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
27-31-23
Section 27-31-23 Levy of assessments on subscribers of domestic insurers - Time limit. Every subscriber of a domestic reciprocal insurer having contingent liability shall be liable for and shall pay his share of, any assessment, as computed and limited in accordance with this chapter, if: (1) While his policy is in force or within one year after its termination, he is notified by either the attorney or the commissioner of his intentions to levy such assessment; or (2) An order to show cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while his policy is in force or within one year after its termination. (Acts 1971, No. 407, p. 707, §613.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-23.htm - 1K - Match Info - Similar pages
27-31-14
Section 27-31-14 Service of process on domestic insurer; judgment thereon. (a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his principal offices or by serving the commissioner as the insurer's process agent under Sections 27-3-24 and 27-3-25. (b) Any judgment based upon legal process so served shall be binding upon each of the insurer's subscribers as their respective interests may appear, but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber. (Acts 1915, No. 280, p. 315; Acts 1971, No. 407, p. 707, §604.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-14.htm - 993 bytes - Match Info - Similar pages
27-31-7
Section 27-31-7 Certificate of authority - Application by domestic insurer; contents of declaration. (a) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the commissioner for a certificate of authority to transact insurance. (b) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority a declaration setting forth: (1) The name of the insurer; (2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state; (3) The kinds of insurance proposed to be transacted; (4) The names and addresses of the original subscribers; (5) The designation and appointment of the proposed attorney and a copy of the power of attorney; (6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm; (7) The powers of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-7.htm - 2K - Match Info - Similar pages
27-27-37
Section 27-27-37 Dividends - Domestic stock insurers. (a) A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from realized net profits on its business. (b) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the insurer under Section 27-27-40. (c) A dividend otherwise proper may be payable out of the insurer's surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof if payment is conditioned upon receipt of the commissioner's approval and the insurer does not pay the dividend until the commissioner has done the following: (1) Approved the payment of the dividend, or (2) Not disapproved the payment of the dividend within 30 days after receipt of notice from the insurer of the declaration...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-37.htm - 1K - Match Info - Similar pages
27-27-46
Section 27-27-46 Merger and consolidations - Domestic mutual insurers. (a) A domestic mutual insurer may merge or consolidate with another insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit, except as provided in this section. (b) The plan and agreement for merger or consolidation shall be submitted to, and approved by, at least two-thirds of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the commissioner. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than one year. (c) No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the commissioner and approved by him in writing after a hearing thereon. The commissioner shall give such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-46.htm - 1K - Match Info - Similar pages
27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his bond as set forth in subsection (b) of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the commissioner's approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his hands and that he will not withdraw or appropriate to his own use from the funds of the insurer any moneys or property to which he is not entitled under the power of attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-11.htm - 1K - Match Info - Similar pages
27-35-2
Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion; approval or disapproval thereof. (a) The proposed plan for the conversion of the society into a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms and conditions thereof. After approval of the plan by the society's board of directors, the society shall file the plan of conversion with the commissioner. (b) If, upon examination thereof, the commissioner is of the opinion that the plan is complete, is in compliance with the law, is fair and equitable to the certificate holders and interests of the society and that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise, the commissioner shall disapprove the plan. If not disapproved and written notice thereof given the society within 30 days after the date of filing with the commissioner, the plan shall be deemed to have been approved as of the expiration of such 30 days'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-2.htm - 1K - Match Info - Similar pages
27-27-40
Section 27-27-40 Loans by domestic insurers. (a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement may provide for interest at a reasonable rate per annum, which interest shall, or shall not, constitute a liability of the insurer as to its funds other than such excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan. (b) Money so borrowed, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement or be the basis of any setoff, but, until repaid, financial statements filed or published by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-40.htm - 2K - Match Info - Similar pages
27-3-32
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders; effect upon certificates of authority, agents, etc., including outstanding policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of details of transfer and file amendments required by law. The certificate of authority, agents appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-32.htm - 2K - Match Info - Similar pages
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