27-19-30
Section 27-19-30 Provisions of other jurisdictions. (a) Any policy of a foreign or alien insurer,
when delivered or issued for delivery to any person in this state, may contain any provision
which is not less favorable to the insured or the beneficiary than the provisions of this
article and which is prescribed or required by the law of the state or country under which
the insurer is organized. (b) Any policy of a domestic insurer may, when issued for delivery
in any other state or country, contain any provision permitted or required by the laws of
such other state or country. (Acts 1953, No. 193, p. 247, §3; Acts 1957, No. 597, p. 834;
Acts 1971, No. 407, p. 707, §450.)...
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27-27-34
Section 27-27-34 Nonassessable policies in mutual insurers - Generally. (a) While possessing
surplus funds in amount not less than the paid-in capital stock required of a domestic stock
insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of
the commissioner's order so authorizing, extinguish the contingent liability of its members
as to all its policies in force and may omit provisions imposing contingent liability in all
its policies currently issued. (b) A foreign or alien mutual insurer may issue nonassessable
policies to its members in this state pursuant to its articles of incorporation and the laws
of its domicile. (Acts 1971, No. 407, p. 707, §530.)...
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27-32-7
Section 27-32-7 Grounds - Liquidation of domestic or alien insurers. The commissioner may apply
to the court for an order appointing him as receiver, if his appointment as receiver shall
not be then in effect, and directing him to liquidate the business of a domestic insurer or
of the United States branch of an alien insurer having trusteed assets in this state, regardless
of whether or not there has been a prior order directing him to rehabilitate such insurer,
upon any of the grounds specified in Section 27-32-6, or if such insurer: (1) Has ceased transacting
business for a period of one year; or (2) Is an insolvent insurer and has commenced voluntary
liquidation or dissolution, or attempts to commence or prosecute any action or proceeding
to liquidate its business or affairs, or to dissolve its corporate charter, or to procure
the appointment of a receiver, trustee, custodian, or sequestrator under any law except this
title. (Acts 1971, No. 407, p. 707, §626.)...
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5-11A-10
Section 5-11A-10 Withdrawal of bonds or securities from deposit with trustees. All trust companies
organized under the laws of this state which are now required by their charters to keep on
deposit with trustees any bonds, stocks or other securities to be held subject to the payment
of any judgment which may be rendered against said companies may, upon making a deposit of
securities in accordance with the provisions of Section 5-11A-5 withdraw from the custody
of said trustees said bonds, stocks or other securities so deposited with said trustees and
shall not thereafter be required to maintain any such deposit with trustees, any provisions
of the charter of said companies to the contrary notwithstanding. (Acts 1980, No. 80-658,
§5-11-10.)...
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15-13-43
Section 15-13-43 Deposit of federal or state bonds in lieu of cash; sale of bonds. In lieu
of a deposit of money, a defendant may deposit negotiable bonds of the United States or of
the State of Alabama of the face value of the cash deposit required. Such bonds shall be treated
in the same manner as a deposit of money, except that the clerk shall, under order of the
court, when occasion arises therefor, sell the said bonds and apply the proceeds of such sale
in the manner that a deposit of cash may be required to be applied. (Acts 1949, No. 199, p.
230.)...
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27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance
or annuities and benefits incidental thereto. A life insurer organized under the laws of this
state may, by or pursuant to a resolution of its board of directors, establish one or more
separate accounts and may allocate thereto amounts, including without limitation proceeds
applied under optional modes of settlement or under dividend options, to provide for life
insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts
or both, subject to the following: (1) The income, gains, and losses, realized or unrealized,
from assets allocated to a separate account shall be credited to, or charged against, the
account, without regard to other income, gains, or losses of the insurer; (2) Except as provided
in this section, amounts allocated to any separate account, and accumulations thereon, may
be invested and reinvested without regard to any requirements or...
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27-5B-6
Section 27-5B-6 Reinsurer domiciled in state with substantially similar law. (a) Credit shall
be allowed when the reinsurance is ceded to an assuming insurer that is domiciled in, or in
the case of a U.S. branch of an alien assuming insurer is entered through, a state that employs
standards regarding credit for reinsurance substantially similar to those applicable under
this chapter and the assuming insurer or U.S. branch of an alien assuming insurer does both
of the following: (1) Maintains a surplus as regards policyholders in an amount not less than
twenty million dollars ($20,000,000). (2) Submits to the authority of this state to examine
its books and records. (b) The requirement of subdivision (1) of subsection (a) does not apply
to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same
holding company system. (Act 2013-209, p. 463, §1.)...
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27-6-2
Section 27-6-2 Deposits of insurers - Purposes for which held. Such deposits shall be held
for purposes as follows: (1) Deposits made in this state under Sections 27-3-11, 27-3-12,
and 27-3-14 of this title shall be held for the purposes stated in the respective sections;
(2) A deposit made in this state by a domestic insurer transacting insurance in another state,
province or country and as required by the laws of such state, province, or country shall
be held for the protection of the insurer's policyholders or policyholders and creditors;
(3) Deposits of reserves made by domestic life insurers under laws heretofore in force shall
be held for the purpose or purposes specified in such laws or in the policies or contracts
by which such deposit was required or declared; and (4) Deposits required pursuant to the
retaliatory provision, Section 27-3-29, shall be held for such purposes as are required by
such laws and as specified by the commissioner's order by which the deposit is...
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27-41-34
Section 27-41-34 Particular investments - Real estate. (a)(1) An insurer may acquire, invest
in, own, maintain, alter, furnish, and improve the following real estate: a. Land and buildings
used for home office and branch office purposes, together with such other real estate as is
required for the convenient transaction of its business; and b. Funeral home buildings used
in the servicing of burial insurance policies. (2) An insurer may lease to others part of
the real property otherwise occupied by it for home office and other purposes under paragraphs
a. and b. of subdivision (1) of this subsection, except that the value of the parts so leased
must be included in subdivision (2) of subsection (b) of this section. (3) Except as provided
in subsection (e) of this section, an insurer may not carry, as an admitted asset, real estate
acquired under this subsection following 10 years from the date when such real estate ceases
to be necessary for the convenient accommodation of the insurer in...
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27-27-12
Section 27-27-12 Deposit of solicitation permit funds in escrow - Requirement. (a) All funds
received in Alabama pursuant to a solicitation permit, other than advance premiums for insurance
which are subject to Section 27-27-18, shall, by the permit holder, be deposited and held
in escrow in a bank or trust company located in this state under an agreement approved by
the commissioner. (b) No part of such funds shall be withdrawn from such deposit, except:
(1) For the payment of promotion, sales, and organization expenses as authorized by the solicitation
permit, and funds for such purposes may be withheld from the deposit; (2) For the purpose
of making any deposit with the commissioner required for the issuance of a certificate of
authority to an insurer; (3) If the proposed organization is not to be an insurer, upon completion
of payments on securities subscriptions made under the solicitation permit and deposit or
appropriation of such funds to the purposes specified in the...
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