|
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
27-11-5
Section 27-11-5 Secretary of State as agent for service of process on insurer; service
of process; attachment of jurisdiction; fees for service. (a) Any insurer not qualified under
the laws of this state to transact the business of insurance as evidenced by a license or
certificate of authority from the Commissioner of Insurance which shall transact, or attempt
to transact, the business of insurance in this state or which shall do, or attempt to do,
any of the acts and occurrences set out in Section 27-11-3 shall, by the doing of such
business or the performing or attempting to perform any of such acts, be deemed to have appointed
the Secretary of State, or his successor or successors in office, to be the true and lawful
attorney or agent of such insurer whom process may be served in any action accrued or accruing
from the transacting of such business or the performing of such act by any such insurer, or
by its agent, servant, or employee. Service of such process shall be made by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-5.htm - 4K - Match Info - Similar pages
27-22A-2
Section 27-22A-2 Licensure of vendors. (a) A vendor is required to hold a limited lines
insurance producer license to sell or offer coverage under a policy of portable electronics
insurance. (b) A limited lines insurance producer license issued in accordance with this chapter
shall authorize any employee or authorized representative of the vendor to sell or offer coverage
under a policy of portable electronics insurance to a customer at each location at which the
vendor engages in portable electronics transactions. (c) The supervising entity shall maintain
a registry of vendor locations which are authorized to sell or solicit portable electronics
insurance coverage in this state. Upon request by the commissioner and with 10 days' notice
to the supervising entity, the registry shall be open to inspection and examination by the
commissioner during regular business hours of the supervising entity. (d) Notwithstanding
any other provision of law, a license issued in accordance with this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22A-2.htm - 1K - Match Info - Similar pages
27-31B-10
Section 27-31B-10 Examinations and investigations. (a) At least once in three years,
and whenever the commissioner determines it to be prudent, the commissioner shall visit each
captive insurance company and thoroughly inspect and examine its affairs to ascertain its
financial condition, its ability to fulfill its obligations, and whether it has complied with
this chapter. The commissioner, upon application, may enlarge the three-year period to five
years, provided the captive insurance company is subject to a comprehensive annual audit during
that period of a scope satisfactory to the commissioner by independent auditors approved by
the commissioner. The expenses and charges of the examination shall be in accordance with
Section 27-2-25. (b) All examination reports, preliminary examination reports or results,
working papers, recorded information, documents, and copies thereof produced by, obtained
by, or disclosed to the commissioner or any other person in the course of an examination...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-10.htm - 3K - Match Info - Similar pages
27-35-8
Section 27-35-8 Conversion into stock or mutual life insurance company - Completion;
effect. (a) When a fraternal benefit society has complied with the provisions of this chapter
and with the laws of this state relating to domestic stock life insurers or domestic mutual
life insurers, as the case may be, and has received from the commissioner a certificate of
authority to transact business in this state, its reorganization and conversion into such
stock insurer or mutual insurer shall be complete. (b) The reorganized and converted corporation
shall be deemed in law to be a continuation of the fraternal benefit society, whether the
reorganization and conversion shall have been accomplished by the formation of a new corporation
or by the amendment of the certificate of incorporation of the former society; and such reorganized
and converted corporation shall succeed to, and become invested with, all and singular, the
rights, privileges, franchises, and all property, real, personal, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-8.htm - 1K - Match Info - Similar pages
27-6B-2
Section 27-6B-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCREDITED STATE. A state in which the Department of Insurance meets the minimum financial
qualifications and regulatory standards promulgated and established, from time to time, by
the National Association of Insurance Commissioners. (2) COMMISSIONER. The Commissioner of
Insurance. (3) CONTROL or CONTROLLED. The same as defined in Section 27-29-1. (4) CONTROLLED
INSURER. A licensed insurer who is controlled, directly or indirectly, by a producer. (5)
CONTROLLING PRODUCER. A producer who, directly or indirectly, controls an insurer. (6) LICENSED
INSURER or INSURER. Any person, firm, association, or corporation duly licensed to transact
a property and casualty insurance business in this state. For the purposes of this chapter,
the following are not licensed insurers: a. A residual market pool and a joint...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6B-2.htm - 2K - Match Info - Similar pages
27-5B-1
Section 27-5B-1 Purpose. The purpose of this chapter is to protect the interest of insureds,
claimants, ceding insurers, assuming insurers, and the public generally. The Legislature declares
its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection
for those to whom they owe obligations. In furtherance of that state interest, the Legislature
provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides
security to fund its U.S. obligations in accordance with this chapter, the assets representing
the security shall be maintained in the United States and claims shall be filed with and valued
by the Commissioner of Insurance with regulatory oversight, and the assets shall be distributed,
in accordance with the insurance laws of the state in which the trust is domiciled that are
applicable to the liquidation of domestic U.S. insurance companies. The Legislature declares
that the matters contained in this chapter are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-1.htm - 1K - Match Info - Similar pages
27-29-2
Section 27-29-2 Subsidiaries and affiliates of domestic insurers. (a) Authorization.
A domestic insurer, either by itself or in cooperation with one or more persons, may organize
or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or
businesses and their authority to do so shall not be limited by reason of the fact that they
are subsidiaries or affiliates of a domestic insurer. (b) Additional investment authority.
In addition to investments in common stock, preferred stock, debt obligations, and other securities
permitted under all other sections of this title, a domestic insurer may also: (1) Invest,
in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries,
amounts which do not exceed the lesser of 10 percent of such insurer's assets or 50 percent
of the insurer's surplus as regards policyholders, provided that after such investments, the
insurer's surplus as regards policyholders will be reasonable in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-2.htm - 4K - Match Info - Similar pages
27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its
articles of association, charter, or other organizational document, may apply to the commissioner
for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5,
in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of
subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10,
and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all
of the following: (1) No pure captive insurance company may insure any risks other than those
of its parent and affiliated companies or controlled unaffiliated business. (2) No association
captive insurance company may insure any risks other than those of the member organizations
of its association, and their affiliated companies. (3) No industrial insured captive insurance
company may insure any risks other than those of the industrial insureds that comprise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-3.htm - 11K - Match Info - Similar pages
5-18-4
Section 5-18-4 License - Required; exemptions; penalties for violation of section.
(a) License required. No person shall engage in the business of lending in amounts of less
than one thousand five hundred dollars ($1,500) and contract for, exact or receive, directly
or indirectly, on or in connection with any such loan, any charges whether for interest, insurance,
compensation, consideration, or expense, which in the aggregate are greater than the interest
that the lender would be permitted by law to charge for a loan of money if he or she were
not a licensee under this chapter, except as provided in and authorized by this chapter and
without first having obtained a license from the supervisor. For the purpose of this section,
a loan shall be deemed to be in the amount of less than one thousand five hundred dollars
($1,500) if the net amount or value advanced to or on behalf of the borrower, after deducting
all payments for interest, expenses, and charges of any nature taken...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18-4.htm - 3K - Match Info - Similar pages
|