|
9-7A-10
Section 9-7A-10 Conversion of property acquired under this chapter requires approval of commissioner.
No property acquired or developed with assistance under this chapter shall, without the prior
approval of the commissioner, be converted to other than public uses. The commissioner may
approve such conversion only if he finds it to be in accordance with criteria as may be established
by him. (Acts 1982, No. 82-615, p. 1154, §10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/9-7A-10.htm - 743 bytes - Match Info - Similar pages
27-27-35
Section 27-27-35 Nonassessable policies in mutual insurers - Revocation of domestic insurers
authority to issue. The commissioner shall revoke the authority of a domestic mutual insurer
to issue policies without contingent liability if at any time the insurer's assets are less
than the sum of its liabilities and the surplus required for such authority or if the insurer,
by resolution of its board of directors approved by a majority of its members, requests that
the authority be revoked. During the absence of such authority, the insurer shall not issue
any policy without providing therein for the contingent liability of the policyholder nor
renew any policy which is renewable at the option of the insurer without endorsing the same
to provide for such contingent liability. (Acts 1971, No. 407, p. 707, §531.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-35.htm - 1K - Match Info - Similar pages
27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers - Generally.
(a) If a stock insurer's capital, as represented by the aggregated par value of its outstanding
capital stock, becomes impaired or the assets of a mutual insurer are less than its liabilities
and the minimum amount of surplus required to be maintained by it under Sections 27-27-15
or 27-27-20 for authority to transact the kinds of insurance being transacted, the commissioner
shall, at once, determine the amount of deficiency and serve notice upon the insurer to make
good the deficiency within 60 days after service of such notice. (b) The deficiency may be
made good in cash or in assets eligible for the investment of the insurer's funds, or, if
a stock insurer, by reduction of the insurer's capital to an amount not below the minimum
required for the kinds of insurance thereafter to be transacted or, if a mutual insurer, by
amendment of its certificate of authority to cover only such kind...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
27-27-42
Section 27-27-42 Deficiencies in stock insurer's capital or assets of mutual insurers - Curing
of deficiency. Any insurer receiving the commissioner's notice mentioned in Section 27-27-41:
(1) If a stock insurer and if its articles of incorporation and laws of this state so permit,
by resolution of its board of directors and subject to any limitations upon assessment contained
in its articles of incorporation, may assess its stockholders for amounts necessary to cure
the deficiency and provide the insurer with a reasonable amount of surplus in addition. If
any stockholder fails to pay a lawful assessment after notice given to him in person or by
advertisement in such time and manner as approved by the commissioner, the insurer may require
the return of the original certificate of stock held by the stockholder and, in cancellation
and in lieu thereof, issue a new certificate for such number of shares as the stockholder
may then be entitled to, upon the basis of the stockholder's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-42.htm - 1K - Match Info - Similar pages
27-31B-15
Section 27-31B-15 Exemption from compulsory associations. No captive insurance company, including
a captive insurance company organized as a reciprocal insurer under this chapter, may join
or contribute financially to any plan, pool, association, or guaranty or insolvency fund in
this state. No captive insurance company, or its insured, or its parent or any affiliated
company, or any member organization of its association or, in the case of a captive insurance
company organized as a reciprocal insurer, any subscriber thereof, may receive any benefit
from any plan, pool, association, or guaranty or insolvency fund for claims arising out of
the operations of the captive insurance company. (Act 2006-509, p. 1153, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-15.htm - 1K - Match Info - Similar pages
25-5-270
Section 25-5-270 Certain employers authorized to purchase insurance with optional deductibles.
(a) Each insurer issuing a policy under this article shall offer, as a part of the policy
or as an optional endorsement to the policy, deductibles optional to the policyholder for
benefits payable under this article. Deductible amounts offered shall be fully disclosed to
the prospective policyholder in writing in the amount of $100.00, $200.00, $300.00, $400.00,
$500.00, or increments of $500.00 up to a maximum of $2,500.00 per compensable claim. The
policyholder exercising the deductible option shall choose only one deductible amount. (b)
If the policyholder exercises the option and chooses a deductible, the insured employer shall
be liable for the amount of the deductible for benefits paid for each compensable claim of
work injury suffered by an employee. The insurer shall pay all or part of the deductible amount,
whichever is applicable to a compensable claim, to the person or medical...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-270.htm - 1K - Match Info - Similar pages
27-31-19
Section 27-31-19 Subscribers' advisory committee of domestic insurer. (a) The advisory committee
of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under
such rules as the subscribers adopt. (b) Not less than two thirds of such committee shall
be subscribers other than the attorney or any person employed by, representing, or having
a financial interest in the attorney. (c) The committee shall: (1) Supervise the finances
of the insurer; (2) Supervise the insurer's operations to such extent as to assure conformity
with the subscriber's agreement and power of attorney; (3) Procure the audit of the accounts
and records of the insurer and of the attorney at the expense of the insurer; and (4) Have
such additional powers and functions as may be conferred by the subscribers' agreement. (Acts
1971, No. 407, p. 707, §609.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-19.htm - 1K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before soliciting
any applications for insurance required under Section 27-27-15, as qualification for the original
certificate of authority, the incorporators of the proposed mutual insurer shall file with
the commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of applicant members and creditors
of the corporation. The bond shall be conditioned as follows: (1) Upon payment of any loss
suffered by applicants who have cancelled or lapsed existing insurance policies due to misrepresentation
by the incorporators or by persons soliciting such applications under authorization by the
corporation, to the effect that the making of such application for insurance and prepayment
of premiums in such proposed insurer provides insurance protection prior to issuance of a
certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
27-27-38
Section 27-27-38 Dividends - Domestic mutual insurers. (a) The directors of a domestic mutual
insurer may, from time to time, apportion and pay or credit to its members dividends only
out of that part of its surplus funds which represents net realized savings and net realized
earnings in excess of the surplus required by law to be maintained. (b) A dividend otherwise
proper may be payable out of the savings and earnings even though the insurer's total surplus
is then less than the aggregate of its contributed surplus if payment is conditioned upon
receipt of the commissioner's approval and the insurer does not pay the dividend until the
commissioner has done the following: (1) Approved the payment of the dividend, or (2) Not
disapproved the payment of the dividend within 30 days after receipt of notice from the insurer
of the declaration thereof. (Acts 1971, No. 407, p. 707, §534; Acts 1994, No. 94-634, p.
1178, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-38.htm - 1K - Match Info - Similar pages
|