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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-31-14
Section 27-31-14 Service of process on domestic insurer; judgment thereon. (a) Legal process
shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his
principal offices or by serving the commissioner as the insurer's process agent under Sections
27-3-24 and 27-3-25. (b) Any judgment based upon legal process so served shall be binding
upon each of the insurer's subscribers as their respective interests may appear, but in an
amount not exceeding their respective contingent liabilities, if any, the same as though personal
service of process was had upon each such subscriber. (Acts 1915, No. 280, p. 315; Acts 1971,
No. 407, p. 707, §604.)...
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27-7-30
Section 27-7-30 Appointment of producer - Generally. (a) Each insurer appointing a producer
in this state shall file with the commissioner, in a format approved by the commissioner,
a notice of appointment within 15 days from the date the agency contract is executed or the
first insurance application is submitted, whichever occurs first. An insurer may also elect
to appoint a producer to all or some insurers within the insurer's holding company system
or group by the filing of a single appointment request. (b) Upon receipt of the notice of
appointment, the commissioner shall verify within 30 days that the insurance producer is eligible
for appointment. If the insurance producer is determined to be ineligible for appointment,
the commissioner shall notify the insurer within five days of the commissioner's determination.
(c) An insurer shall pay an appointment fee as set forth in Section 27-4-2 for each insurance
producer appointed by the insurer. (d) An insurer shall remit, in a manner...
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27-31-25
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of assets
over all liabilities at least equal to the minimum capital stock required of a domestic stock
insurer authorized to transact like kinds of insurance, upon application of the attorney and
as approved by the subscribers' advisory committee, the commissioner shall issue his certificate
authorizing the insurer to extinguish the contingent liability of subscribers under its policies
then in force in this state and to omit provisions imposing contingent liability in all policies
delivered, or issued for delivery, in this state for so long as all such surplus remains unimpaired.
(b) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate.
Such revocation shall not render subject to contingent liability any policy then in force
and for the remainder of the period for which the premium has theretofore been paid; but after
such revocation, no policy shall be issued or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-25.htm - 2K - Match Info - Similar pages
27-7-29
Section 27-7-29 Nonresident agents or brokers - Service of process. (a) Each licensed nonresident
producer shall be considered to have performed acts equivalent to and constituting an appointment
of the commissioner as his or her attorney to receive service of legal process issued against
the nonresident producer in this state upon causes of action arising within this state out
of transactions under the nonresident producer's license. Service upon the commissioner as
such attorney shall constitute effective legal service upon the nonresident producer. (b)
The appointment shall be irrevocable for as long as there may be any such cause of action
in this state against the nonresident producer. (c) Service of process under this section
shall be made by leaving three copies of the summons and complaint, or other process, with
the commissioner, along with payment of the fee prescribed in Section 27-4-2, and the service
shall be sufficient service upon the nonresident if notice of the service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-29.htm - 3K - Match Info - Similar pages
27-31A-4
Section 27-31A-4 Risk retention groups not chartered in this state. Risk retention groups chartered
and licensed in states other than this state and seeking to do business as a risk retention
group in this state shall comply with the laws of this state as follows: (1) NOTICE OF OPERATIONS
AND DESIGNATION OF COMMISSIONER AS AGENT. a. Before offering insurance in this state, a risk
retention group shall submit to the commissioner both of the following: 1. A statement identifying
the state or states in which the risk retention group is chartered and licensed as a liability
insurance company, charter date, its principal place of business, and other information, including
information on its membership, as the commissioner of this state may require to verify that
the risk retention group is qualified pursuant to subdivision (11) of Section 27-31A-2. 2.
A copy of its plan of operations or feasibility study and revisions of the plan or study submitted
to the state in which the risk retention...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original
certificate of authority an insurer shall file with the commissioner its application therefor,
accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location
of its home office or, if an alien insurer, principal office in the United States, kinds of
insurance to be transacted, state or country of domicile and such additional information as
the commissioner may reasonably require, together with the following documents, as applicable:
(1) A copy of its corporate charter, articles of incorporation or other charter documents
with all amendments thereto, certified by the public officer with whom the originals are on
file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as
amended, certified by its secretary or other officer having custody thereof; (3) If a foreign
reciprocal insurer, copies of the power of attorney of its...
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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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5-13B-90
Section 5-13B-90 Representative office - Application. (a) The application for a license to
establish and maintain an Alabama representative office shall be in writing under oath and
shall be in such form and contain such information as the superintendent may require by regulation
or order. The application shall be accompanied by a reasonable fee as the superintendent may
establish by regulation. (b) The superintendent shall require a foreign bank to include as
part of its application to establish and maintain an Alabama representative office an instrument
irrevocably appointing the superintendent and his or her successors in office to be such foreign
bank's agent, representative, and attorney to receive service of any lawful process in any
proceeding against such foreign bank or any of its successors which arises out of a transaction
with its Alabama representative office, with the same force and validity as if served on the
foreign bank or its successor, as the case may be. Such...
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