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23-7-5
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions
of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate,
and administer the bank, and to perform its other functions including, but not limited to,
the following power to: (1) Have perpetual succession. (2) Adopt, promulgate, amend, and repeal
bylaws, not inconsistent with this chapter for the administration of the bank's affairs and
the implementation of its functions including the right of the board to select qualifying
projects and to provide loans and other financial assistance. (3) Sue and be sued in its own
name. (4) Have a seal and alter it at pleasure, although the failure to affix the seal does
not affect the validity of an instrument executed on behalf of the bank. (5) Make loans to
qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold,
and sell loan obligations at prices and in a manner as the board...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-5.htm - 6K - Match Info - Similar pages
27-1-17
Section 27-1-17 Limitation periods for payment of claims; overdue claims; retroactive denials,
adjustments, etc.; penalties. (a) Each insurer, health service corporation, and health benefit
plan that issues or renews any policy of accident or health insurance providing benefits for
medical or hospital expenses for its insured persons shall pay for services rendered by Alabama
health care providers within 45 calendar days upon receipt of a clean written claim or 30
calendar days upon receipt of a clean electronic claim. If the insurer, health service corporation,
or health benefit plan is denying or pending the claim, the insurer, health service corporation,
or health benefit plan shall, within 45 calendar days for a written claim and 30 calendar
days for an electronic claim, notify the health care provider or certificate holder of the
reason for denying or pending the claim and what, if any, additional information is required
to process the claim. Any undisputed portion of the claim...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-17.htm - 17K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold authority
to transact insurance in this state, an insurer must be otherwise in compliance with this
title and with its charter powers and must be an incorporated stock insurer or an incorporated
mutual insurer or a reciprocal insurer, all of the same general type as may be formed as a
domestic insurer under this title; except that: (1) No foreign insurer shall be authorized
to transact insurance in this state which does not maintain reserves as required by Chapter
36 of this title applicable to the kind, or kinds, of insurance transacted by such insurer,
wherever transacted in the United States, or which transacts insurance in the United States
on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
27-3-1
Section 27-3-1 Certificate of authority - Requirement. (a) No person shall act as an insurer
and no insurer shall transact insurance in this state unless so authorized by a subsisting
certificate of authority issued to it by the commissioner, except as to such transactions
as are expressly otherwise provided for in this title. (b) No insurer shall from offices or
by personnel or facilities located in this state solicit insurance applications or otherwise
transact insurance in another state or country unless it holds a subsisting certificate of
authority issued to it by the commissioner authorizing it to transact the same kind or kinds
of insurance in this state. (Acts 1971, No. 407, p. 707, §48.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-1.htm - 1020 bytes - Match Info - Similar pages
27-3-6
Section 27-3-6 Authority to transact insurance - Kind or combinations of kinds - Restrictions.
An insurer which otherwise qualifies therefor may be authorized to transact any one kind or
combination of kinds of insurance as defined in Chapter 5 of this title, except: (1) A life
insurer may grant annuities and shall be authorized to transact in addition only disability
insurance, and no insurer shall be authorized to transact life insurance in this state which
transacts anywhere any kind of insurance in addition to life and disability insurances and
annuities; except, that the commissioner shall, if the insurer otherwise qualifies therefor,
continue to so authorize any life insurer which, immediately prior to the effective date of
this title, was lawfully authorized to transact in this state a kind or kinds of insurance
in addition to life and disability; (2) A reciprocal or Lloyd's plan insurer shall not transact
life insurance; and (3) A title insurer shall be a stock insurer and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-6.htm - 1K - Match Info - Similar pages
27-24-5
Section 27-24-5 Additional bond upon insolvency, etc., of surety. If the authority of a surety
insurer to transact business in this state is revoked or otherwise terminated upon the ground
that the insurer is insolvent or cannot be safely accepted as surety upon bonds and undertakings
mentioned in Section 27-24-2, it shall be the duty of any officer in this state authorized
to approve official bonds, upon receiving the circular letter from the commissioner as provided
for in subsection (c) of Section 27-3-22 or upon otherwise being informed of such revocation
or termination, to require the principal in any such bond upon which such insurer has become
surety to give an additional bond as provided by law. (Acts 1909, No. 147, p. 329; Acts 1971,
No. 407, p. 707, §490.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-24-5.htm - 1K - Match Info - Similar pages
27-3-24
Section 27-3-24 Service of process on insurers - Appointment of commissioner as agent. (a)
Each insurer applying for a certificate of authority to transact business in this state shall
file with the commissioner an appointment of the commissioner and his successors in office,
on a form as furnished by the commissioner, as its attorney upon whom may be served all lawful
process in any action or proceeding against it in this state and therein shall agree that
any such process served upon such attorney shall be of the same force and validity as if served
on the insurer. The appointment shall be irrevocable, shall bind the insurer and any successor
in interest or to the assets or liabilities of the insurer and shall remain in effect as long
as there is outstanding in this state any obligation or liability of the insurer resulting
from its transactions therein. (b) At the time of such appointment of the commissioner as
its process agent, the insurer shall file with the commissioner...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-24.htm - 1K - Match Info - Similar pages
27-11-5
Section 27-11-5 Secretary of State as agent for service of process on insurer; service of process;
attachment of jurisdiction; fees for service. (a) Any insurer not qualified under the laws
of this state to transact the business of insurance as evidenced by a license or certificate
of authority from the Commissioner of Insurance which shall transact, or attempt to transact,
the business of insurance in this state or which shall do, or attempt to do, any of the acts
and occurrences set out in Section 27-11-3 shall, by the doing of such business or the performing
or attempting to perform any of such acts, be deemed to have appointed the Secretary of State,
or his successor or successors in office, to be the true and lawful attorney or agent of such
insurer whom process may be served in any action accrued or accruing from the transacting
of such business or the performing of such act by any such insurer, or by its agent, servant,
or employee. Service of such process shall be made by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-5.htm - 4K - Match Info - Similar pages
27-3-7
Section 27-3-7 Authority to transact insurance - Kind or combinations of kinds - Minimum paid-in
capital stock and surplus. (a) To qualify for authority to transact any one kind of insurance,
as defined in Chapter 5 of this title, or combination of kinds of insurance as shown below,
an insurer applying for its original certificate of authority in this state after the effective
date of this title or continuing such original certificate of authority shall possess and
thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired surplus,
if a foreign mutual or foreign reciprocal insurer, in amount not less than as applicable under
the schedule below and shall possess when first so authorized such additional funds as surplus
as are required under Section 27-3-8: Kind or kinds of insurance Minimum capital or surplus
required Life $800,000.00 Disability 500,000.00 Life and disability 800,000.00 Property 300,000.00
Marine 300,000.00 Casualty 400,000.00 Surety...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-7.htm - 3K - Match Info - Similar pages
27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special surplus.
(a) In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual
and reciprocal insurers) required by Section 27-3-7, special surplus shall be possessed by
insurers hereafter applying for original certificates of authority in this state as follows:
(1) All stock insurers and foreign mutual and foreign reciprocal insurers which have actively
transacted insurance in their states or countries of domicile as an authorized insurer for
less than five years and which do not meet the requirements of paragraphs (2) a or (2) b of
Section 27-3-4, when first authorized to transact insurance in this state shall have a surplus
or additional surplus equal to 150 percent of the paid-up capital stock, if a stock insurer,
or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise required under Section
27-3-7 for the kinds of insurance to be transacted; and (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-8.htm - 2K - Match Info - Similar pages
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