27-27-53
Section 27-27-53 Insider trading of domestic stock insurer equity securities - Ownership statements.
Every person who is, directly or indirectly, the beneficial owner of more than 10 percent
of any class of any equity security of a domestic stock insurance company or who is a director
or an officer of such company shall file in the Office of the Commissioner of Insurance of
Alabama on or before January 31, 1972, or within 10 days after he becomes such beneficial
owner, director, or officer, a statement, in such form as the commissioner may prescribe,
of the amount of all equity securities of such company of which he is the beneficial owner
and, within 10 days after the close of each calendar month thereafter, if there has been a
change in such ownership during such month, shall file in the office of the commissioner a
statement, in such form as the commissioner may prescribe, indicating his ownership at the
close of the calendar month and such changes in his ownership as have occurred...
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27-3-31
Section 27-3-31 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. Any domestic insurer may, upon the approval of the Commissioner of Insurance,
transfer its domicile to any other state in which it is admitted to transact the business
of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be
admitted to this state if qualified as a foreign insurer. The Commissioner of Insurance shall
approve any such proposed transfer unless he shall determine such transfer is not in the interest
of the policyholders of this state. (Acts 1991, No. 91-446, p. 816, §2.)...
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27-35-11
Section 27-35-11 Conversion into stock or mutual life insurance company - Separate record of
premiums; exemption from premium taxes. The insurer, after conversion from a fraternal benefit
society, shall maintain separate records of premiums received by it on account of policies
and certificates originally issued while a fraternal benefit society and continuing in force
without material change as to form or basis of premium. All such premiums shall be exempt
from premium taxes to the same extent, if any, as to which exempted if currently received
by a domestic fraternal benefit society. (Acts 1971, No. 407, p. 707, §737.)...
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27-27-56
Section 27-27-56 Insider trading of domestic stock insurer equity securities - Exemptions from
Sections 27-27-54 and 27-27-55; prescription of terms and conditions thereon. The provisions
of Section 27-27-54 shall not apply to any purchase and sale or sale and purchase and the
provisions of Section 27-27-55 shall not apply to any sale of an equity security of a domestic
stock insurance company not then, or theretofore, held by him in an investment account by
a dealer in the ordinary course of his business and incident to the establishment, or maintenance
by him, of a primary or secondary market, otherwise than on an exchange as defined in the
Securities Exchange Act of 1934, for such security. The commissioner may, by such rules and
regulations as he deems necessary or appropriate in the public interest, define and prescribe
terms and conditions with respect to securities held in an investment account and transactions
made in the ordinary course of business and incident to the...
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27-27-57
Section 27-27-57 Insider trading of domestic stock insurer equity securities - Applicability
of Sections 27-27-53 through 27-27-55. The provisions of Sections 27-27-53 through 27-27-55
shall not apply to foreign or domestic arbitrage transactions unless made in contravention
of such rules and regulations as the commissioner may adopt in order to carry out the purposes
of this chapter. (Acts 1971, No. 407, p. 707, §553.)...
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27-27-58
Section 27-27-58 Insider trading of domestic stock insurer equity securities - Equity securities
- Defined. The term "equity security," when used in this chapter, means any stock
or similar security or any security convertible, with or without consideration, into such
a security, or carrying any warrant or right to subscribe to or purchase such a security,
or any such warrant or right or any other security which the commissioner shall deem to be
of similar nature and consider necessary or appropriate, by such rules and regulations as
he may prescribe in the public interest or for the protection of investors, to treat as an
equity security. (Acts 1971, No. 407, p. 707, §554.)...
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27-27-54
Section 27-27-54 Insider trading of domestic stock insurer equity securities - Recovery of
certain profits by company. For the purpose of preventing the unfair use of information which
may have been obtained by such beneficial owner, director, or officer by reason of his relationship
to such company, any profit realized by him from any purchase and sale or any sale and purchase,
of any equity security of such company within any period of less than six months, unless such
security was acquired in good faith in connection with a debt previously contracted, shall
inure to, and be recoverable by, the company, irrespective of any intention on the part of
such beneficial owner, director, or officer in entering into such transaction of holding the
security purchased or of not repurchasing the security sold for a period exceeding six months.
An action to recover such profit may be instituted in any court of competent jurisdiction
by the company or by the owner of any security of the company in...
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27-31-24
Section 27-31-24 Levy of assessments on subscribers of domestic insurers - Aggregate liability.
No one policy or subscriber as to such policy shall be assessed or charged with an aggregate
of contingent liability as to obligations incurred by a domestic reciprocal insurer in any
one calendar year in excess of the amount provided for in the power of attorney or in the
subscribers' agreement, computed solely upon premium earned on such policy during that year.
(Acts 1971, No. 407, p. 707, §614.)...
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27-31-27
Section 27-31-27 Distribution of assets upon liquidation of domestic insurer. Upon the liquidation
of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness
and policy obligations, the return of any contributions of the attorney or other persons to
its surplus made as provided in Section 27-31-15, and the return of any unused premium, savings,
or credits then standing on subscribers' accounts shall be distributed to its subscribers
who were such within the 12 months prior to the last termination of its certificate of authority,
according to such reasonable formula as the commissioner may approve. (Acts 1971, No. 407,
p. 707, §617.)...
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27-32-32
Section 27-32-32 Assessments - Commissioner's report. Within three years from the date an order
of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer
was filed in the office of the clerk of the court by which such order was made, the commissioner
may make his report to the court setting forth: (1) The reasonable value of the assets of
the insurer; (2) The insurer's probable liabilities; and (3) The probable necessary assessment,
if any, to pay all claims and expenses in full, including expenses of administration. (Acts
1971, No. 407, p. 707, §651.)...
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