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27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Either
of the three accounts created under Section 27-44-6. (2) ASSOCIATION. The Alabama Life and
Disability Insurance Guaranty Association created under Section 27-44-6. (3) AUTHORIZED ASSESSMENT
or the term AUTHORIZED when used in the context of assessments. A resolution by the board
of directors has been passed whereby an assessment will be called immediately or in the future
from member insurers for a specified amount. An assessment is authorized when the resolution
is passed. (4) BENEFIT PLAN. A specific employee, union, or association of natural persons
benefit plan. (5) CALLED ASSESSMENT or the term CALLED when used in the context of assessments.
A notice that has been issued by the association to member insurers requiring that an authorized
assessment be paid within the time frame set forth within...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - Match Info - Similar pages
32-7-20
Section 32-7-20 Certificate of insurance as proof. (a) Proof of financial responsibility may
be furnished by filing with the director the written certificate of any insurance carrier
duly authorized to do business in this state certifying that there is in effect a motor vehicle
liability policy for the benefit of the person required to furnish proof of financial responsibility.
Such certificate shall give the effective date of such motor vehicle liability policy, which
date shall be the same as the effective date of the certificate, and shall designate by explicit
description or by appropriate reference all motor vehicles covered thereby, unless the policy
is issued to a person who is not the owner of a motor vehicle. (b) Proof of financial responsibility
relating to a motor vehicle liability policy may be verified through the online insurance
verification system of Chapter 7B and Chapter 7A. (c) No motor vehicle shall be or continue
to be registered in the name of any person required...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-20.htm - 1K - Match Info - Similar pages
27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required
to make any annual report except as provided in this chapter. (b) Prior to March 1 of each
year, each captive insurance company shall submit to the commissioner a report of its financial
condition, verified by oath of two of its executive officers. Except as provided in Section
27-31B-6, each captive insurance company shall report using statutory accounting principles,
unless the commissioner approves the use of generally accepted accounting principles, with
any useful or necessary modifications or adaptations thereof required or approved or accepted
by the commissioner for the type of insurance and kinds of insurers to be reported upon, and
as supplemented by additional information required by the commissioner. Except as otherwise
provided, each association captive insurance company and each industrial insured captive insurance
company insuring the risks of an industrial insured group...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-9.htm - 3K - Match Info - Similar pages
27-34-7
Section 27-34-7 License - Foreign or alien societies - Application; qualifications. (a) No
foreign or alien society shall transact business in this state without a license issued by
the commissioner. Any such society may be licensed to transact business in this state upon
filing with the commissioner: (1) A duly certified copy of its charter or articles of incorporation;
(2) A copy of its constitution and laws, certified by its secretary or corresponding officer;
(3) A power of attorney to the commissioner as prescribed in Section 27-34-47; (4) A statement
of its business under oath of its president and secretary, or corresponding officers, in a
form prescribed by the commissioner, duly verified by an examination made by the supervising
insurance official of its home state or other state, territory, province, or country satisfactory
to the commissioner; (5) A certificate from the proper official of its home state, territory,
province, or country that the society is legally incorporated...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-7.htm - 1K - Match Info - Similar pages
27-35-8
Section 27-35-8 Conversion into stock or mutual life insurance company - Completion; effect.
(a) When a fraternal benefit society has complied with the provisions of this chapter and
with the laws of this state relating to domestic stock life insurers or domestic mutual life
insurers, as the case may be, and has received from the commissioner a certificate of authority
to transact business in this state, its reorganization and conversion into such stock insurer
or mutual insurer shall be complete. (b) The reorganized and converted corporation shall be
deemed in law to be a continuation of the fraternal benefit society, whether the reorganization
and conversion shall have been accomplished by the formation of a new corporation or by the
amendment of the certificate of incorporation of the former society; and such reorganized
and converted corporation shall succeed to, and become invested with, all and singular, the
rights, privileges, franchises, and all property, real, personal, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-8.htm - 1K - Match Info - Similar pages
27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance of its
obligations in the event of insolvency, each corporation authorized under Section 27-43-8
shall, through the commissioner, deposit and maintain with the Treasurer of the State securities
of the type eligible for deposit by insurers under Section 27-6-3, which securities shall
have at all times a market value as follows: (1) An insurer which has transacted no legal
expense insurance in this state prior to January 1, 1982, shall, prior to the issuance of
its certificate of authority and before receiving any premiums, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer transacting
a legal expense insurance business in this state prior to January 1, 1982, and having in force
in this state less than $300,000.00 of gross written premiums, membership fees, or similar
charges shall place in trust with the Treasurer of the State,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-9.htm - 4K - Match Info - Similar pages
8-33-6
Section 8-33-6 Conditions for policies. No warranty reimbursement insurance policy shall be
issued, sold, or offered for sale in this state unless the policy meets the following conditions:
(1) The policy states that the issuer of the policy will reimburse or pay on behalf of the
vehicle protection product warrantor all covered sums which the warrantor is legally obligated
to pay or will provide all service that the warrantor is legally obligated to perform according
to the warrantor's contractual obligations under the provisions of the insured warranties
sold by the warrantor. (2) The policy states that in the event payment due under the terms
of the warranty is not provided by the warrantor within 60 days after proof of loss has been
filed according to the terms of the warranty by the warranty holder, the warranty holder may
file directly with the warranty reimbursement insurance company for reimbursement. (3) The
policy provides that a warranty reimbursement insurance company that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-33-6.htm - 2K - Match Info - Similar pages
27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions; validity
of contracts. (a) No person shall in this state, directly or indirectly, act as agent for,
or otherwise represent or aid on behalf of another, any insurer not then authorized to transact
such insurance in this state in the solicitation, negotiation, or effectuation of insurance
or annuity contracts, forwarding of applications, delivery of policies or contracts, inspection
of risks, fixing of rates, investigation or adjustment of losses, collection of premiums,
or in any other manner in the transaction of insurance with respect to subjects of insurance
resident, located or to be performed in this state. (b) This section shall not apply to: (1)
Acceptance of service of process by the commissioner under Section 27-10-52; (2) Surplus lines
insurance or coverage specified in Section 27-10-34 and other transactions as to which a certificate
of authority is not required of an insurer; (3) Adjustment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-1.htm - 2K - Match Info - Similar pages
27-39-2
Section 27-39-2 Applicability of chapter. This chapter shall be deemed and held exclusive authority
for the organization and operation of automobile clubs and associations within this state,
and such clubs and associations shall not be subject to any other laws respecting insurance
companies of any class, kind, or character except as to the conduct of hearings by the commissioner
and appeals therefrom; provided, however, that this chapter shall not affect the validity
of any membership certificate of any automobile club or association issued and outstanding
prior to January 1, 1972. Notwithstanding the aforementioned, nothing in this chapter shall
be construed as authority for a licensed automobile club or association to provide or furnish
insurance coverage unless such clubs shall have complied with all the laws and regulations
required of insurance companies authorized to do business in this state. (Acts 1971, No. 407,
p. 707, ยง805.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-39-2.htm - 1K - Match Info - Similar pages
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