27-36-2
Section 27-36-2 Unearned premium reserve - Title insurance. (a) In addition to an adequate reserve as to outstanding losses as required under Section 27-36-1, a title insurer shall maintain an unearned premium reserve of not less than an amount computed as follows: (1) Ten percent of the total amount of the risk premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and (2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract shall be reduced by five percent of the original amount of such reserve. (b) The insurer may credit upon the reserve provided for by this section the amount of its deposit made under Section 27-3-13. (c) Title insurance risk premium shall not include charges for abstracting, record searching, certificates as to the record title, escrow and closing services, and other related services which may be offered or furnished, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36-2.htm - 1K - Match Info - Similar pages
27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this section and both of the following: a. Subdivision (1) of subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following: Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within 15 days after the end of the month in which it learns of each change or addition. (2) Any insurer which is subject to registration under this section shall register within 15...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-4.htm - 8K - Match Info - Similar pages
27-42-8.1
Section 27-42-8.1 Maximum assessment. (a) Notwithstanding the one percent maximum assessment set forth in subdivision (3) of subsection (a) of Section 27-42-8, no member insurer may be assessed in any one year for the workers' compensation account an amount greater than two percent of that member insurer's net direct written premiums for workers' compensation insurance for the calendar year preceding the assessment. (b) The provisions of this section shall apply to the Alabama Insurance Guaranty Association's obligations under policies of insolvent insurers as they exist on and after May 19, 2008. (Act 2008-460, p. 894, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-8.1.htm - 950 bytes - Match Info - Similar pages
41-15-12
Section 41-15-12 Appropriation for payment of excess fire or tornado losses; reimbursement. There is hereby appropriated from the Treasury the sum of $100,000.00 to be available only in case the loss by fire or tornado in any year shall exceed the premiums collected under the provisions of this chapter, and then only in such amount as may be required in addition to the amount of funds on deposit in the State Insurance Fund at the time of said loss for the payment thereof, less the amounts set aside in this chapter for the purpose of administration of the provisions of this chapter. The first surplus next thereafter accruing to such fund shall be used to reimburse the Treasury for any amount which may have been drawn therefrom under this appropriation. (Acts 1923, No. 593, p. 769; Code 1923, §8546; Acts 1936-37, Ex. Sess., No. 219, p. 260; Code 1940, T. 28, §324.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-12.htm - 1K - Match Info - Similar pages
27-36A-7
Section 27-36A-7 Computation of minimum standard by calendar year of issue. (a) The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this section: (1) Life insurance policies issued in a particular calendar year, on or after the operative date of Section 27-15-78. (2) Individual annuity and pure endowment contracts issued in a particular calendar year on or after January 1, 1982. (3) Annuities and pure endowments purchased in a particular calendar year on or after January 1, 1982, under group annuity and pure endowment contracts. (4) The net increase, if any, in a particular calendar year after January 1, 1982, in amounts held under guaranteed interest contracts. (b) Calendar year statutory valuation interest rates. (1) The calendar year statutory valuation interest rates, I, shall be determined as follows and the results rounded to the nearest one-quarter of one...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-7.htm - 12K - Match Info - Similar pages
27-31A-4
Section 27-31A-4 Risk retention groups not chartered in this state. Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state shall comply with the laws of this state as follows: (1) NOTICE OF OPERATIONS AND DESIGNATION OF COMMISSIONER AS AGENT. a. Before offering insurance in this state, a risk retention group shall submit to the commissioner both of the following: 1. A statement identifying the state or states in which the risk retention group is chartered and licensed as a liability insurance company, charter date, its principal place of business, and other information, including information on its membership, as the commissioner of this state may require to verify that the risk retention group is qualified pursuant to subdivision (11) of Section 27-31A-2. 2. A copy of its plan of operations or feasibility study and revisions of the plan or study submitted to the state in which the risk retention...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-4.htm - 8K - Match Info - Similar pages
40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for in the project agreement, the incentivized company is allowed an investment credit in an annual amount equal to 1.5 percent of the capital investment incurred as of the beginning of the incentive period, to be used as follows: (1) To offset the income taxes found in this chapter, or as an estimated tax payment of income taxes; (2) To offset the financial institution excise tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a), or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To offset some combination of the foregoing, so long as the same credit is used only once. The incentive period shall begin no earlier than the placed-in-service date. The incentive period shall be 10 years. Should only some portion of a tax year be included in the incentive period, the amount of the investment credit shall be prorated on a daily...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-376.htm - 7K - Match Info - Similar pages
27-10-30
Section 27-10-30 Annual statement of surplus line broker. (a) Each surplus line broker shall, on or before the first day of March of each year, file with the commissioner a verified statement of all surplus line insurance transacted by him during the preceding calendar year. (b) The statement shall be on forms as prescribed and furnished by the commissioner and shall show: (1) Gross amount of each kind of insurance transacted; (2) Aggregate gross premiums charged, exclusive of sums collected to cover state or federal taxes; (3) Aggregate of returned premiums and taxes paid to insureds; (4) Aggregate of net premiums; and (5) Additional information as required by the commissioner. (Acts 1963, No. 521, p. 1112, §17; Acts 1971, No. 407, p. 707, §205.)...
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27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to the commissioners reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums, shall be the excess, if any, of the present value, at the date of valuation, of the future guaranteed benefits provided for by the policies over the then present value of any future modified net premiums therefor. The modified net premiums for a policy shall be the uniform percentage of the respective contract premiums for the benefits, excluding extra premiums on a substandard policy, that the present value, at the date of issue of the policy, of all modified net premiums shall be equal to the sum of the then present value of the benefits provided for by the policy and the excess of subdivision (1) over...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-8.htm - 4K - Match Info - Similar pages
40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation, joint stock company, or association subject to income tax under this chapter shall file a return with the Department of Revenue for each taxable year, stating specifically the items of its gross income and the deductions and credits allowed by this chapter. In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall file returns for such corporations in the same manner and form as corporations are required to file returns. Any tax due on the basis of such returns filed by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control. Returns shall be filed by the same date as the corresponding federal income tax returns are required to be filed as provided under federal law. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-39.htm - 15K - Match Info - Similar pages
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