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27-31B-10
Section 27-31B-10 Examinations and investigations. (a) At least once in three years, and whenever
the commissioner determines it to be prudent, the commissioner shall visit each captive insurance
company and thoroughly inspect and examine its affairs to ascertain its financial condition,
its ability to fulfill its obligations, and whether it has complied with this chapter. The
commissioner, upon application, may enlarge the three-year period to five years, provided
the captive insurance company is subject to a comprehensive annual audit during that period
of a scope satisfactory to the commissioner by independent auditors approved by the commissioner.
The expenses and charges of the examination shall be in accordance with Section 27-2-25. (b)
All examination reports, preliminary examination reports or results, working papers, recorded
information, documents, and copies thereof produced by, obtained by, or disclosed to the commissioner
or any other person in the course of an examination...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-10.htm - 3K - Match Info - Similar pages
27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
40-18-15.3
Section 40-18-15.3 Deductions for health insurance premiums. (a) As used in this section, the
following terms shall have the following meanings: (1) QUALIFYING EMPLOYEES. Alabama resident
employees who are employed by qualifying employers, earn no more than $50,000 of wages in
the applicable tax year, and report no more than $75,000 of adjusted gross income on their
Alabama individual income tax return ($150,000 if married filing jointly) for the applicable
year. (2) QUALIFYING EMPLOYERS. Employers with less than 25 employees. (b) For tax years beginning
after December 31, 2010, in addition to any other Alabama income tax deduction that a qualifying
employee may be entitled to with respect to the payment of health insurance premiums, qualifying
employees shall be allowed to deduct from Alabama gross income 100 percent of the amounts
they pay as health insurance premiums as part of an employer provided health insurance plan
provided by a qualifying employer. (c) In addition to any other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.3.htm - 1K - Match Info - Similar pages
11-51-122
Section 11-51-122 Insurance companies - Provision of statement of gross premiums, etc., and
payment of license tax; effect of failure to file statement or pay tax. On or before March
1 of each year, each insurance company which did any business in any municipality in this
state during any part of the preceding year shall, if a license or privilege tax is imposed
by said municipality on such insurance company, furnish the mayor or a revenue official, of
such municipality a statement in writing duly certified showing the full and true amount of
gross premiums received during the preceding year as provided under this article and shall
accompany such statement with the amount of license tax due according to Sections 11-51-120
and 11-51-121. Failure to furnish such statement or to pay such sum shall subject the company
and its agents to such penalties as the ordinance of such municipality may prescribe for doing
business therein without a license. (Acts 1935, No. 194, p. 256; Code 1940, T....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-51-122.htm - 1K - Match Info - Similar pages
11-51-121
Section 11-51-121 Insurance companies - Insurance companies other than fire and marine insurance
companies. (a) No license or privilege tax or other charge for the privilege of doing business
shall be imposed by any municipal corporation upon any insurance company, other than fire
and marine insurance companies, doing business therein or its agents which shall exceed for
the company and its agents the following amounts: (1) Each insurance company in cities and
towns having a population of 5,000 or less, $10.00 and $1.00 on each $100.00 and major fraction
thereof of the gross premiums, less return premiums, received during the preceding year on
policies issued during said year to citizens of said cities and towns. (2) Each such insurance
company in cities and towns having a population of over 5,000 and not over 10,000, $15.00
and $1.00 on each $100.00 and major fraction thereof on gross premiums, less return premiums,
received during the preceding year on policies issued during said...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-51-121.htm - 4K - Match Info - Similar pages
27-21-4
Section 27-21-4 Exemption from premium tax; deduction of losses therefrom. The premiums collected
under the provisions of the health care plan are hereby exempt from the payment of premium
tax under Chapter 4 of this title. Any losses suffered as a direct result of operation under
the plan by those organizations electing to join and operate under the health care plan may
be deducted from the premium tax submitted under the above-mentioned Chapter 4 which would
normally be paid on individual accident and health insurance premiums collected, but total
loss deduction shall not exceed 50 percent of such premium tax normally payable on premiums
from individual accident and health insurance. (Acts 1971, No. 501, p. 1218.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21-4.htm - 1K - Match Info - Similar pages
27-22-21
Section 27-22-21 Policy and premium information to be submitted to the Department of Insurance.
(a) Each insurance company authorized to transact homeowners insurance business in the State
of Alabama shall annually submit to the department for homeowners insurance policies, computations
of the total amount of direct incurred losses, the number of policies in force, and the direct
earned premiums for the prior calendar year. The insurance company shall report the computations
to the department by zip code. The information received by the department shall be aggregated
across all insurance companies collectively and the aggregated totals shall be arranged by
zip code. Homeowners insurance shall also include condominium insurance, dwelling fire policies,
renters/tenants insurance, and mobile home/manufactured housing property insurance. Creditor-placed
property insurance, condominium association insurance, and commercial insurance are excluded
from this article. (b) Based upon the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22-21.htm - 2K - Match Info - Similar pages
27-27-18
Section 27-27-18 Domestic mutual insurers - Deposit in trust of premiums or fees on qualifying
applications. (a) All sums collected by a domestic mutual corporation as premiums or fees
on qualifying applications for insurance therein shall be deposited in trust in a bank or
trust company in this state under a written trust agreement approved by the commissioner and
consistent with this section and with subdivision (c) (3) of Section 27-27-17. The corporation
shall file an executed copy of such trust agreement with the commissioner. (b) Upon issuance
to the corporation of a certificate of authority as an insurer for the kind of insurance for
which such applications were solicited, all funds so held in trust shall become the funds
of the insurer, and the insurer shall, thereafter in due course, issue and deliver its policies
for which premiums had been paid and accepted. The insurance provided by such policies shall
be effective as of the date of the certificate of authority or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-18.htm - 1K - Match Info - Similar pages
27-40-3
Section 27-40-3 Licenses - Required; fees; information to be furnished commissioner. (a) No
person shall engage in the business of financing insurance premiums in this state without
first having obtained a license as a premium finance company from the commissioner. Any person
who shall engage in the business of financing insurance premiums in this state without first
having obtained a license as provided herein shall be guilty of a misdemeanor and upon conviction
shall be punished by a fine of not more than $1,000.00 or by imprisonment for not more than
one year, or both. (b) The annual license fee shall be $200.00; provided, that an insurance
agency which finances its own business of less than $150,000.00 in premiums annually shall
pay a fee of $50.00. The fee for said license shall be paid into the Insurance Department
Examination Revolving Fund and the same is hereby appropriated for that use. (c) The person
to whom the license or the renewal thereof may be issued shall file sworn...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-3.htm - 1K - Match Info - Similar pages
27-15-78
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium method.
(a) This section shall apply to all policies issued on or after the operative date of this
section as defined herein. Except as provided in subsection (g), 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 and also excluding any uniform annual contract charge or policy fee
specified in the policy in a statement of the method to be used in calculating the cash surrender
values and paid-up nonforfeiture benefits, that the present value, at the date of issue of
the policy, of all adjusted premiums shall be equal to the sum of: (1) The then present value
of the future guaranteed benefits provided for by the policy. (2) One percent of either the
amount of insurance, if the insurance be uniform in amount, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-78.htm - 12K - Match Info - Similar pages
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