27-25-3
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall have
the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments
of public record of whatever kind or nature which in any manner affect title to a specified
parcel of real property. (2) BUSINESS ENTITY. A domestic entity properly formed and existing
under Title 10A. (3) COMMISSIONER. The Commissioner of the Alabama Department of Insurance.
(4) INDIVIDUAL. A natural person. (5) NAIC. The National Association of Insurance Commissioners,
its subsidiaries and affiliates, and any successor thereof. (6) OPINION OF TITLE. A written
expression of the status of title, including, but not limited to, the validity or invalidity
thereof, based upon an examination by an attorney at law, who is licensed to practice law
in this state, of instruments of public record or an abstract thereof affecting title to a
specified parcel of real property to ascertain the history and present...
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27-31B-22
Section 27-31B-22 Protected cell captive insurance companies. (a) One or more sponsors may
form a protected cell captive insurance company under this chapter. (b) A protected cell captive
insurance company formed or licensed under this chapter may establish and maintain one or
more protected cells to insure risks of one or more participants, subject to all of the following
conditions: (1) Each protected cell shall be accounted for separately on the books and records
of the protected cell captive insurance company to reflect the financial condition and results
of operations of the protected cell, net income or loss, dividends or other distributions
to participants, and other factors as may be provided in the participant contract or required
by the commissioner. (2) The assets of a protected cell shall not be chargeable with liabilities
arising out of any other insurance business the protected cell captive insurance company may
conduct. (3) No sale, exchange, or other transfer of assets...
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27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required
to make any annual report except as provided in this chapter. (b) Prior to March 1 of each
year, each captive insurance company shall submit to the commissioner a report of its financial
condition, verified by oath of two of its executive officers. Except as provided in Section
27-31B-6, each captive insurance company shall report using statutory accounting principles,
unless the commissioner approves the use of generally accepted accounting principles, with
any useful or necessary modifications or adaptations thereof required or approved or accepted
by the commissioner for the type of insurance and kinds of insurers to be reported upon, and
as supplemented by additional information required by the commissioner. Except as otherwise
provided, each association captive insurance company and each industrial insured captive insurance
company insuring the risks of an industrial insured group...
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11-101A-17
Section 11-101A-17 Securities are legal investments. Securities issued under this chapter are
hereby made legal investments for savings banks and insurance companies organized under the
laws of the state. Unless otherwise directed by the court having jurisdiction thereof or the
document that is the source of authority, a trustee, executor, administrator, guardian, or
one acting in any other fiduciary capacity may, in addition to any other investment powers
conferred by law and with the exercise of reasonable business prudence, invest trust funds
in securities of an authority. The governing body of any authorizing subdivision, or any county
or municipality in which any project of an authority may be situated, may, in its discretion,
invest in securities of the authority any idle or surplus money held in its treasury which
is not otherwise earmarked or pledged. (Act 2001-642, p. 1317, §1.)...
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27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
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11-57-19
Section 11-57-19 Investment in bonds - By executors, savings banks, insurance companies, etc.
Bonds issued under the provisions of this chapter are hereby made legal investments for savings
banks and insurance companies organized under the laws of the state. Unless otherwise directed
by the court having jurisdiction thereof or the document that is the source of authority,
a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity
may, in addition to any other investment powers conferred by law and with the exercise of
reasonable business prudence, invest trust funds in bonds of the authority. (Acts 1961, No.
895, p. 1407, §21; Acts 1961, Ex. Sess., No. 289, p. 2335, §21.)...
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27-43-8
Section 27-43-8 Filing of application for certificate of authority; contents of application;
issuance of certificate. (a) The incorporators shall file with the commissioner an application
for a certificate of authority to do business upon a form to be furnished by the department,
which shall include or have attached the following: (1) The names and, for the preceding 10
years, all addresses and all occupations of all incorporators and proposed directors and officers;
(2) A certified copy of the corporate articles and bylaws and a list of the names, addresses,
and occupations of all directors and principal officers and, if previously incorporated, for
the three most recent years, the corporation annual statements and reports; (3) All agreements
relating to the corporation to which any incorporator or proposed director or officer is a
party; (4) A statement of the amount and sources of the funds available for organization expenses
and the proposed arrangements for reimbursement and...
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27-6-1
Section 27-6-1 Deposits of insurers - Authorized deposits. The following deposits of insurers,
when made through the commissioner, shall be accepted and held and shall be subject to the
provisions of this chapter: (1) Deposits required under this title for authority to transact
insurance in this state; (2) Deposits of domestic insurers when made pursuant to the laws
of other states, provinces, and countries as requirement for authority to transact insurance
in such state, province, or country; (3) Deposits of reserves made by domestic life insurers
under laws heretofore in force; and (4) Deposits in such additional amounts as are permitted
to be made under Section 27-6-11. (Acts 1971, No. 407, p. 707, §97.)...
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11-30-3
Section 11-30-3 Powers of liability self-insurance fund. Each liability self-insurance fund
established under provisions of this chapter shall have the power and authority to establish
a governing body of trustees; establish bylaws for the governing of such group; enter into
contracts with member counties; establish a schedule of benefits payable; establish a schedule
of charges to be collected from member counties for benefits provided; enter into contracts
with solvent insurance companies authorized to do business in this state; enter into management
and consultant contracts; hire attorneys and employees; and, exercise such powers and authority
incident to the purposes of this chapter. (Acts 1986, No. 86-499, p. 954, §3.)...
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40-14A-32
Section 40-14A-32 (Repealed for taxable years beginning on or after January 1, 2002.) Exemptions.
The tax levied by this article shall not apply to: (1) Financial institutions, as defined
in Section 40-16-1, that are subject to the provisions of Chapter 16 as to the excise taxes
levied on financial institutions; (2) Insurance companies that are subject to the premium
taxes levied by Chapter 4A of Title 27; (3) Corporations, limited liability entities, companies,
or associations whose property is assessed for taxation pursuant to the provisions of Chapter
21 and are also obligated to serve the general public; (4) Real estate investment trusts as
defined in Chapter 13 of Title 10; and (5) Any corporation organized as a not-for-profit corporation
that does not engage in any business other than holding title to property and paying the expenses
thereof, including, without limitation, a property owner's association or a corporation organized
solely to hold title to property on a temporary...
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