|
27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-14.htm - 2K - Match Info - Similar pages
40-29-22
the existence of such lien. (2) MOTOR VEHICLES. With respect to a motor vehicle (as defined
in subsection (g)(3)), as against a purchaser of such motor vehicle, if: a. At the time of
the purchase such purchaser did not have actual notice or knowledge of the existence of such
lien; and b. Before the purchaser obtains such notice or knowledge, he has acquired possession
of such motor vehicle and has not thereafter relinquished possession of such motor vehicle
to the seller or his agent. (3) PERSONAL PROPERTY PURCHASED AT RETAIL. With respect
to tangible personal property purchased at retail, as against a purchaser in the ordinary
course of the seller's trade or business, unless at the time of such purchase such purchaser
intends such purchase to (or knows such purchase will) hinder, evade, or defeat the collection
of any tax under this title. (4) PERSONAL PROPERTY PURCHASED IN CASUAL SALE. With respect
to household goods, personal effects, or other tangible personal property purchased...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
27-3-12
Section 27-3-12 Deposit requirements - Special deposit - Surety insurers. (a) In addition to
the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and
maintain deposited with the Treasurer of this state in trust for the benefit of holders, resident
in this state, of the obligations of the insurer cash or securities eligible under Section
27-6-3 having a value at all times of at least $50,000.00; except, that a domestic surety
insurer may take credit for the amount of such special deposit against the deposit otherwise
required of it under Section 27-3-11, and except that a foreign insurer showing a deposit
pursuant to subsection (c) of Section 27-3-11 in the amount of $200,000.00 shall not be required
to comply with this section. (b) Such deposits shall be subject to the applicable provisions
of Chapter 6 of this title. (Acts 1909, No. 43, p. 29; Acts 1971, No. 407, p. 707, §57.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-12.htm - 1K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections
27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist
of certified checks, or certificates of deposit or any combination of securities, the market
value of which is readily ascertainable, and, if negotiable by delivery or assignment, of
the kinds described below: (1) United States government obligations; (2) State, county, municipal,
and school obligations; (3) Public improvement obligations; (4) Housing authority obligations;
(5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations;
(7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10)
Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic
insurer pursuant to the laws of another state, province, or country shall be comprised of
securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
27-43-9
of which it is filed. The department shall not approve any bond under the terms of which the
protection afforded against insolvency is not equivalent to the protection afforded by those
securities provided for in subsection (a) of this section. (c) Securities or bonds posted
pursuant to this section shall be for the benefit of and subject to action thereon in the
event of insolvency or impairment of any legal service insurance corporation by any person
or persons sustaining an actionable injury due to the failure of the corporation to
faithfully perform its obligations to its insureds. (d) The state shall be responsible for
the safekeeping of all securities deposited with the Treasurer of the State under this chapter.
Such securities shall not, on account of being in this state, be subject to taxation, but
shall be held exclusively and solely to guarantee the legal service insurance corporation's
performance of its obligations to its insureds. (e) Such deposit or bond shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-9.htm - 4K - Match Info - Similar pages
27-3-4
thorough investigation, to be incompetent or untrustworthy, or so lacking in insurance company
managerial experience as to make the proposed operation hazardous to the insurance-buying
public or which, after thorough examination or investigation, he has good reason to believe
is affiliated directly or indirectly through ownership, control, reinsurance transactions,
or other insurance or business relations with any person, or persons, whose business operations
are, or have been, marked to the injury of insurers, stockholders, policyholders, creditors,
or the public by manipulation of assets, of accounts or of reinsurance or by bad faith; (4)
No insurer the voting control of which is held, in whole or substantial part, by any government
or governmental agency shall be authorized to transact insurance in this state. Membership
in a mutual insurer or subscribership in a reciprocal insurer shall not be deemed to be either
an ownership or control of the insurer for the purposes of this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
5-13B-86
Section 5-13B-86 Powers of branch and agency. (a) Except as otherwise specifically provided
in this division or in regulations or orders adopted by the superintendent, and notwithstanding
any other law or regulation of this state to the contrary, operations of a foreign bank at
an Alabama state branch or Alabama state agency shall be conducted with the same rights, privileges,
and powers as an Alabama state bank at the same location, including, but not limited to, the
eligibility to exercise fiduciary or trust powers, and shall be subject to all the same duties,
restrictions, penalties, liabilities, conditions, and limitations that would apply under the
laws of this state to an Alabama state bank doing business at the same location. (b) Among
other exceptions to the provisions of subsection (a) that may be required or authorized by
the superintendent pursuant to the provisions of this division: (1) An Alabama state branch
that was not grandfathered as an "insured branch" within the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-86.htm - 4K - Match Info - Similar pages
|