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11-49B-22
Section 11-49B-22 Taxes; exemptions; reporting credit sales; lien security; state sales tax
provisions applicable; charge for collecting tax; voting. (a) The authority shall, subject
to a referendum in the counties it proposes to serve, levy, in addition to all other taxes,
including, but not limited to, municipal gross receipts license taxes, a 1/4 percent privilege
license tax against gross sales or gross receipts, provided, however, that the rate of such
tax on any person, firm, or corporation engaged in the type of business described in Section
40-23-2(4) shall be an amount equal to 1/32 percent of the gross proceeds from sales described
in such section. The gross receipts of any business and the gross proceeds of all sales which
are presently exempt under the state sales and use tax statutes are exempt from the tax authorized
by this chapter. (b) The tax levied by this chapter shall be collected by the State Department
of Revenue, the authority, the county, or by contract to a...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-9.htm - 3K - Match Info - Similar pages
27-5A-7
Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers. Transactions
between a reinsurance intermediary-manager and the reinsurer it represents in that capacity
shall only be entered into pursuant to a written contract, specifying the responsibilities
of each party, which shall be approved by the reinsurer's board of directors. At least 30
days before a reinsurer assumes or cedes business through a producer, a true copy of the approved
contract shall be filed with the commissioner for approval. The contract shall, at a minimum,
provide that: (1) The reinsurer may terminate the contract for cause upon written notice to
the reinsurance intermediary-manager. The reinsurer may immediately suspend the authority
of the reinsurance intermediary-manager to assume or cede business during the pendency of
any dispute regarding the cause for termination. (2) The reinsurance intermediary-manager
shall render accounts to the reinsurer accurately detailing all material...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-7.htm - 7K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
27-2A-3
Section 27-2A-3 Materiality; scope; information to be reported. (a) Materiality. No acquisitions
or dispositions of assets need be reported, pursuant to Section 27-2A-2, if the acquisitions
or dispositions are not material. For purposes of this section, a material acquisition (or
the aggregate of any series of related acquisitions during any 30-day period) or disposition
(or the aggregate of any series of related dispositions during any 30-day period) is one that
is nonrecurring and not in the ordinary course of business and involves more than five percent
of the reporting insurer's total admitted assets as reported in its most recent statutory
statement filed with the insurance department of the insurer's state of domicile. (b) Scope.
(1) Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger,
consolidation, succession, or other acquisition, other than the construction or development
of real property, by or for the reporting insurer or the...
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34-13-134
Section 34-13-134 Grounds for suspension, revocation, etc., of certificates; reregistration.
(a) The board has power to suspend, revoke, or place on probation a certificate of apprenticeship
where the apprentice is guilty of any of the following acts or omissions: (1) Failure to devote
not less than an average of 30 hours per week to the duties of his or her apprenticeship.
(2) Failure to make an annual report to the board as required by this chapter. (3) Absence
from duty except on vacation for an aggregate of more than 10 days in any six months or 20
days in any year, without leave of absence granted by the board. (4) Gross immorality. (5)
Being on duty as an apprentice while under the influence of liquor or illegal drugs. (6) Disobedience
of proper orders or instructions of his or her superiors. (7) Violation of this chapter or
any rule of the board adopted pursuant to this chapter. (8) Soliciting business for a funeral
director or for any embalmer. (9) Fraud or misrepresentation in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-13-134.htm - 2K - Match Info - Similar pages
27-31A-8
Section 27-31A-8 Notice and registration requirements of purchasing groups. (a) A purchasing
group which intends to do business in this state shall, prior to doing business, furnish notice
to the commissioner which shall include all of the following: (1) Identify the state in which
the group is domiciled. (2) Identify all other states in which the group intends to do business.
(3) Specify the lines and classifications of liability insurance which the purchasing group
intends to purchase. (4) Identify the insurance company or companies from which the group
intends to purchase its insurance and the domicile of any company. (5) Specify the method
by which, and the person or persons, if any, through whom insurance will be offered to its
members whose risks are resident or located in this state. (6) Identify the principal place
of business of the group. (7) Provide other information as may be required by the commissioner
to verify that the purchasing group is qualified under subdivision...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-8.htm - 3K - Match Info - Similar pages
27-31B-16
tax on premiums written during the calendar year is less than the minimum set forth in this
section, the tax due shall be prorated as follows: (1) If surrendered on or before March 31,
25 percent. (2) If surrendered April 1 to June 30, 50 percent. (3) If surrendered July 1 to
September 30, 75 percent. (4) If surrendered October 1 to December 31, 100 percent. (l) The
tax provided for in this section shall constitute all taxes collectible under the laws of
this state from any captive insurance company, and no other occupation tax or other taxes
shall be levied or collected from any captive insurance company by the state or any county,
city, or municipality within this state, except business privilege taxes and ad valorem taxes
on real and personal property used in the production of income. (m) The tax provided
for in this section shall not be applicable if the captive insurance company writes no premiums
during the calendar year. (Act 2006-509, p. 1153, §1; Act 2016-191, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-16.htm - 6K - Match Info - Similar pages
27-44-5
territories, or protectorates that do not have an association similar to the association created
by this chapter, shall be deemed residents of the state of domicile of the insurer that issued
the policies or contracts. (19) STATE. A state, the District of Columbia, Puerto Rico, and
a United States possession, territory, or protectorate. (20) STRUCTURED SETTLEMENT ANNUITY.
An annuity purchased in order to fund periodic payments for a plaintiff or other claimant
in payment for or with respect to personal injury suffered by the plaintiff
or other claimant. (21) SUPPLEMENTAL CONTRACT. A written agreement entered into for the distribution
of proceeds under a life, disability, or annuity policy or contract. (22) UNALLOCATED ANNUITY
CONTRACT. An annuity contract or group annuity certificate which is not issued to and owned
by an individual, except to the extent of any annuity benefits guaranteed to an individual
by an insurer under the contract or certificate. (Acts 1982, No. 82-561, p. 922,...
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