27-35-1
Section 27-35-1 Conversion into stock or mutual life insurance company - Authority; how effected.
Any fraternal benefit society organized under the laws of this state may convert itself into
a stock life insurance company or a mutual life insurance company, which may be a continuation
of such society under an amended charter, if such society is then incorporated, or a new corporation
formed for such purpose if such society is then unincorporated. In either event, the conversion
of such society into a stock life insurance company or a mutual life insurance company shall
be effected as provided in this chapter. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407,
p. 707, §727.)...
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16-25A-1
Section 16-25A-1 Definitions. When used in this article, the following terms shall have the
following meanings, respectively, unless the context clearly indicates otherwise: (1) EMPLOYEE.
Any person covered by the Public Education Employees' Health Insurance Plan pursuant to Section
16-25A-11 or person who is employed full-time in any public institution of education within
the State of Alabama which provides instruction at any combination of grades K through 14,
exclusively, under the auspices of the State Board of Education or the Alabama Institute for
Deaf and Blind; provided, any person employed part-time by any public institution of education
within the State of Alabama which provides instruction at any combination of grades K through
14, exclusively, under the auspices of the State Board of Education or the Alabama Institute
for Deaf and Blind, shall be included in the definition of employee if such person shall agree
to have deducted from his or her compensation a pro rata...
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27-28-1
Section 27-28-1 Plan for exchange of stock, etc., between domestic stock insurer and holding
company - Authority. A domestic stock insurance company, hereinafter referred to in this chapter
as "domestic company," may cause a corporation to be organized under the laws of
this state or any other state of the United States of America to act as a holding company,
hereinafter referred to in this chapter as "holding company," which may, or may
not, be an insurance corporation, and the domestic company and holding company may adopt a
plan for an exchange of stock or other securities in which stockholders of the domestic company
exchange their stock for shares of stock or other securities issued by the holding company
pursuant to the provisions of Section 27-28-2. Such plan of exchange may provide for a direct
exchange of stock or other securities between the stockholders of the domestic company and
the holding company or may include provision for the merger of a wholly owned subsidiary of
the...
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27-31B-7
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of, or other
distribution with respect to, capital or surplus, in excess of the limitations set forth in
subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval
of an ongoing plan for the payment of dividends or other distributions shall be conditioned
upon the retention, at the time of each payment, of capital or surplus in excess of amounts
specified by, or determined in accordance with formulas approved by, the commissioner. (Act
2006-509, p. 1153, §1.)...
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27-35-3
Section 27-35-3 Conversion into stock or mutual life insurance company - Notice to subordinate
lodges or branches. After the plan of conversion has been approved by the commissioner, the
society shall mail notice by registered or certified mail to all of its subordinate lodges
or branches, by whatever name called, stating that a proposal will be made at a meeting of
the supreme governing or legislative body of the society, to be held at least 90 days after
the mailing of the notice, to convert the society into a stock or mutual life insurer and
enclosing a copy of the proposed plan of conversion. (Acts 1927, No. 537, p. 624; Acts 1971,
No. 407, p. 707, §729.)...
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27-35-7
Section 27-35-7 Conversion into stock or mutual life insurance company - Provisions for certificate
holders to subscribe to stock. If the fraternal benefit society is to be converted into a
stock life insurer, the plan of conversion shall make reasonable provisions under which each
adult certificate holder of the society shall have the preemptive right to subscribe to and
purchase that proportion of the total authorized capital which the amount of his insurance
bears to the society's total insurance in force at a date to be specified in such plan; except,
that if more than 75 percent of the society's adult certificate holders are residents of this
state, such preemptive right may, in the commissioner's discretion, under the plan be limited
to such residents. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §733.)...
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27-36A-10
Section 27-36A-10 Minimum reserves. (a) In no event shall a company's aggregate reserves for
all life insurance policies, excluding disability and accidental death benefits, issued on
or after January 1, 1972, be less than the aggregate reserves calculated in accordance with
the methods set forth in Sections 27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-13 and the mortality
table or tables and rate or rates of interest used in calculating nonforfeiture benefits for
the policies. (b) In no event shall the aggregate reserves for all policies, contracts, and
benefits be less than the aggregate reserves determined by the qualified actuary to be necessary
to render the opinion required by Section 27-36A-4. (Act 2016-411, §2.)...
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27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance
company doing business in this state shall annually submit the opinion of a qualified actuary
as to whether the reserves and related actuarial items held in support of the policies and
contracts specified by the commissioner by regulation are computed appropriately, are based
on assumptions which satisfy contractual provisions, are consistent with prior reported amounts,
and comply with applicable laws of this state. The commissioner, by regulation, shall define
the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
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45-37-123.170
Section 45-37-123.170 Termination. In the event that the Legislature takes appropriate action
to terminate the plan, or in the event of a partial termination of the plan, all amounts shall
be allocated in accordance with the provisions hereof and the accrued benefit, to the extent
funded as of such date, of each affected member shall become fully vested and shall not thereafter
be subject to forfeiture. However, members who were not fully vested at the time they received
a complete distribution of their vested benefits prior to the date of termination, shall not
become entitled to any additional vested benefits on account of plan termination. The preceding
sentence does not apply to members affected by a partial termination by operation of law.
Upon full termination of the plan, the county shall direct the distribution of the assets
in the trust fund to the members. In such case, the trustee shall distribute the assets to
the remaining members in the plan and to retired members in cash...
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27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive
insurance company or a protected cell captive insurance company shall be formed as a stock
or mutual insurer, or as a nonprofit or limited liability company with its capital divided
into units and held by the stockholders, members, or other equivalent as allowed by law. (b)
An association captive insurance company, an industrial insured captive insurance company,
or a risk retention group may be formed in any of the following ways: (1) Organized as a stock
insurer with its capital divided into share units and held by the stockholders, members, or
other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock,
the governing body of which is elected by the member organizations of its association. (3)
Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
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