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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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22-21-370
Section 22-21-370 Posting of securities or surety bond; custody of securities; exemption
from taxation; release of securities or bond; modification orders; hearing; effect of failure
to comply. (a) To assure the faithful performance of its obligations in the event of insolvency
each dental service corporation authorized under Section 22-21-364 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) A corporation which has operated no dental service
plan in this state prior to January 1, 1983, shall, prior to the issuance of its certificate
of authority and before receiving any subscription payments, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) A corporation
operating a dental service plan business in this state prior to January 1, 1983, and...
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9-10-34
Section 9-10-34 Powers and duties generally. A corporation organized and established
under the provisions of this article shall have the following powers, subject only to the
limitations described in Section 9-10-35 following: (1) To adopt bylaws for the regulation
of its affairs and the conduct of its business; (2) To adopt an official seal and alter the
same at pleasure; (3) To maintain a principal office at the county seat and suboffices at
such place or places within the county as it may designate; (4) To sue and be sued in its
own name; (5) To enter into contracts and agreements or do any act necessary or incidental
to the performance of its duties and execution of its powers under this article; (6) To acquire,
hold and dispose of real and personal property or any interests therein; (7) To provide a
water supply by impounding a stream or by development and use of wells by either construction,
lease or purchase; (8) To develop and operate an irrigation project, including the...
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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,...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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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...
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40-16-3
Section 40-16-3 Returns. (a) Every financial institution, no later than the due date,
including applicable extensions, for its corresponding federal income tax or federal information
return, shall make and file with the Department of Revenue a return, signed under the penalties
of perjury by its cashier, treasurer, or other authorized officer or employee, if a corporation,
or by a person or authorized employee in charge of the conduct of the business to be taxed
if an individual, firm, association, or other legal entity, in such form as may be prescribed
by the Department of Revenue, giving such detailed information as the Department of Revenue
may in its opinion require to determine the net income of the financial institution for the
taxable year, by the net income of which the excise tax is to be measured. (b) Qualified corporate
groups, as in this chapter defined, shall have the option to file one excise tax return on
a consolidated basis or to file separate returns. Qualified...
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27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its
articles of association, charter, or other organizational document, may apply to the commissioner
for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5,
in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of
subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10,
and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all
of the following: (1) No pure captive insurance company may insure any risks other than those
of its parent and affiliated companies or controlled unaffiliated business. (2) No association
captive insurance company may insure any risks other than those of the member organizations
of its association, and their affiliated companies. (3) No industrial insured captive insurance
company may insure any risks other than those of the industrial insureds that comprise...
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34-36-7
Section 34-36-7 Examinations; reciprocity with other states; issuance of license; qualification
requirements. (a) All applicants for licensure must submit a completed application, application
fee, and supportive documentation of qualifications before taking an examination approved
by the board. The board shall examine applicants at least once every three months according
to the method deemed by it to be the most appropriate to test the qualifications of applicants.
Any national standardized or written examination proctored by an independent third party which
the board shall approve as substantially similar to the examination required to be licensed
under this chapter may be administered to all applicants in lieu of or in conjunction with
any other examination which the board shall give to test the qualifications of applicants.
The board shall also have the right to establish such norms of achievement as shall be required
for a passing grade. The board may, by rule, adopt the National...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall
be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital
and surplus as follows: (1) In the case of a pure captive insurance company, not less than
two hundred fifty thousand dollars ($250,000) or such other amount determined by the commissioner
and actuarially supported by a feasibility study. (2) In the case of an association captive
insurance company or risk retention group, not less than five hundred thousand dollars ($500,000)
or such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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