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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,...
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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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10A-5A-1.02
Section 10A-5A-1.02 Definitions. Notwithstanding Section 10A-1-1.03, as used in this chapter,
unless the context otherwise requires, the following terms mean: (a) "Certificate of
formation," with respect to a limited liability company, means the certificate provided
for by Section 10A-5A-2.01, and the certificate as amended or restated. (b) "Constituent
limited liability company" means a constituent organization that is a limited liability
company. (c) "Constituent organization" means an organization that is party to a
merger under Article 10. (d) "Converted organization" means the organization into
which a converting organization converts pursuant to Article 10. (e) "Converting limited
liability company" means a converting organization that is a limited liability company.
(f) "Converting organization" means an organization that converts into another organization
pursuant to Article 10. (g) "Disqualified person" means any person who is not a
qualified person. (h) "Distribution" except...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-1.02.htm - 5K - Match Info - Similar pages
27-33-13
Section 27-33-13 Trusteed assets - Withdrawal. (a) The trust agreement shall provide, in substance,
that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee
without the written authorization or approval of the commissioner in advance thereof except
as follows: (1) Any or all income, earnings, dividends, or interest accumulations of the trusteed
assets may be paid over to the United States manager of the insurer upon request of the insurer
or the manager; (2) For substitution, coincidentally with such withdrawal, of other securities
or assets of value at least equal in amount to those being withdrawn, if such substituted
securities or assets are likewise such as are eligible for investment of the funds of like
domestic insurers and if such withdrawal is requested in writing by the insurer's United States
manager pursuant to general or specific written authority previously given or delegated by
the insurer's board of directors, or other similar...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages
27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
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6-11-51
Section 6-11-51 Definitions. As used in this article the following words and terms shall have
the following meanings: (1) ANNUITY ISSUER. An insurer that has issued a contract to fund
periodic payments under a structured settlement. (2) DEPENDENTS. A payee's spouse and minor
children and all other persons for whom the payee is legally obligated to provide support,
including alimony. (3) DISCOUNTED PRESENT VALUE. The present value of future payments determined
by discounting the payments to the present using the most recently published applicable federal
rate for determining the present value of an annuity, as issued by the United States Internal
Revenue Service. (4) GROSS ADVANCE AMOUNT. The sum payable to the payee or for the payee's
account as consideration for a transfer of structured settlement payment rights before any
reductions for transfer expenses or other deductions to be made from the consideration. (5)
INDEPENDENT PROFESSIONAL ADVICE. Advice of an attorney, certified public...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-51.htm - 5K - Match Info - Similar pages
10A-1-8.01
Section 10A-1-8.01 Conversion of business and nonprofit entities. (a) A conversion of an entity
may be accomplished as provided in this section: (1) CORPORATIONS. a. The terms and conditions
of a plan of conversion of a corporation, other than a nonprofit corporation, must be approved
in accordance with the procedures and by the stockholder vote required by Article 9 of Chapter
2A. If the governing documents provide for approval of a conversion by less than all of a
corporation's stockholders, approval of the conversion shall constitute corporate action subject
to appraisal rights pursuant to Article 13 of Chapter 2A. No conversion of a corporation to
a general or limited partnership may be effected without the consent in writing of each stockholder
who will have personal liability with respect to the converted entity, notwithstanding any
provision in the governing documents of the converting corporation providing for less than
unanimous stockholder approval for the conversion. b. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-8.01.htm - 18K - Match Info - Similar pages
16-6F-7
Section 16-6F-7 Applicant proposals; conversion to public charter school; terms of charters;
contracts. (a) Request for proposals. (1) To solicit, encourage, and guide the development
of quality public charter school applications, every local school board, in its role as public
charter school authorizer, shall issue and broadly publicize a request for proposals for public
charter school applications by July 17, 2015, and by November 1 in each subsequent year. The
content and dissemination of the request for proposals shall be consistent with the purposes
and requirements of this act. (2) Public charter school applicants may submit a proposal for
a particular public charter school to no more than one local school board at a time. (3) The
department shall annually establish and disseminate a statewide timeline for charter approval
or denial decisions, which shall apply to all authorizers in the state. (4) Each local school
board's request for proposals shall present the board's strategic...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-6F-7.htm - 16K - Match Info - Similar pages
25-4-10
Section 25-4-10 Employment. (a) Subject to other provisions of this chapter, "employment"
means: (1) Any service performed prior to January 1, 1978, which was employment as defined
in this section prior to such date and, subject to the other provisions of this section, services
performed for remuneration after December 31, 1977, including service in interstate commerce,
by: a. Any officer of a corporation; or b. Any individual who, under the usual common law
rules applicable in determining the employer-employee relationship, has the status of an employee;
or c. Any individual other than an individual who is an employee under paragraphs a. or b.
of this subdivision (1) who performs services for remuneration for any person: 1. As an agent-driver
or commission-driver engaged in distributing meat products, bakery products, beverages (other
than milk) or laundry or dry cleaning services for a principal; 2. As a traveling or city
salesman engaged upon a full-time basis in the solicitation on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-10.htm - 38K - Match Info - Similar pages
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