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27-17A-16
Section 27-17A-16 Inactive certificate holder; surrender of license. (a) A certificate holder
shall be considered inactive upon the acceptance of the surrender of its license by the commissioner
or upon the nonreceipt by the commissioner of the certificate of authority renewal application
and fees. (b) A certificate holder shall cease all preneed sales to the public upon becoming
inactive. The certificate holder shall collect and deposit into trust all of the funds paid
toward preneed contracts sold prior to becoming inactive. (c) Any certificate holder desiring
to surrender its license to the commissioner shall first do all of the following: (1) File
notice with the commissioner. (2) Submit copies of its existing trust agreements. (3) Submit
a sample copy of each type of preneed contract sold. (4) Resolve to the commissioner's satisfaction
all findings and violations resulting from the last examination conducted. (5) Pay all outstanding
fines and invoices due the commissioner. (6)...
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27-29-9
Section 27-29-9 Injunctions; prohibitions against voting securities; sequestration of voting
securities. (a) Injunctions. Whenever it appears to the commissioner that any insurer or any
director, officer, employee, or agent thereof has committed, or is about to commit, a violation
of this chapter or of any rule, regulation, or order issued by the commissioner under this
chapter, the commissioner may apply to the circuit court for the county in which the principal
office of the insurer is located or if such insurer has no such office in this state, then
to the Circuit Court for Montgomery County for an order enjoining such insurer or such director,
officer, employee, or agent thereof from violating, or continuing to violate, this chapter
or any such rule, regulation, or order and for such other equitable relief as the nature of
the case and the interests of the insurer's policyholders, creditors, and shareholders or
the public may require. (b) Voting of securities; when prohibited. No...
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27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer
shall have on file an independent financial examination, in a form acceptable to the commissioner,
of each managing general agent with which it has done business. (2) If a managing general
agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary
attesting to the adequacy of loss reserves established for losses incurred and outstanding
on business produced by the managing general agent. This is in addition to any other required
loss reserve certification. (3) The insurer shall periodically, and at least semi-annually,
conduct an onsite review of the underwriting and claims processing operations of the managing
general agent. (4) Binding authority for all reinsurance contracts or participation in insurance
or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated
with the managing general agent. (5) Within 30 days of...
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27-12A-8
Section 27-12A-8 Licensing penalties for insurance fraud. (a) A producer who violates this
chapter may be subject to the suspension or revocation of any insurance license held by the
producer or civil penalties of up to five thousand dollars ($5,000) per violation, or both.
Suspension or revocation of an insurance license or certificate of authority and the imposition
of civil penalties shall be pursuant to action brought before the commissioner. Suspension
or revocation of any insurance licenses and the imposition of civil penalties shall be pursuant
to action brought before the commissioner in accordance with this title. (b) An insurer who,
with such frequency as to indicate its general business practice in this state, is in violation
of this chapter may be subject to the suspension or revocation of any certificate of authority
held by insurer or civil penalties of up to five thousand dollars ($5,000) per violation,
or both. Suspension or revocation of a certificate of authority and...
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27-30-8
Section 27-30-8 Certificate of authority - Application. (a) To apply for a certificate of authority,
a mutual aid association shall file with the commissioner its application therefor, on forms
as prescribed and furnished by him, and showing: (1) Name of the association and the address
of its principal office or place of business in this state; (2) Name, identification, and
residence address of each director, trustee, or officer of the association; (3) The types
of aid or benefits to be provided its members or policyholders; (4) The general plan or plans
according to which its business is, or will be, conducted; and (5) Such other information
as the commissioner may reasonably require. (b) The applicant shall at the time of application
for certificate of authority file with the commissioner such of the following as are not already
on file with him: (1) A copy of its articles of incorporation, its bylaws, and other charter
or constituent documents, certified by the public official...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall be issued
a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus
as follows: (1) In the case of a pure captive insurance company, not less than two hundred
fifty thousand dollars ($250,000) or such other amount determined by the commissioner and
actuarially supported by a feasibility study. (2) In the case of an association captive insurance
company or risk retention group, not less than five hundred thousand dollars ($500,000) or
such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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34-5-8
Section 34-5-8 Authority of Board of Barber Examiners; refusal to issue or renew license or
certificate; appeals. The board shall have the power to refuse, revoke, and suspend licenses
and certificates strictly in accordance with the provisions of this chapter, upon proof of
violation of any sections of this chapter. The members of the board shall have the power to
administer oaths and shall have the power to require the attendance of witnesses and the production
of books, records, and papers as it may desire at any hearing on any matter which the board
has the authority to investigate, and for that purpose may require the secretary of the board
to issue a subpoena duces tecum to compel the production of any books, records, or papers,
directed to the sheriff of the county where such witness resides or may be found, which subpoenas
and subpoenas duces tecum shall be served and returned in the same manner as a subpoena in
a criminal case is served and returned. The fees and mileage of...
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8-15-11
Section 8-15-11 Inspection of warehouses by commissioner and agents. (a) The Commissioner of
Agriculture and Industries and his duly authorized agents or employees shall have full power
and authority to inspect public warehouses, to audit the books thereof, to check the articles
or goods stored with the records or receipts, and to exercise such other power relative to
public warehouses as is necessary to ascertain whether or not the business is conducted in
such a manner as to protect the interest of the persons who are storing, or may store, articles
in such warehouse. (b) The inspectors, when instructed by the Commissioner of Agriculture
and Industries, shall make sworn reports of their findings, within 10 days after the completion
of the work assigned, to the commissioner, who shall hold and keep same in the records of
his office. Such reports, when sworn to, shall be public records and shall be prima facie
evidence of what they charge. (c) Such inspections shall be made at least...
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27-27-43
Section 27-27-43 Mutualization of stock insurers. (a) A stock insurer other than a title insurer
may become a mutual insurer under such plan and procedure as may be approved by the commissioner
after a hearing thereon. (b) The commissioner shall not approve any such plan, procedure,
or mutualization unless: (1) It is equitable to stockholders and policyholders; (2) It is
subject to approval by the holders of not less than three-fourths of the insurer's outstanding
capital stock having voting rights and by not less than three-fourths of the insurer's policyholders
who vote on such plan in person, by proxy, or by mail pursuant to such notice and procedure
as may be approved by the commissioner; (3) If a life insurer, the right to vote thereon is
limited to holders of policies other than term or group policies and whose policies have been
in force for more than one year; (4) Mutualization will result in retirement of shares of
the insurer's capital stock at a reasonable price as specified...
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27-3-5
Section 27-3-5 Authority to transact insurance - Use of name by insurer. (a) No insurer shall
be authorized to transact insurance which has or uses a name so similar to that of another
insurer already so authorized as likely to mislead the public. (b) No life insurer shall be
so authorized which has or uses a name deceptively similar to that of another insurer authorized
to transact insurance in this state within the preceding 10 years if life insurance policies
originally issued by such other insurer are still outstanding in this state. (c) No insurer
shall be so authorized which has or uses a name which tends to deceive or mislead as to the
type of organization of the insurer. (d) In case of conflict of names hereafter between two
insurers, or a conflict otherwise prohibited under the foregoing subsections of this section,
the commissioner may permit or require, as a condition to the issuance of an original certificate
of authority to an applicant insurer, that such insurer shall use...
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