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27-2B-14.1
Section 27-2B-14.1 RBC reports with respect to 2015. For RBC reports required to be filed by
health organizations and fraternal benefit societies with respect to 2015, the following requirements
shall apply in lieu of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7:
(1) In the event of a company action level event with respect to a domestic insurer, the commissioner
shall take no regulatory action hereunder. (2) In the event of a regulatory action level event
under subdivisions (1), (2), or (3) of subsection (a) of Section 27-2B-5, the commissioner
shall take the actions required under Section 27-2B-4. (3) In the event of a regulatory action
level event under subdivisions (4), (5), (6), (7), (8), or (9) of subsection (a) of Section
27-2B-5, or an authorized control level event, the commissioner shall take the actions required
under Section 27-2B-5 with respect to the organization or society. (4) In the event of a mandatory
control level event with respect to an...
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27-2B-7
Section 27-2B-7 Mandatory control level event; commissioner's duties. (a) "Mandatory control
level event" means any of the following events: (1) The filing of an RBC report which
indicates that the insurer's total adjusted capital is less than its mandatory control level
RBC. (2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates
the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), notification by the commissioner to
the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(b) In the event of a mandatory control level event: (1) With respect to a life insurer, health
organization, or fraternal benefit society, the commissioner shall take actions as necessary
to place the insurer under regulatory control pursuant to Chapter 32....
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27-2B-6
Section 27-2B-6 Authorized control level event; commissioner's duties. (a) "Authorized
control level event" means any of the following events: (1) The filing of an RBC report
by the insurer which indicates that the insurer's total adjusted capital is greater than or
equal to its mandatory control level RBC but less than its authorized control level RBC. (2)
The notification by the commissioner to the insurer of an adjusted RBC report that indicates
the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), notification by the commissioner to
the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to
a corrective order, provided the insurer has not challenged the corrective order...
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27-31B-19
Section 27-31B-19 Delinquency. (a) Except as otherwise provided in this section, the terms
and conditions set forth in Chapter 32 and Article 2, commencing with Section 27-2-50, of
Chapter 2, pertaining to rehabilitation, reorganization, conservation, and liquidation of
insurers, shall apply in full to captive insurance companies formed or licensed under this
chapter. (b) In the event of an action described in subsection (a) against a protected cell
captive insurance company, both of the following shall apply: (1) The assets of a protected
cell may not be used to pay any expenses or claims other than those attributable to the protected
cell. (2) Its capital and surplus shall at all times be available to pay any expenses of or
claims against the protected cell captive insurance company. (c) Notwithstanding the provisions
of this title, in the event of an insolvency of a protected cell captive insurance company
where the commissioner determines that one or more protected cells remain...
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27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of this chapter,
if it meets both of the following: (1) The insurer has annual direct written and unaffiliated
assumed premium, including international direct and assumed premium but excluding premiums
reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than
five hundred million dollars ($500,000,000). (2) The insurance group of which the insurer
is a member has annual direct written and unaffiliated assumed premium including international
direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance
Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b)
If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the
insurance group of which the insurer is a member does not qualify for exemption pursuant to
subdivision (2) of subsection (a), then the ORSA Summary Report that may...
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27-2B-9
Section 27-2B-9 Confidentiality of reports and plans; information sharing agreements; publication
of RBC levels prohibited; use of reports and plans by commissioner. (a) All RBC reports, to
the extent the information therein is not required to be set forth in a publicly available
annual statement schedule, and RBC plans, including the results or report of any examination
or analysis of an insurer performed pursuant hereto and any corrective order issued by the
commissioner pursuant to examination or analysis, with respect to any domestic insurer or
foreign insurer which are filed with the commissioner constitute information that may be damaging
to the insurer if made available to its competitors and therefore shall be kept confidential
by the commissioner. This information shall not be made public or be subject to subpoena,
other than by the commissioner, and then only for the purpose of enforcement actions taken
by the commissioner pursuant to this chapter or any other provision of...
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22-35-4
Section 22-35-4 Alabama Underground and Aboveground Storage Tank Trust Fund. There is hereby
created the Alabama Underground and Aboveground Storage Tank Trust Fund, hereinafter referred
to as the "fund," to be administered by the Secretary-Treasurer of the Retirement
Systems of Alabama. The fund shall be used by the department as a revolving fund for carrying
out the purposes of this chapter. The fund is not an insurance company and the laws relating
to the conduct of business in this state by an insurance company do not apply to the fund.
A decision that underground or aboveground storage tanks are ineligible for benefits under
the fund does not expose the fund, the director, department, or commission to a claim of bad
faith as such terms are used in general insurance law. Further, in no event shall combined
claims against the fund for payment of response actions and third-party claims exceed the
per occurrence indemnification limit set by the commission. Under no circumstances shall...
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34-27-69
Section 34-27-69 Surety bond; suspension, etc., of license for violation of article; reinstatement;
relicensure; board must be notified of initiation, etc., of legal action. (a) Every applicant
for a license under this article, either original or renewal, shall furnish a surety bond
payable to the State of Alabama in the amount of $5,000 if a time-sharing salesman or $10,000
if a broker, with a surety company authorized to do business in Alabama, which bond shall
provide that the obligor therein will pay up to $5,000 or $10,000, respectively, the aggregate
sum of all judgments which may be recovered against such licensee for actual loss or damage
arising from his or her activities conducted under this article. Said bond shall be filed
with the Alabama Real Estate Commission prior to the issuance of such license. A new bond
or a renewal or continuation of the original bond shall be required for each licensing period.
If a continuous bond is filed with the commission prior to the...
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27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business
in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following
definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement
or arrangement the consummation of which results in a person acquiring directly or indirectly
the control of another person, and includes, but is not limited to, the acquisition of voting
securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER.
Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or
acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this
section applies to any acquisition in which there is a change in control of an insurer authorized
to do business in this state. (2) This section shall not apply to the following: a. A purchase
of securities solely for investment purposes so long as the...
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27-42-10
Section 27-42-10 Duties and powers of the commissioner; judicial review. (a) The commissioner
shall: (1) Notify the association of the existence of an insolvent insurer not later than
three days after he receives notice of determination of the insolvency. The association shall
be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency
against a member company at the time that such complaint is filed with a court of competent
jurisdiction. (2) Upon request of the board of directors, provide the association with a statement
of the net direct written premiums of each member insurer. (b) The commissioner may: (1) Require
that the association notify the insureds of the insolvent insurer and any other interested
parties of the determination of insolvency and of their rights under this chapter. Such notification
shall be by mail at their last known address, where available, but if sufficient information
for notification by mail is not available, notice...
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