27-10-31
Section 27-10-31 Annual tax of surplus line brokers. (a) On or before the first day of March each year, the surplus line broker shall remit to the State Treasurer through the commissioner, as a tax imposed for the privilege of transacting business as a surplus line broker in this state, a tax of six percent on the direct premiums, less return premiums and exclusive of sums collected to cover state or federal taxes, on surplus line insurance subject to tax transacted by the broker during the preceding calendar year as shown by the annual statement filed with the commissioner. (b) The tax under the provisions of this section shall be subject to deduction of the full amount of all expenses of examination of the surplus line broker by the commissioner in the same manner as that allowed for domestic insurers for examination expenses under the provisions of subdivision (5) of subsection (c) of Section 27-4A-3. All taxes collected under this section shall be deposited in the State Treasury to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-31.htm - 1K - Match Info - Similar pages
27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if it meets both of the following: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than five hundred million dollars ($500,000,000). (2) The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b) If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the insurance group of which the insurer is a member does not qualify for exemption pursuant to subdivision (2) of subsection (a), then the ORSA Summary Report that may...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29A-6.htm - 4K - Match Info - Similar pages
27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific person, and shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (2) COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common control with and shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-1.htm - 5K - Match Info - Similar pages
10A-20-6.14
Section 10A-20-6.14 Filing of annual statements. (a) On or before the first day of March of each year, every company transacting business under this article in this state shall file with the Commissioner of Insurance a statement showing the amount of gross dues received by it for business done in this state during the preceding calendar year ending December 31 and the number of contracts or certificates outstanding. (b) The corporation shall, annually, on or before the first day of March, file in the Office of the Commissioner of Insurance a statement, verified by at least two of the principal officers of the corporation, showing its condition on December 31 next preceding, which shall be in the form, and shall contain the matters, as the Commissioner of Insurance shall prescribe. Every corporation shall set up as the liability for unperformed contracts or unearned dues on all outstanding certificates 95 percent of the unearned net dues or charges collected on the contracts computed on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.14.htm - 1K - Match Info - Similar pages
27-15-75
Section 27-15-75 Calculation of adjusted premiums. (a)(1) This section shall not apply to policies issued on or after the operative date of Section 27-15-78, as defined therein. Except as provided in subsection (c), the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding extra premiums on a substandard policy, that the present value at the date of issue of the policy, of all such adjusted premiums shall be equal to the sum of: a. The then present value of the future guaranteed benefits provided for by the policy. b. Two percent of the amount of the insurance if the insurance be uniform in amount, or of the equivalent uniform amount, as defined in this article, if the amount of insurance varies with the duration of the policy. c. Forty percent of the adjusted premium for the first policy year. d. Twenty-five percent of either the adjusted premium...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-75.htm - 4K - Match Info - Similar pages
36-1-4.3
Section 36-1-4.3 Salary deductions for dues, contributions, and premiums; termination of deductions; administration fee. (a) The state Comptroller shall adopt statewide policies which provide for deductions from the salaries of state employees or groups of state employees whenever a request is presented to the state Comptroller by a group of participating state employees equal in number to at least 200 provided, however, that deductions being made as of April 23, 1985, shall continue to be made. The deductions shall be made at least monthly and shall be remitted to the appropriate company, association, or organization as specified by the employees. The deductions may be made for membership dues, and voluntary contributions, and insurance premiums. Any deduction provided under the provisions of this section may be terminated upon two months' notice in writing by a state employee to the appropriate company, association, or organization and to the appropriate payroll clerk or other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-1-4.3.htm - 1K - Match Info - Similar pages
45-27-246.30
Section 45-27-246.30 Trust fund. (a) The Legislature recognizes that there has been a certain windfall to Escambia County paid during the fiscal year 1983-84 and arising under the oil and gas severance tax levied under provisions of Section 40-20-2, and distributed under Section 40-20-8. The legislative intent of this section is to establish a trust fund, the corpus of which is to be composed of four million dollars ($4,000,000) from the oil and gas severance tax paid to Escambia County during the fiscal year of 1983-84 together with 20 percent of the annual income thereon each year during the existence of this trust beginning with the fiscal year 1984-85. (b) Subject to any limitation of the Constitution of Alabama of 1901, or of any general law of this state, the Escambia County Commission shall establish a trust fund which shall be entitled the Escambia County Oil and Gas Severance Trust and which shall hereafter in this section be referred to as the trust. The Escambia County...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-27-246.30.htm - 3K - Match Info - Similar pages
40-14B-16
Section 40-14B-16 Vested premium tax credit - Amounts allowed. (a) The total amount of certified capital for which premium tax credits may be allowed under this chapter for all years in which premium tax credits are allowed is one hundred million dollars ($100,000,000). Notwithstanding any provision of this chapter to the contrary, the granting of any credits against the insurance premium tax shall not affect the insurance premium tax receipts of the Education Trust Fund which is provided for in Act 93-679, 1993 Regular Session. (b) No premium tax credits can be used until the second calendar year after the year of the investment by the certified investor. (c) A certified investor may take up to 12.5 percent of the vested premium tax credit in any taxable year of the certified investor, once the credits are earned, except for the initial delay of this chapter. (d) A certified capital company and its affiliates may not file premium tax credit allocation claims in excess of the maximum...
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8-33-5
Section 8-33-5 Conditions for warrantors. (a) No vehicle protection product shall be sold or offered for sale in this state unless the warrantor meets one of the conditions in subsection (b) or (c) in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warrantors shall be required. (b) The vehicle protection product warrantor is insured under a warranty reimbursement insurance policy issued by an insurer authorized to do business in this state which provides that: (1) The insurer will pay to, or on behalf of, the warrantor 100 percent of all sums that the warrantor is legally obligated to pay according to the warrantor's contractual obligations under the warrantor's vehicle protection product warranty. (2) A true and correct copy of the warranty reimbursement insurance policy has been filed with the commissioner by the warrantor. (3) The policy contains the provision required in Section 8-33-6. (c)(1) The vehicle...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-33-5.htm - 2K - Match Info - Similar pages
27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part of the annual statement required under Section 27-34-36, each society shall, on or before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding; provided, however, that the commissioner may, in his discretion for cause shown, extend the time for filing such valuation for not more than two calendar months. Such report of valuation shall show, as reserve liabilities, the difference between the present midyear value of the promised benefits provided in the certificates of such society in force and the present midyear value of the future net premiums as the same are in practice actually collected, not including therein any value for the right to make extra assessments and not including any amount by which the present midyear value of future net premiums exceeds the present midyear value of promised benefits on individual certificates. At the option of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-37.htm - 7K - Match Info - Similar pages
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