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27-30-6
Section 27-30-6 Capital stock or surplus requirements for existing associations. Any
domestic mutual aid association which immediately prior to January 1, 1972, lawfully held
a certificate of authority or license to transact such business in this state and which is
otherwise in compliance with the requirements of this chapter shall be entitled to have a
certificate of authority while it has and maintains unimpaired paid-in capital stock, if a
stock corporation, or surplus, if a mutual corporation, as follows: (1) If it is a stock corporation,
it must have and maintain capital stock of at least $25,000.00; except, that an association
having unimpaired paid-in capital stock on January 1, 1972, in less than such amount shall
as of each December 31, following January 1, 1972, have increased its unimpaired paid-in capital
stock by an amount equal to not less than 20 percent of such original deficiency, so that,
and until not later than the fifth such December 31, the association shall have...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-6.htm - 2K - Match Info - Similar pages
27-30-9
Section 27-30-9 Certificate of authority - Issuance or refusal. If, upon completion
of the application for a certificate of authority, the commissioner finds: (1) That the documents
filed with the application are lawful and equitable in terms and have been properly executed
and filed; (2) That the applicant has the amount of unimpaired paid-in capital stock and/or
surplus as required under this chapter and has made the deposit required under Section
27-30-18; (3) That the forms of contracts, policies, or other agreements proposed to be used
by the association in this state fulfill the requirements of Section 27-30-14 and are
not disapproved by him on any ground referred to in subsection (c) of Section 27-30-14;
(4) That the proposed schedule of fees, dues, contributions, or other sums to be charged or
received by the association are provided for on a practical and feasible basis and would be
adequate in amount to cover the risks and obligations to be assumed by the association under...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-9.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-7.htm - 3K - Match Info - Similar pages
40-14A-33
Section 40-14A-33 (Repealed for taxable years beginning on or after January 1, 2002.)
Definition of initial taxable shares base. (a) Determine the sum of the following as of the
first day of the corporation's taxable year: (1) The outstanding capital stock and any additional
paid-in capital, but without reduction for treasury stock; and (2) Retained earnings, but
not less than zero, which shall include any amounts designated for the payment of dividends
until the amounts are definitely and irrevocably placed to the credit of stockholders subject
to withdrawal on demand. (b) From the amount determined under subsection (a), deduct: (1)
The book value of goods, wares, and merchandise held for sale; (2) The book value of the investment
by the taxpayer in the equity of other corporations doing business in Alabama. This subdivision
shall not apply if the taxpayer is a dealer in securities subject to 26 U.S.C. ยง1236. (3)
Federal obligations. a. For a taxpayer who does not hold federal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-33.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue
or deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such
violating insurer or person if such authority or license is already outstanding. (b) No person
shall issue or deliver, or permit its agents, officers, or employees to issue or deliver,
in this state, any life insurance policy or contract of annuity in which are used such words
as "investment plan," "expansion plan," "profit-sharing," "charter
plan," "founders'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-10.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-370.htm - 4K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-9.htm - 4K - Match Info - Similar pages
40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby
approved, adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article
I. Purposes. The purposes of this compact are to: 1. Facilitate proper determination of state
and local tax liability of multistate taxpayers, including the equitable apportionment of
tax bases and settlement of apportionment disputes. 2. Promote uniformity or compatibility
in significant components of tax systems. 3. Facilitate taxpayer convenience and compliance
in the filing of tax returns and in other phases of tax administration. 4. Avoid duplicative
taxation. Article II. Definitions. As used in this compact: 1. "State" means a state
of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory
or possession of the United States. 2. "Subdivision" means any governmental unit
or special district of a state. 3. "Taxpayer" means any corporation, partnership,
firm,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
10A-4-3.02
Section 10A-4-3.02 Death or disqualification of shareholder. (a) Upon the death of a
shareholder of a domestic professional corporation, or if a shareholder of a domestic professional
corporation becomes a disqualified person, or if shares of a domestic professional corporation
are transferred by operation of law or court decree to a disqualified person, the shares of
the deceased shareholder or of the disqualified person may be transferred to a qualified person
and, if not so transferred, shall be purchased or redeemed by the domestic professional corporation
to the extent of funds which may be legally made available for the purchase. (b) If the price
for the shares is not fixed by the governing documents of the domestic professional corporation
or by private agreement, the domestic professional corporation, within six months after the
death or 30 days after the disqualification or transfer, as the case may be, shall make a
written offer to pay for the shares at a specified price...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-4-3.02.htm - 7K - Match Info - Similar pages
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