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27-11-1
Section 27-11-1 Purpose of chapter; short title. The Legislature declares its concern that
insurers not licensed to transact the business of insurance in this state are soliciting the
sale of insurance and selling insurance to residents of this state, thus presenting the commissioner
with the problem of resorting to courts of foreign jurisdictions for the purposes of enforcing
the insurance laws of this state for the protection of its residents. It is the purpose of
this unauthorized insurers law to make it unlawful for insurers that are not licensed to transact
the business of insurance in this state and to subject said insurers to the jurisdiction of
the courts of this state in actions or proceedings brought by the commissioner in transactions
involving unauthorized insurers or for the protection of insureds and claimants residing in
this state and for the protection of the public. This chapter constitutes and may be referred
to as the "Unauthorized Insurers Law." (Acts 1971, No....
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27-24-3
Section 27-24-3 Sole surety - Mutual or reciprocal surety insurers. An authorized mutual or
reciprocal surety insurer which has and maintains a surplus over and above all of its liabilities
of $500,000.00, upon meeting all of the requirements of this title, except as to capital stock,
may become and be accepted as sole surety on bonds or undertakings required or permitted by
the laws of this state or by the charters, ordinances, rules, and regulations of any county,
municipal corporation, board, body, organization, or public officer; provided, however, that
any such bond or undertaking executed by such insurer shall be nonassessable and shall not
provide for any contingent liability. (Acts 1947, No. 533, p. 388; Acts 1971, No. 407, p.
707, §488.)...
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27-3-29
Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements.
(a) The purpose of this section is to aid in the protection of insurers formed under the laws
of Alabama and transacting insurance in other states or countries against discriminatory or
onerous requirements under the laws of such states or countries or the administration thereof.
(b) When by or pursuant to the laws of any other state or foreign country, any taxes, licenses,
and other fees, in the aggregate, and any fines, penalties, deposit requirements, or other
material obligations, prohibitions, or restrictions are, or would be, imposed upon Alabama
insurers, or upon the agents or representatives of such insurers, which are in excess of such
taxes, licenses, and other fees, in the aggregate, or which are in excess of the fines, penalties,
deposit requirements, or other obligations, prohibitions, or restrictions directly imposed
upon similar insurers, or upon the agents or...
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27-27-2
Section 27-27-2 Applicability of chapter. This chapter shall apply only to domestic stock insurers
and domestic mutual insurers; except, that: (1) Sections 27-27-4 through 27-27-14, relative
to sale of securities or other financing of insurers or insurance operations, and subsection
(b) of Section 27-27-24 shall also apply as to foreign and alien insurers; and (2) This chapter
shall be applicable as to mutual aid associations as stated in Chapter 30 of this title and
as to fraternal benefit societies as stated in Chapters 34 and 35 of this title. (Acts 1971,
No. 407, p. 707, §495.)...
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27-30-5
Section 27-30-5 Authorization to act as, or for, association - Requirements. No person shall
hereafter be authorized or hold authority to transact business in this state as a mutual aid
association unless it is otherwise in compliance with this chapter and meets the following
requirements: (1) Must be a corporation heretofore or hereafter lawfully formed under the
laws of the State of Alabama; (2) If a stock corporation, and except as provided in Section
27-30-6, must have and maintain unimpaired paid-in capital stock of not less than $50,000.00
and, if newly organized, must have, in addition when first so authorized, a paid-in surplus
of not less than $75,000.00; (3) If a mutual corporation, and except as provided in Section
27-30-6, must have applications for benefits and paid-in fees, dues, assessments, or contributions,
if required under Section 27-30-27, and must thereafter have and maintain unimpaired surplus
funds, representing the excess of its admitted assets over all its...
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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...
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27-44-6
Section 27-44-6 Creation of association; membership; accounts; supervision. (a) There is created
a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance
Guaranty Association. All member insurers shall be and remain members of the association as
a condition of their authority to transact insurance in this state. The association shall
perform its functions under the plan of operation established and approved under Section 27-44-10
and shall exercise its powers through a board of directors established under Section 27-44-7.
For purposes of administration and assessment the association shall maintain three accounts:
(1) The disability insurance account; (2) The life insurance account; and (3) The annuity
account. (b) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state. (Acts
1982, No. 82-561, p. 922, §6.)...
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27-30-6
Section 27-30-6 Capital stock or surplus requirements for existing associations. Any domestic
mutual aid association which immediately prior to January 1, 1972, lawfully held a certificate
of authority or license to transact such business in this state and which is otherwise in
compliance with the requirements of this chapter shall be entitled to have a certificate of
authority while it has and maintains unimpaired paid-in capital stock, if a stock corporation,
or surplus, if a mutual corporation, as follows: (1) If it is a stock corporation, it must
have and maintain capital stock of at least $25,000.00; except, that an association having
unimpaired paid-in capital stock on January 1, 1972, in less than such amount shall as of
each December 31, following January 1, 1972, have increased its unimpaired paid-in capital
stock by an amount equal to not less than 20 percent of such original deficiency, so that,
and until not later than the fifth such December 31, the association shall have...
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27-42-6
Section 27-42-6 Association created; member insurers; accounts. There is created a nonprofit
unincorporated legal entity to be known as the Alabama Insurance Guaranty Association. All
insurers defined as member insurers in subdivision (6) of Section 27-42-5 shall be and remain
members of the association as a condition of their authority to transact insurance in this
state. The association shall perform its functions under a plan of operation established and
approved under Section 27-42-9 and shall exercise its powers through a board of directors
established under Section 27-42-7. For purposes of administration and assessment, the association
shall be divided into three separate accounts: (a) the workmen's compensation insurance account;
(b) the automobile insurance account; and (c) the account for all other insurance to which
this chapter applies. (Acts 1980, No. 80-806, p. 1639, §6.)...
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11-91-2
Section 11-91-2 Contracting for and purchase of insurance policies generally; requirements
as to amounts of insurance under policies and coverage of policies. (a) All such governing
bodies shall have authority to contract for and purchase any or all such policies of insurance
from any insurer or insurers admitted to transact the business of such insurance in the State
of Alabama, and the governing bodies of all state colleges and universities shall have, in
addition to powers previously granted, the authority to contract for and purchase any or all
such policies of insurance from any nonprofit corporation organized and operated without profit
to any private shareholder or individual exclusively for the purpose of aiding or strengthening
educational institutions by issuing insurance and annuity contracts only to or for the benefit
of such institutions and individuals engaged in the services of such institutions. (b) The
amounts of insurance under any such policy must be based upon some...
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