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27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a)
A surplus line broker shall not knowingly place surplus line insurance with an insurer that
is unsound financially, or that is ineligible under this section. The broker shall
ascertain the financial condition of the unauthorized insurer before placing insurance therewith.
(b) The broker shall not so insure with any of the following: (1) With any insurer which is
not an authorized insurer in at least one state of the United States for the kind of insurance
involved, and with capital or surplus, or both, amounting to at least five million dollars
($5,000,000); or guaranteed trust fund amounting to at least five million dollars ($5,000,000).
(2) With an alien insurer not authorized to transact insurance in at least one state of the
United States, unless the insurer shall have established an effective trust fund of at least
two million five hundred thousand dollars ($2,500,000) within the United States...
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40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division
and from the computation of the amount of the tax levied, assessed, or payable under this
division the following: (1) The gross proceeds of the sales of lubricating oil and gasoline
as defined in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...
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41-14A-6
Section 41-14A-6 Establishment of SAFE board of directors; powers and duties of the
board of directors. (a) There is hereby established a Board of Directors of the SAFE Program
charged with responsibility and authority to assess and manage the sufficiency of the collateral
pool and the SAFE Program to provide adequate protection from losses to public depositors.
In exercising its powers and performing its responsibilities, the board of directors shall
constitute a body politic under the laws of the state performing the public function of assuring
the safety of public deposits. (b) The State Treasurer shall be a permanent, standing, voting
member of the board of directors and shall serve as its chair. The Superintendent of Banks
shall be a permanent, standing, non-voting member of the board of directors. The remaining
six members shall each possess knowledge, skill, and experience in one or more of the following
areas: (1) Financial analysis. (2) Trend analysis. (3) Accounting. (4)...
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5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit
between a depositor and a financial institution, and includes a checking account, savings
account, time deposit, certificate of deposit, and share account. (2) AGENT means a person
authorized to make account transactions for a party. (3) BENEFICIARY means a person named
as one to whom sums on deposit in an account are payable on request after death of all parties
or for whom a party is named as trustee. (4) DEVISEE means any person designated in a will
to receive a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION
means an organization authorized to do business under state or federal laws relating to financial
institutions, and includes a bank, trust company, savings bank, building and loan association,
savings and loan company or association, and credit union. (6) HEIRS means those persons,
including surviving spouse, who are entitled under the statutes of intestate...
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11-62-1
Section 11-62-1 Definitions. (a) The following words and phrases used in this chapter,
and others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) AUTHORITY.
Any public corporation organized pursuant to this chapter. (2) AUTHORIZED PURPOSE OBLIGATION.
The term includes either of the following: a. Any lease, note, installment sale contract,
or any other obligation of a user, whether general or special, which was entered into, made,
assumed, or otherwise incurred by the user, in whole or in part, for the purpose of financing
the acquisition or ownership of one or more facilities, for the purpose of obtaining funds
with which to operate one or more facilities or for any combination of those purposes. b.
Any obligation of any kind which was entered into, made, assumed, or otherwise incurred by
the United States of America or any department, agency, or instrumentality...
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2-6-70
Section 2-6-70 Definitions. As used in this article, the following words shall have
the following meanings unless the context clearly requires otherwise: (1) AGRICULTURAL CENTER
BOARD. The board of that name established pursuant to Article 2 of this chapter. (2) AGRICULTURAL
FUND. The fund of that name created and administered pursuant to Article 1, Chapter 9, Title
2. (3) BOARD OF AGRICULTURE AND INDUSTRIES. The Alabama Board of Agriculture and Industries
created pursuant to Section 2-3-1. (4) BUILDING COMMISSION. The Building Commission
created under Article 6, Chapter 9, Title 41, and any successor agency thereto. (5) COLISEUM.
The existing Garrett Coliseum and the grounds and other buildings and structures associated
therewith, all owned by the Agricultural Center Board and located in the City of Montgomery,
Alabama. (6) CORPORATION. The public corporation authorized to be created by this article.
(7) ELIGIBLE INVESTMENTS. (i) Any time deposit with, or any certificate of deposit...
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27-55-3
Section 27-55-3 Prohibited practices; disclosure of information. (a) No insurer may:
(1) Deny, refuse to issue, renew, or reissue, cancel, or otherwise terminate, restrict, or
exclude coverage on an insurance policy or health benefit plan on the basis of an applicant's
or insured's abuse status, or on the basis of any association, relationship, or assistance
to a subject of abuse. (2) Exclude or limit coverage for a loss, deny benefits, or deny a
claim on the basis of the insured's abuse status, or on the basis of any association, relationship,
or assistance to a subject of abuse, except as otherwise permitted or required by the laws
of this state relating to acts of abuse committed by a life insurance beneficiary. Notwithstanding
anything to the contrary in this section, a liability insurer may include policy provisions
providing that a payment required by this subsection may be denied or, if paid, recovered
by the insurer from the insured, if the claim arose out of an act of abuse by...
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27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this
state and secures its obligations in accordance with the requirements of this section.
In order to be eligible for certification, the assuming insurer shall meet all of the following
requirements: (1) The assuming insurer must be domiciled and licensed to transact insurance
or reinsurance in a qualified jurisdiction, as determined by the commissioner pursuant to
subsection (c). (2) The assuming insurer must maintain minimum capital and surplus, or its
equivalent, in an amount to be determined by the commissioner pursuant to regulation. (3)
The assuming insurer must maintain financial strength ratings from two or more rating agencies
deemed acceptable by the commissioner pursuant to regulation. (4) The assuming insurer must
agree to submit to the jurisdiction of this state, appoint the commissioner as its agent...
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45-2-245.20
Section 45-2-245.20 Trust fund established; administration. (a) Any laws or parts of
laws to the contrary notwithstanding, any annual privilege tax levied upon persons engaging
in the business of producing or severing oil or gas or other hydrocarbons from the soil or
waters of Baldwin County measured by the gross value of such oil or gas or other hydrocarbons
and which tax is applicable only in Baldwin County and under which collections were being
made on January 1, 1987, shall be continued and collected only as herein prescribed. (1) All
revenues collected from such local severance taxes, shall, beginning the first day of the
month following May 19, 1989, be paid into the general fund of the county exclusively for
transfer and deposit into the trust fund hereby established until the total sum of fifteen
million dollars ($15,000,000) in severance tax revenues of the type described in this section,
excluding any interest income on amounts deposited therein from such total sum, has been...
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27-9A-12
Section 27-9A-12 License denial, non-renewal, or revocation. (a) The commissioner may
place on probation, suspend, revoke, or refuse to issue or renew an independent adjuster's
license, an apprentice independent adjuster's license, or the registration of an emergency
independent adjuster, or may levy a civil penalty in accordance with subsection (d), or any
combination of these actions, for any one or more of the following causes: (1) Providing incorrect,
misleading, incomplete, or materially untrue information in the license application. (2) Violating
any insurance laws, rules, subpoena, or order of the commissioner or of another state's insurance
regulator. (3) Obtaining or attempting to obtain a license or registration through misrepresentation
or fraud. (4) Improperly withholding, misappropriating, or converting any monies or properties
received in the course of acting as an adjuster of any type or in otherwise doing insurance
business in this state or elsewhere. (5) Intentionally...
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