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27-31-3
Section 27-31-3 Powers generally. (a) A reciprocal insurer may, upon qualifying therefor as
provided for by this title, transact any kind or kinds of insurance defined by this title,
other than life or title insurances. (b) Such an insurer may purchase reinsurance upon the
risk of any subscriber and may grant reinsurance as to any kind of insurance it is authorized
to transact directly. (Acts 1971, No. 407, p. 707, ยง593.)...
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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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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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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...
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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...
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27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-27-15
Section 27-27-15 Domestic mutual insurers - Authorization to transact insurance. (a) When newly
organized, a domestic mutual insurer may be authorized to transact any one of the kinds of
insurance listed in the schedule contained in subsection (b) of this section. (b) When applying
for an original certificate of authority, the insurer must be otherwise qualified therefor
under this title and must have received and accepted bona fide applications as to substantial
insurable subjects for insurance coverage of a substantial character of the kind of insurance
proposed to be transacted, must have collected in cash the full premium therefor at a rate
not less than that usually charged by other insurers for comparable coverages, must have surplus
funds on hand and deposited as of the date such insurance coverages are to become effective
or, in lieu of such applications, premiums and surplus and may deposit surplus, all in accordance
with that part of the following schedule which applies to...
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27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
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27-27-7
Section 27-27-7 Solicitation permit - Issuance; contents; compliance with terms. (a) Upon the
filing of any bond required by Sections 27-27-10 or 27-27-16, after notice by the commissioner
provided for in subsection (a) of Section 27-27-6, or upon his decision to grant a solicitation
permit if such a bond is not so required, the commissioner shall issue to the applicant or
to the newly formed corporation, if the application is on behalf of a newly formed incorporated
domestic insurer, a solicitation permit. Every solicitation permit issued by the commissioner
shall contain provisions in substance as follows: (1) State the securities or other rights
or interests for which subscriptions are to be solicited, the number, classes, par value,
and selling price thereof, or identify the insurance contract, or contracts, for which applications
and advance premiums or deposits of premium are to be solicited in the case of mutual or reciprocal
insurers; (2) Require that any particular class of...
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