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27-36A-15
Section 27-36A-15 Valuation manual for policies issued on or after the operative date
of the valuation manual. (a) For policies issued on or after the operative date of the valuation
manual, the standard prescribed in the valuation manual is the minimum standard of valuation
required under subsection (b) of Section 27-36A-3, except as provided under subsection
(e) or (g) of this section, Section 27-36A-19, or Section 27-36A-20.
(b) The operative date of the valuation manual is January 1 of the first calendar year following
the first July 1 as of which all of the following have occurred: (1) The valuation manual
has been adopted by the NAIC by an affirmative vote of at least 42 members, or three-fourths
of the members voting, whichever is greater. (2) The Standard Valuation Law, as amended by
the NAIC in 2009, or legislation including substantially similar terms and provisions, has
been enacted by states representing greater than 75 percent of the direct premiums written
as reported in...
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27-42-8
Section 27-42-8 Powers and duties. (a) The association shall: (1)a. Be obligated to
pay covered claims existing prior to the order of liquidation arising within 30 days after
the order of liquidation, or before the policy expiration date if less than 30 days after
the order of liquidation, or before the insured replaces the policy or causes its cancellation,
if he or she does so within 30 days of the order of liquidation. The obligation shall be satisfied
by paying to the claimant an amount as follows: 1. The full amount of a covered claim for
benefits under workers' compensation insurance coverage. 2. An amount not exceeding ten thousand
dollars ($10,000) per policy for a covered claim for the return of unearned premium. 3. An
amount not exceeding three hundred thousand dollars ($300,000) or the policy limits, whichever
is less, per claim for all covered claims. For purposes of this limitation, all claims of
any kind whatsoever arising out of, or related to, bodily injury or death to...
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27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections
27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies
and contracts issued prior to May 28, 1996, shall be that provided by the laws in effect immediately
prior to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and
27-36A-14, the minimum standard for the valuation of all policies and contracts issued on
or after May 28, 1996, shall be the commissioners reserve valuation method defined in Sections
27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in
the case of life insurance policies and contracts, other than annuity and pure endowment contracts,
issued on or after August 23, 1976, four percent interest for the policies issued prior to
July 30, 1979, and five and one-half percent interest for single premium life insurance policies
and four and one-half percent interest for all other policies...
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34-37-5
Section 34-37-5 Deposit and disbursement of funds; bond of the executive director and
deputy director. (a) There is established a separate special revenue trust fund in the State
Treasury to be known as the State of Alabama Plumbers and Gas Fitters Examining Board Fund.
All receipts collected by the board under this chapter shall be deposited in this fund and
used only to carry out this chapter. The fund shall be disbursed only by warrant of the state
Comptroller upon the State Treasury upon itemized vouchers approved by the executive director
of the board or, in the absence of the executive director, by the deputy director. No funds
shall be withdrawn or expended except as budgeted and allotted according to Sections 41-4-80
to 41-4-96, inclusive, as amended, and only in amounts as stipulated in the general appropriation
bill or other appropriation bills. All money remaining at the end of the fiscal year which
exceeds 25 percent of the board's budget for the previous year shall be...
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27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A
person who directly, or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with another person on December 31 of the year immediately
preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama
Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured
making a first party claim or any person instituting a liability claim. The term does not
include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person, whether...
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40-16-11
Section 40-16-11 Transition rules for Financial Institution Excise Tax Reform Act of
2019. This section provides for transition rules for the implementation of the Financial
Institution Excise Tax Reform Act of 2019. (1) Act 2019-284 imposes for the first time a system
of prepaid estimated tax payments patterned after the federal system and transitions the Financial
Institution Excise Tax from the current post-payment system. To account for this transition,
the Department of Revenue shall waive both penalties and interest attributable to underpayments
of estimated tax payments occurring within the first two applicable tax years and not attributable
to an intentional disregard of the law. (2) Act 2019-284's conformity of the depreciation
deduction allowed in the calculation of the tax due under this chapter with the corollary
deduction allowed for federal income tax purposes, as well as the act's express rejection
of the federal Tax Cuts and Jobs Act of 2017's (i) limitations on the...
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27-6A-2
Section 27-6A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2)
INSURER. A person defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING
GENERAL AGENT. Any person, firm, or association who does both of the following: a. Manages
all or part of the insurance business of an insurer, including the management of a separate
division, department, or underwriting office. b. Acts as a producer for an insurer whether
known as a managing general agent, manager, or other similar term, who, with or without the
authority, either separately or together with affiliates, produces, directly or indirectly,
and underwrites an amount of gross direct written premium equal to or more than five percent
of the policyholder surplus as reported in the last annual statement of the insurer in any
one...
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40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall
have the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION.
The production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
45-2-245.20
Section 45-2-245.20 Trust fund established; administration. (a) Any laws or parts of
laws to the contrary notwithstanding, any annual privilege tax levied upon persons engaging
in the business of producing or severing oil or gas or other hydrocarbons from the soil or
waters of Baldwin County measured by the gross value of such oil or gas or other hydrocarbons
and which tax is applicable only in Baldwin County and under which collections were being
made on January 1, 1987, shall be continued and collected only as herein prescribed. (1) All
revenues collected from such local severance taxes, shall, beginning the first day of the
month following May 19, 1989, be paid into the general fund of the county exclusively for
transfer and deposit into the trust fund hereby established until the total sum of fifteen
million dollars ($15,000,000) in severance tax revenues of the type described in this section,
excluding any interest income on amounts deposited therein from such total sum, has been...
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22-35-4
Section 22-35-4 Alabama Underground and Aboveground Storage Tank Trust Fund. There is
hereby created the Alabama Underground and Aboveground Storage Tank Trust Fund, hereinafter
referred to as the "fund," to be administered by the Secretary-Treasurer of the
Retirement Systems of Alabama. The fund shall be used by the department as a revolving fund
for carrying out the purposes of this chapter. The fund is not an insurance company and the
laws relating to the conduct of business in this state by an insurance company do not apply
to the fund. A decision that underground or aboveground storage tanks are ineligible for benefits
under the fund does not expose the fund, the director, department, or commission to a claim
of bad faith as such terms are used in general insurance law. Further, in no event shall combined
claims against the fund for payment of response actions and third-party claims exceed the
per occurrence indemnification limit set by the commission. Under no circumstances shall...
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