with this chapter for the administration of the bank's affairs and the implementation of its functions including the right of the board to select qualifying projects and to provide loans and other financial assistance. (3) Sue and be sued in its own name. (4) Have a seal and alter it at pleasure, although the failure to affix the seal does not affect the validity of an instrument executed on behalf of the bank. (5) Make loans to qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold, and sell loan obligations at prices and in a manner as the board...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-5.htm - 6K - Match Info - Similar pages
10A-1-2.11
Section 10A-1-2.11 General powers. Except as otherwise provided by this title, and whether or not expressly stated in its governing documents, a domestic entity has the same powers as an individual to take action necessary or convenient to carry out its business and affairs. Except as otherwise provided by this title or the governing documents of the entity, the powers of a domestic entity include the power to: (1) sue, be sued, complain and defend suit in its entity name; (2) have and alter a seal and use the seal or a facsimile of it by impressing, affixing, or reproducing it; (3) purchase, lease, or otherwise acquire, receive, own, hold, improve, use, and deal in and with property or an interest in property; (4) sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of property; (5) make contracts and guaranties; (6) incur liabilities, borrow money, issue notes, bonds, and other obligations which may be convertible into or include the option to purchase other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-2.11.htm - 3K - Match Info - Similar pages
16-17A-8
Section 16-17A-8 Powers of authority. (a) An authority shall have and may exercise any power granted nonprofit corporations under Title 10A, together with all powers incidental thereto or necessary or desirable to the discharge thereof, including, without limitation, the following specific powers: (1) To adopt, maintain, and amend bylaws and a corporate seal. (2) To sue and, subject to the limitations herein, be sued; provided, however, that no authority entitled to sovereign immunity shall be denied such immunity. (3) To acquire, construct, equip, and operate those health care facilities it considers necessary or desirable. (4) To enter into contracts and agreements, borrow money, incur indebtedness, and issue bonds, notes, debt securities, or any other evidence of indebtedness. (5) To pledge the general credit of the authority or any revenues or income of the authority to repayment of any of its indebtedness. (6) To mortgage or pledge its health care facilities or its other assets or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-17A-8.htm - 5K - Match Info - Similar pages
27-7-5
Section 27-7-5 Licenses - Qualifications. (a) An individual applying for a resident insurance producer license shall make application to the commissioner on the Uniform Application, and an individual applying for a service representative license shall make application to the commissioner on the application prescribed by the commissioner, each declaring under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual has satisfied all of the following: (1) The individual is at least 18 years of age. (2) The individual has not committed any act that is a ground for denial, suspension, or revocation set forth in Section 27-7-19. (3) The individual has completed a prelicensing course of study for the lines of authority for which the person has applied, consisting of 20 classroom...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-5.htm - 6K - Match Info - Similar pages
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