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5-17-45
Section 5-17-45 Legislative findings; powers of credit unions; agreements; reports. (a) The
Legislature finds as fact and determines that the credit unions having their principal place
of business in Alabama must keep pace with technological and other improvements constantly
being made throughout the United States so as to enable Alabama credit unions to render better
and more efficient services to their members. It is necessary and desirable that the administrator
be given additional authority in these fields. (b) The administrator is hereby authorized
to expand powers of Alabama credit unions in order to accomplish both of the following: (1)
Accommodate or take advantage of changing technologies. (2) Assure the ability of Alabama
credit unions to be responsive in their business to the needs and conveniences demanded by
credit union members through on-premises as well as off-premises operations; provided, that
nothing in this section shall enable the administrator to authorize credit...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance of its
obligations in the event of insolvency, each corporation authorized under Section 27-43-8
shall, through the commissioner, deposit and maintain with the Treasurer of the State securities
of the type eligible for deposit by insurers under Section 27-6-3, which securities shall
have at all times a market value as follows: (1) An insurer which has transacted no legal
expense insurance in this state prior to January 1, 1982, shall, prior to the issuance of
its certificate of authority and before receiving any premiums, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer transacting
a legal expense insurance business in this state prior to January 1, 1982, and having in force
in this state less than $300,000.00 of gross written premiums, membership fees, or similar
charges shall place in trust with the Treasurer of the State,...
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27-6A-2
Section 27-6A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person
who is a member in good standing of the American Academy of Actuaries. (2) INSURER. A person
defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING GENERAL AGENT. Any person,
firm, or association who does both of the following: a. Manages all or part of the insurance
business of an insurer, including the management of a separate division, department, or underwriting
office. b. Acts as a producer for an insurer whether known as a managing general agent, manager,
or other similar term, who, with or without the authority, either separately or together with
affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written
premium equal to or more than five percent of the policyholder surplus as reported in the
last annual statement of the insurer in any one...
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41-15-10
Section 41-15-10 Premiums and collected earnings to constitute trust fund; surplus may be invested
in bonds, stocks, mutual funds, etc.; limitations and conditions; requisition for payment
of losses, expenses, etc. All premiums and earnings collected under the provisions of this
chapter shall constitute a trust fund to be applied as authorized in this chapter. With the
approval of the Governor, any surplus in the fund over a necessary working capital, which
shall be determined by the Director of Finance, at not less than $400,000.00, may be invested
in the bonds or other obligations of the United States, of the State of Alabama or of any
agency, institution or instrumentality of the State of Alabama. The Director of Finance shall
also have the authority to invest and reinvest said state insurance trust funds in such classes
of bonds, mortgages, common and preferred stocks, shares of investment companies or mutual
funds or other investments as the Finance Director with the consent of...
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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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27-44-12
Section 27-44-12 Duties of commissioner and board with regard to detection and prevention of
insolvencies or impairment. To aid in the detection and prevention of insurer insolvencies
or impairment: (1) It shall be the duty of the commissioner: a. To notify the commissioners
of those states, territories of the United States and the District of Columbia where such
member company is licensed when he takes any of the following actions against a member insurer:
1. Revocation of license; 2. Suspension of license; 3. Makes any formal order that such company
restrict its premium writing or obtain additional contributions to capital or surplus. Such
notice shall be mailed to all commissioners within 30 days following the action taken or the
date on which such action occurs. b. To report to the board of directors when he has taken
any of the actions set forth in paragraph a. of this subdivision or has received a report
from any other commissioner indicating that any such action has been taken...
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34-27-2
Section 34-27-2 Definitions; exemptions from chapter. (a) For purposes of Articles 1 and 2
of this chapter, the following terms shall have the respective meanings ascribed by this section:
(1) ASSOCIATE BROKER. Any broker other than a qualifying broker. (2) BROKER. Any person licensed
as a real estate broker under Articles 1 and 2 of this chapter. (3) COMMISSION. The Alabama
Real Estate Commission, except where the context requires that it means the fee paid to a
broker or salesperson. (4) COMMISSIONER. A member of the commission. (5) COMPANY. Any sole
proprietorship, corporation, partnership, branch office, or lawfully constituted business
organization as the Legislature may provide for from time to time, which is licensed as a
company under Articles 1 and 2 of this chapter. (6) ENGAGE. Contractual relationships between
a qualifying broker and an associate broker or salesperson licensed under him or her whether
the relationship is employer-employee, independent contractor, or...
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11-50A-8
Section 11-50A-8 Powers of the authority. In addition to other powers granted the authority
by this chapter, it shall have all powers consistent with the purposes of the authority as
set forth in Section 11-50A-3, which are necessary or convenient to carry out and effectuate
the purposes and provisions of this chapter, including, but without limiting the generality
of the foregoing, the following enumerated powers, which shall be exercised by the authority
consistently with the provisions of Section 11-50A-3: (1) To sue and be sued and to prosecute
and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(2) To adopt and alter a corporate seal; (3) To make and alter at pleasure all needful bylaws,
rules, and regulations for the transaction of its business and the control of its property
and affairs; (4) To have the same right of eminent domain through condemnation conferred by
Section 10-5-1, or any subsequent statute of similar import; provided...
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26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may
be used to create a power of attorney that has the meaning and effect prescribed by this chapter.
ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another
person (your agent) to make decisions concerning your property for you (the principal). Your
agent will be able to make decisions and act with respect to your property (including your
money) whether or not you are able to act for yourself. The meaning of authority over subjects
listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A,
Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make
health care decisions for you. Such powers are governed by other applicable law. You should
select someone you trust to serve as your agent. Unless you specify otherwise, generally the
agent's authority will continue until you die or revoke the power...
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