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27-29-6.2
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group.
(a)(1) The commissioner may act as the group-wide supervisor for any internationally active
insurance group in accordance with this section. The commissioner may otherwise acknowledge
another regulatory official as the group-wide supervisor where the internationally active
insurance group meets any of the following: a. Does not have substantial insurance operations
in the United States. b. Has substantial insurance operations in the United States, but not
in this state. c. Has substantial insurance operations in the United States and this state,
but the commissioner has determined pursuant to the factors set forth in subsections (b) and
(f) that the other regulatory official is the appropriate group-wide supervisor. (2) An insurance
holding company system that does not otherwise qualify as an internationally active insurance
group may request that the commissioner make a determination or acknowledgment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-6.2.htm - 10K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-2.htm - 2K - 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
40-14A-22
Section 40-14A-22 Levy and amount of tax. (a) Levy of tax. There is hereby levied an
annual privilege tax on every corporation, limited liability entity, and disregarded entity
doing business in Alabama, or organized, incorporated, qualified, or registered under the
laws of Alabama. The tax shall accrue as of January 1 of every taxable year, or in the case
of a taxpayer organized, incorporated, qualified, or registered during the year, or doing
business in Alabama for the first time, as of the date the taxpayer is organized, incorporated,
registered, or qualifies to do business, or begins to do business in Alabama, as the case
may be. The taxpayer shall be liable for the tax levied by this article for each year beginning
before the taxpayer has been dissolved or otherwise ceased to exist or has withdrawn or forfeited
its qualification to do business in Alabama. The amount of the tax due shall be determined
by multiplying the taxpayer's net worth in Alabama by the rate determined in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-22.htm - 11K - Match Info - Similar pages
27-2B-2
Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following
meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner
in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order
issued by the commissioner specifying corrective actions which the commissioner has determined
are required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER.
Any insurer which is licensed to do business in this state but not domiciled in this state.
(5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION.
Any health care service plan, health maintenance organization, limited health service organization,
dental services corporation, or other managed care organization licensed under this title.
This term does not include any life and disability insurer or property and casualty insurer.
(7) INSURER. As defined in Section 27-1-2, including, without...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-2.htm - 4K - Match Info - Similar pages
5-5A-44
Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure. (a) No
person, acting directly or indirectly or through or in concert with one or more persons, may
acquire control of a state bank or of any corporation or other entity having control of a
state bank, unless an application is filed with the superintendent for review of the proposed
transaction and for his or her action, if any, as provided in this section. (b) The
application shall be on a form prescribed by the superintendent and shall be made under oath.
The application must contain all information that the superintendent by regulation requires
to be furnished in an application, as well as any information that the superintendent orders
to be included in the particular application being filed and shall be accompanied by the filing
fee prescribed by the Banking Board. For the purposes of this section, the Banking
Board may reduce or waive any prescribed fees for applications where a change of control...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-44.htm - 11K - Match Info - Similar pages
27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this
state and secures its obligations in accordance with the requirements of this section.
In order to be eligible for certification, the assuming insurer shall meet all of the following
requirements: (1) The assuming insurer must be domiciled and licensed to transact insurance
or reinsurance in a qualified jurisdiction, as determined by the commissioner pursuant to
subsection (c). (2) The assuming insurer must maintain minimum capital and surplus, or its
equivalent, in an amount to be determined by the commissioner pursuant to regulation. (3)
The assuming insurer must maintain financial strength ratings from two or more rating agencies
deemed acceptable by the commissioner pursuant to regulation. (4) The assuming insurer must
agree to submit to the jurisdiction of this state, appoint the commissioner as its agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
10A-1-1.03
Section 10A-1-1.03 Definitions. As used in this title, unless the context otherwise
requires, the following terms mean: (1) AFFILIATE. A person who controls, is controlled by,
or is under common control with another person. An affiliate of an individual includes the
spouse, or a parent or sibling thereof, of the individual, or a child, grandchild, sibling,
parent, or spouse of any thereof, of the individual, or an individual having the same home
as the individual, or a trust or estate of which an individual specified in this sentence
is a substantial beneficiary; a trust, estate, incompetent, conservatee, protected person,
or minor of which the individual is a fiduciary; or an entity of which the individual is director,
general partner, agent, employee or the governing authority or member of the governing authority.
(2) ASSOCIATE. When used to indicate a relationship with: (A) a domestic or foreign entity
for which the person is: (i) an officer or governing person; or (ii) a beneficial...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1)
No person other than the issuer shall make a tender offer for or a request or invitation for
tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire
in the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
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