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27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
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27-27-49
Section 27-27-49 Distribution of assets upon liquidation of domestic mutual insurer. (a) Upon
any liquidation of a domestic mutual insurer, its assets remaining after discharge of its
indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and
expenses of administration shall be distributed to existing persons who were its members at
any time within 36 months next preceding the date such liquidation was authorized or ordered
or date of last termination of the insurer's certificate of authority, whichever date is the
earlier; except, that if the commissioner has reason to believe that those in charge of the
management of the insurer have caused or encouraged the reduction of the number of members
of the insurer in anticipation of liquidation and for the purpose of reducing thereby the
number of persons who may be entitled to share in distribution of the insurer's assets, he
may enlarge the 36-month qualification period provided for in this subsection by...
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27-27-5
Section 27-27-5 Solicitation permit - Application. To apply for a solicitation permit, the
person shall: (1) File with the commissioner a request therefor showing: a. Name, type and
purpose of insurer, corporation, syndicate, association, firm, partnership, or organization
formed or proposed to be formed; b. Names, addresses, business background, and qualifications
of each person associated, or to be associated, in the enterprise or in the formation of the
proposed insurer, corporation, syndicate, association, firm, partnership, or organization;
c. Full disclosure of the terms of all pertinent understandings and agreements existing or
proposed among persons so associated; and copies of all such agreements, relative to the proposed
financing of the insurer, corporation, syndicate, association, firm, partnership, or organization,
or the formation thereof; d. The plan according to which solicitations are to be made; and
e. Such additional information as the commissioner may reasonably...
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27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original
certificate of authority an insurer shall file with the commissioner its application therefor,
accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location
of its home office or, if an alien insurer, principal office in the United States, kinds of
insurance to be transacted, state or country of domicile and such additional information as
the commissioner may reasonably require, together with the following documents, as applicable:
(1) A copy of its corporate charter, articles of incorporation or other charter documents
with all amendments thereto, certified by the public officer with whom the originals are on
file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as
amended, certified by its secretary or other officer having custody thereof; (3) If a foreign
reciprocal insurer, copies of the power of attorney of its...
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10A-2A-13.02
Section 10A-2A-13.02 Right to appraisal. (a) A stockholder is entitled to appraisal rights,
and to obtain payment of the fair value of that stockholder's stock, in the event of any of
the following corporate actions: (1) consummation of a merger to which the corporation is
a party (i) if the corporation is a subsidiary and the merger is governed by Section 10A-2A-11.05
or (ii) if stockholder approval is required for the merger by Section 10A-2A-11.04, or would
be required but for the provisions of Section 10A-2A-11.04(j), except that appraisal rights
shall not be available to any stockholder of the corporation with respect to stock of any
class or series that remain outstanding after consummation of the merger; (2) consummation
of a stock exchange to which the corporation is a party the stock of which will be acquired,
except that appraisal rights shall not be available to any stockholder of the corporation
with respect to any class or series of stock of the corporation that is not...
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27-27-26
Section 27-27-26 Pecuniary interests of officers, etc., of domestic insurers. (a) No officer
or director of a domestic insurer, and no member of any committee or employee of a domestic
insurer who is charged with the duty of investing or handling the funds of the insurer, shall
do any of the following: (1) Deposit or invest the funds except in the corporate name of the
insurer; except, that the insurer may for its convenience hold any equity investment in a
street name or in the name of a nominee. (2) Borrow the funds of the insurer. (3) Be pecuniarily
interested in any loan, pledge or deposit, security, investment, sale, purchase, exchange,
reinsurance, or other similar transaction or property of the insurer except as follows: a.
As a stockholder or member of the insurer. b. As a holder or owner of common stock or equity-like
preferred stock in any corporation or business entity trading on a national or international
stock exchange. c. As a holder or owner of shares of mutual funds,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-26.htm - 3K - Match Info - Similar pages
27-32-33
Section 27-32-33 Assessments - Levy. (a) Upon the basis of the report provided for in Section
27-32-32, including any amendments thereto, the court may, of its own motion, order the commissioner
to levy one or more assessments against all members of such insurer who, as shown by the records
of the insurer, were members, if a mutual insurer, or subscribers, if a reciprocal insurer,
at any time within one year prior to the date of issuance of the order to show cause under
Section 27-32-4. (b) Such assessment or assessments shall cover the excess of the probable
liabilities over the reasonable value of the assets, together with the estimated cost of collection
and percentage of uncollectability thereof. The total of all assessments against any member
or subscriber with respect to any policy, whether levied pursuant to this chapter or pursuant
to any other provision of law, shall be for no greater amount than that specified in the policy
or policies of the member or subscriber; except,...
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27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is certified by the commissioner as a reinsurer in this state
and secures its obligations in accordance with the requirements of this section. In order
to be eligible for certification, the assuming insurer shall meet all of the following requirements:
(1) The assuming insurer must be domiciled and licensed to transact insurance or reinsurance
in a qualified jurisdiction, as determined by the commissioner pursuant to subsection (c).
(2) The assuming insurer must maintain minimum capital and surplus, or its equivalent, in
an amount to be determined by the commissioner pursuant to regulation. (3) The assuming insurer
must maintain financial strength ratings from two or more rating agencies deemed acceptable
by the commissioner pursuant to regulation. (4) The assuming insurer must agree to submit
to the jurisdiction of this state, appoint the commissioner as its agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
27-27-38
Section 27-27-38 Dividends - Domestic mutual insurers. (a) The directors of a domestic mutual
insurer may, from time to time, apportion and pay or credit to its members dividends only
out of that part of its surplus funds which represents net realized savings and net realized
earnings in excess of the surplus required by law to be maintained. (b) A dividend otherwise
proper may be payable out of the savings and earnings even though the insurer's total surplus
is then less than the aggregate of its contributed surplus 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 thereof. (Acts 1971, No. 407, p. 707, §534; Acts 1994, No. 94-634, p.
1178, §2.)...
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27-27-50
Section 27-27-50 Extinguishment and nullification of domestic insurers' corporate charter.
(a) The corporate charter of any corporation formed under the laws of this state more than
three years prior to January 1, 1972, for the purpose of becoming an insurer and which corporation
within such three-year period has not actively engaged in business as a domestic insurer under
a certificate of authority issued to it by the commissioner under laws then in force is hereby
extinguished and nullified. (b) The corporate charter of any other corporation formed under
the laws of this state for the purpose of becoming an insurer and which corporation during
any period of 36 consecutive months after January 1, 1972, is not actively engaged in business
as a domestic insurer under a certificate of authority issued to it by the commissioner under
laws currently in force is automatically hereby extinguished and nullified at the expiration
of such 36-month period. (c) The period during which any such...
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