27-2B-10
Section 27-2B-10 Relationship to other laws; adoption of rules; exemptions. (a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under other laws, including, but not limited to, Chapter 32, and Section 27-2-33. (b) The commissioner may adopt reasonable rules necessary for the implementation of this chapter. (c) The commissioner may exempt from the application of this chapter any domestic property and casualty insurer that meets all of the following criteria: (1) Writes direct business only in this state. (2) Writes direct annual premiums of two million dollars ($2,000,000) or less. (3) Assumes no reinsurance in excess of five percent of direct premium written. (d) The commissioner may exempt from the application of this chapter any health organization that meets all of the following criteria: (1) Writes direct business only in this state. (2) Assumes no...
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27-32-3
Section 27-32-3 Delinquency proceedings - Jurisdiction; venue; appeal. (a) The circuit court shall have original jurisdiction of delinquency proceedings under this chapter, and any court with jurisdiction is authorized to make all necessary and proper orders to carry out the purposes of this chapter. (b) The venue of delinquency proceedings against a domestic insurer shall be in the county of the insurer's principal place of business. The venue of such proceedings against foreign and alien insurers shall be in the Circuit Court of Montgomery County. (c) At any time after the commencement of a proceeding under this chapter, the commissioner may apply to the court for an order changing the venue of and removing the proceedings to Montgomery County or to any other county of this state in which he deems that such proceeding may be most economically and efficiently conducted. (d) Delinquency proceedings pursuant to this chapter shall constitute the sole and exclusive method of liquidating,...
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27-4A-2
Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS. All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State of Alabama. (4) DOMESTIC INSURER. Any insurer organized under the laws of the State of Alabama which maintains its principal office and chief place of business in the State of Alabama. (5) FOREIGN INSURER. Any insurer organized under the laws of any country or of any state of the United States other than the State of Alabama and any insurer organized under the laws of Alabama which maintains its principal office or chief place of business outside the State of Alabama. (6) INSURER. Every insurer as defined in Section 27-1-2, and every other insurance company or association charging a premium for contracts entered...
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27-1-2
Section 27-1-2 Definitions. For the purposes of this title, the following terms shall have the meanings respectively ascribed to them by this section. (1) INSURANCE. A contract whereby one undertakes to indemnify another or pay or provide a specified amount or benefit upon determinable contingencies. (2) INSURER. Every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance. (3) PERSON. An individual, insurer, company, association, organization, Lloyd's insurer, society, reciprocal insurer or interinsurance exchange, partnership, syndicate, business trust, corporation, and every legal entity. (4) COMMISSIONER. The Commissioner of Insurance of this state. (5) DEPARTMENT. The Department of Insurance of this state. (6) DOMESTIC INSURER. One formed under the laws of this state. (7) FOREIGN INSURER. One formed under the laws of any jurisdiction other than this state. Except where distinguished by context, "foreign" insurers includes also...
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27-25-6
Section 27-25-6 Companies to file rates. (a) Every title insurer shall file with the commissioner its schedule of premium rates and every modification of any premium rate that it proposes to use in this state. The premium rates shall not be subject to rebate and the rebate of premiums to the insured are expressly prohibited. If a reissue premium rate is filed by an insurer, an insured may receive reissue credit only when the insured physically produces the prior title insurance policy, including schedules associated therewith, issued by a title insurer licensed to be engaged in the business of title insurance in this state. A title insurer that has not filed its premium rates pursuant to the provisions hereof shall not engage in the business of title insurance until such time as its premium rates are filed. No person, title insurer, agency, or agent shall charge any premium rate for any policy or contract of title insurance except in accordance with the filed premium rates which are in...
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27-27-44
Section 27-27-44 Conversion of mutual insurer into stock insurer. (a) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the commissioner after a hearing thereon. (b) The commissioner shall not approve any such plan or procedure unless: (1) It is equitable to the insurer's members; (2) It is subject to approval by vote of not less than three-fourths of the insurer's current members voting thereon in person, by proxy, or by mail at a meeting of members called for the purpose pursuant to such reasonable notice and procedure as may be approved by the commissioner; if a life insurer, right to vote may be limited to members who hold policies other than term or group policies and whose policies have been in force for not less than one year; (3) The equity of each policyholder in the insurer is determinable under a fair formula approved by the commissioner, which such equity shall be based upon not less than the insurer's entire surplus, after...
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26-2A-139
Section 26-2A-139 Bond. (a) The court must require a conservator to furnish a bond payable to the judge of probate conditioned upon faithful discharge of all duties of the trust according to law, with sureties as it shall specify. Unless otherwise directed, the bond must be in the amount of the aggregate capital value of the property of the estate in the conservator's control, plus one year's estimated income, and minus the value of securities deposited under arrangements requiring an order of the court for their removal and the value of any land which the fiduciary, pursuant to Section 26-2A-152(d), lacks power to sell or convey without court authorization. The court, in lieu of sureties on a bond, may accept other collateral for the performance of the bond, including a pledge of securities or any other assets or a mortgage of land. (b) The court may at any time reduce the bond of the conservator or require the conservator to provide additional or larger bond as may seem to be proper...
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27-13-43
Section 27-13-43 Review of final orders of commissioner. Any final order made by the commissioner as provided by law may, upon appropriate petition filed by the Attorney General on behalf of the state or by any interested party, at any time within 30 days from the date of said order, be reviewed by the Circuit Court of Montgomery County, Alabama, on a writ of certiorari. Upon the filing of such petition, the petitioner shall file with the register or clerk of said court a bond, with good and sufficient sureties, to be approved by the register or clerk, conditioned to pay all costs which may be assessed against the petitioner in such proceedings. The Circuit Court of Montgomery County, Alabama, or the Court of Civil Appeals of Alabama, on appeal to it, may affirm said order or modify or repeal the same, in whole or in part. From the judgment of the Circuit Court of Montgomery County, Alabama, either the state or the interested party taking the appeal may appeal directly to the Court of...
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27-13-81
Section 27-13-81 Review of final orders of commissioner. Any final order made by the commissioner as provided by law may, upon appropriate petition filed by the Attorney General on behalf of the state or by any interested party at any time within 30 days from the date of said order, be reviewed by the Circuit Court of Montgomery County, Alabama, on a writ of certiorari. Upon the filing of such petition, the petitioner shall file with the register or clerk of said court a bond, with good and sufficient sureties, to be approved by the register or clerk, conditioned to pay all costs which may be assessed against the petitioner in such proceedings. The Circuit Court of Montgomery County, Alabama, or the Court of Civil Appeals of Alabama, on appeal to it, may affirm said order or modify or repeal the same, in whole or in part. From the judgment of the Circuit Court of Montgomery County, Alabama, either the state or the interested party taking the appeal may appeal directly to the Court of...
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27-2-34
Section 27-2-34 Order of supervision - Appointment of supervisor; acts which may be prohibited during period of supervision. During the period of supervision the commissioner may appoint a supervisor and may provide that the insurer may not do the following things during the period of supervision without the prior approval of the commissioner or his duly appointed supervisors: (1) Dispose of, convey, or encumber any of its assets or its business in force; (2) Withdraw any of its bank accounts; (3) Lend any of its funds; (4) Invest any of its funds; (5) Transfer any of its property; (6) Incur any debt, obligation, or liability; (7) Enter into any new reinsurance contract or treaty; (8) Issue to the public policies of insurance. (Acts 1975, No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)...
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