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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
27-12-10
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
10A-20-7.10
Section 10A-20-7.10 Rights to shares, bonds, securities, or other evidences of corporate
indebtedness. (a) Notwithstanding any rule at common law, any provision of any general or
special law or any provision in their respective charters, agreements of association, certificate
of formation, or trust indentures: (1) Any person, including all domestic corporations organized
for the purpose of carrying on business within this state, and further including, without
implied limitation, public utility companies, insurance companies, foreign corporations licensed
to do business within this state, all financial institutions, as defined in Section
10A-20-7.01, and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign,
transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences
of indebtedness created by, or the shares of the capital stock of, the corporation and, while
owners of the stock, to exercise all the rights, powers, and privileges of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.10.htm - 2K - Match Info - Similar pages
5-3A-1
Section 5-3A-1 Required times; items to be examined; applicability to bank holding companies
and affiliates. (a) For purposes of this section, a bank holding company is a holding
company organized under the laws of Alabama or another state in the United States that directly
owns a majority of the voting securities of an Alabama state bank. (b) Every bank other than
national banks shall be subject to the supervision and inspection of the superintendent and
the regulations and supervision thereof. The superintendent shall, by competent examiner appointed
by him or her, visit and examine every bank organized under the laws of Alabama at least once
in each eighteen-month period. The examination of banks shall be at irregular intervals. On
every examination, inquiry shall be made as to the conditions and resources of the bank, the
mode of conducting and managing the affairs of the bank, the action of its directors, the
investment of the funds of the bank, the safety and prudence of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-3A-1.htm - 4K - Match Info - Similar pages
27-28-4
Section 27-28-4 Effect of chapter on powers of commissioner and authority to engage
in insurance business. Nothing contained in this chapter shall affect the power of the commissioner
to regulate, supervise, and control insurance companies pursuant to the laws of the State
of Alabama governing such companies, nor shall anything in this chapter be construed to authorize
any insurance company to engage in any kind, or kinds, of insurance business not authorized
by its charter or to authorize any holding company which is not an insurance corporation to
engage directly in the business of insurance. Subsequent to the effective date of any plan
of exchange, the commissioner, having due regard to the findings stated in subdivision (2)
of Section 27-28-2, shall have authority to require that the affairs of the domestic
company be conducted in such manner as to assure the continued safe conduct and transaction
of the business of insurance of the domestic company. (Acts 1971, No. 1449, p. 2472.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-28-4.htm - 1K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold
authority to transact insurance in this state, an insurer must be otherwise in compliance
with this title and with its charter powers and must be an incorporated stock insurer or an
incorporated mutual insurer or a reciprocal insurer, all of the same general type as may be
formed as a domestic insurer under this title; except that: (1) No foreign insurer shall be
authorized to transact insurance in this state which does not maintain reserves as required
by Chapter 36 of this title applicable to the kind, or kinds, of insurance transacted by such
insurer, wherever transacted in the United States, or which transacts insurance in the United
States on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends
and other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
5-13B-2
Section 5-13B-2 Definitions. For purposes of this article: (a) "Acquire" means:
(1) For a company to merge or consolidate with a bank holding company; (2) For a company to
assume direct or indirect ownership or control of: (I) More than 25 percent of any class of
voting shares of a bank holding company or a bank, if the acquiring company was not a bank
holding company prior to such acquisition; (II) More than five percent of any class of voting
shares of a bank holding company or a bank, if the acquiring company was a bank holding company
prior to such acquisition; or (III) All or substantially all of the assets of a bank holding
company or a bank; or (3) For a company to take any other action that results in the direct
or indirect acquisition of control by such company of a bank holding company or a bank; however,
formation of a de novo bank pursuant to Chapter 5A of this title is not an acquisition for
purposes of this article. (b) "Affiliate" has the meaning set forth in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-2.htm - 4K - Match Info - Similar pages
27-27-45
Section 27-27-45 Merger and consolidations - Domestic stock insurers. (a) A domestic
stock insurer may merge or consolidate with one or more domestic or foreign stock insurers
by complying with the applicable provisions of the statutes of this state governing the merger
or consolidation of stock corporations formed for profit, but subject to subsections (b) and
(c) of this section. (b) No such merger or consolidation shall be effectuated unless
in advance thereof the plan and agreement therefor have been filed with the commissioner and
approved in writing by him after a hearing thereon. The commissioner shall give such approval
within a reasonable time after such filing unless he finds such plan or agreement: (1) Is
contrary to law; (2) Inequitable to the stockholders of any domestic insurer involved; or
(3) Would substantially reduce the security of, and service to be rendered to, policyholders
of the domestic insurer in this state or elsewhere. (c) No director, officer, agent, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-45.htm - 2K - Match Info - Similar pages
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