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27-3-24
Section 27-3-24 Service of process on insurers - Appointment of commissioner as agent. (a)
Each insurer applying for a certificate of authority to transact business in this state shall
file with the commissioner an appointment of the commissioner and his successors in office,
on a form as furnished by the commissioner, as its attorney upon whom may be served all lawful
process in any action or proceeding against it in this state and therein shall agree that
any such process served upon such attorney shall be of the same force and validity as if served
on the insurer. The appointment shall be irrevocable, shall bind the insurer and any successor
in interest or to the assets or liabilities of the insurer and shall remain in effect as long
as there is outstanding in this state any obligation or liability of the insurer resulting
from its transactions therein. (b) At the time of such appointment of the commissioner as
its process agent, the insurer shall file with the commissioner...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-24.htm - 1K - Match Info - Similar pages
27-31-21
Section 27-31-21 Liability of subscribers - Judgment. (a) No action shall lie against any subscriber
upon any obligation claimed against the insurer until a final judgment has been obtained against
the insurer and remains unsatisfied for 30 days. (b) Any such judgment shall be binding upon
each subscriber only in such proportion as his interests may appear and in amount not exceeding
his contingent liability, if any. (Acts 1971, No. 407, p. 707, §611.)...
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27-27-22
Section 27-27-22 Domestic mutual insurers - Bylaws. (a) A domestic mutual insurer shall have
bylaws for the government of its affairs. The initial board of directors of a domestic mutual
insurer shall adopt original bylaws, subject to the approval of the insurer's members at the
next succeeding meeting. The members shall have power to make, modify, and revoke bylaws.
(b) The bylaws shall provide: (1) That each member is entitled to one vote upon each matter
coming to a vote at meetings of members or to more votes in accordance with a reasonable classification
of members as set forth in the bylaws and based upon the amount of insurance in force, number
of policies held, or upon the amount of the premiums paid by such member or upon other reasonable
factors. A member shall have the right to vote in person or by his written proxy made not
less than 30 days prior to the meeting. No such proxy shall be made irrevocable for longer
than a period of three years; (2) For election of directors...
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27-27-3
Section 27-27-3 Power of domestic insurers to indemnify directors, etc. Without limiting the
powers and authorities of domestic insurers, as provided in Section 27-27-61, a domestic insurer
shall have the power and is hereby authorized to indemnify any director, officer, or employee,
or former director, officer, or employee of the corporation, or any person who may have served
at its request as a director or officer of another corporation in which it owns shares of
capital stock or of which it is a creditor against expenses actually and reasonably incurred
by him in connection with the defense of any action or proceeding, civil or criminal, in which
he is made a party by reason of being, or having been, such director or officer, except in
relation to matters as to which he shall be adjudged in such action or proceeding to be liable
for negligence or misconduct in the performance of duty to the corporation and to make any
other indemnification that shall be authorized by the articles of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-3.htm - 1K - Match Info - Similar pages
27-27-40
Section 27-27-40 Loans by domestic insurers. (a) A domestic stock or mutual insurer may borrow
money to defray the expenses of its organization, provide it with surplus funds or for any
purpose of its business, upon a written agreement that such money is required to be repaid
only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement
may provide for interest at a reasonable rate per annum, which interest shall, or shall not,
constitute a liability of the insurer as to its funds other than such excess of surplus, as
stipulated in the agreement. No commission or promotion expense shall be paid in connection
with any such loan. (b) Money so borrowed, together with the interest thereon if so stipulated
in the agreement, shall not form a part of the insurer's legal liabilities except as to its
surplus in excess of the amount thereof stipulated in the agreement or be the basis of any
setoff, but, until repaid, financial statements filed or published by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-40.htm - 2K - Match Info - Similar pages
27-31-22
Section 27-31-22 Levy of assessments on subscribers of domestic insurers - Generally. (a) Assessments
may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor
under the terms of their policies by the attorney upon approval in advance by the subscribers'
advisory committee and the commissioner or by the commissioner in liquidation of the insurer.
(b) Each subscriber's share of a deficiency for which an assessment is made, but not exceeding
in any event his aggregate contingent liability as computed in accordance with Section 27-31-24,
shall be computed by applying to the premium earned on the subscriber's policy, or policies,
during the period to be covered by the assessment, the ratio of the total deficiency to the
total premiums earned during such period upon all policies subject to the assessment. (c)
In computing the earned premiums for the purposes of this section, the gross premium received
by the insurer for the policy shall be used as...
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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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30-3-67
Section 30-3-67 Withholding orders to have priority over garnishments or any other legal process
against the same income; maximum withholding allowable. Any order to withhold income issued
and served upon any employer of the obligor pursuant to this article shall have priority over
any writ of garnishment or any other state legal process against the same income of the obligor
whether the writ of garnishment or other process was served prior or subsequent to the order
of income withholding. Any order for income withholding issued pursuant to this article may
exceed the statutory maximum amounts prescribed in Section 6-10-7 for garnishment proceedings
in Alabama, but such order, including amounts taxed against the obligor as court costs, may
not exceed the maximum statutory amounts prescribed under federal law for garnishments issued
to enforce support obligations. Provided, if an obligor's income is subject to more than one
withholding order or a current writ of garnishment for child...
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27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
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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,...
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