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27-30-8
Section 27-30-8 Certificate of authority - Application. (a) To apply for a certificate of authority,
a mutual aid association shall file with the commissioner its application therefor, on forms
as prescribed and furnished by him, and showing: (1) Name of the association and the address
of its principal office or place of business in this state; (2) Name, identification, and
residence address of each director, trustee, or officer of the association; (3) The types
of aid or benefits to be provided its members or policyholders; (4) The general plan or plans
according to which its business is, or will be, conducted; and (5) Such other information
as the commissioner may reasonably require. (b) The applicant shall at the time of application
for certificate of authority file with the commissioner such of the following as are not already
on file with him: (1) A copy of its articles of incorporation, its bylaws, and other charter
or constituent documents, certified by the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-8.htm - 2K - Match Info - Similar pages
27-34-33
Section 27-34-33 Reinsurance. A domestic society may, by a reinsurance agreement, cede any
individual risk or risks, in whole or in part, to an insurer, other than another fraternal
benefit society, having the power to make such reinsurance and authorized to do business in
this state or, if not so authorized, one which is approved by the commissioner; but no such
society may reinsure substantially all of its insurance in force without the written permission
of the commissioner. It may take credit for the reserves on such ceded risks to the extent
reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability
to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective
after January 1, 1972, unless the reinsurance is payable by the assuming insurer on the basis
of the liability of the ceding society under the contract, or contracts, reinsured without
diminution because of the insolvency of the ceding society. (Acts 1923, No....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-33.htm - 1K - Match Info - Similar pages
27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves under
this section shall calculate reserves for ordinary life insurance, accident and health insurance
contracts, credit life contracts, group life contracts, annuities, or deposit-type contracts
in this state as if the policies were issued before the operative date of the valuation manual.
For such policies issued after the operative date of the valuation manual, any mortality and
interest rates defined by the valuation manual for net premium reserves shall be used. A company
calculating reserves under this section shall comply with Section 27-36A-4(a) instead of Section
27-36A-4(b) and meet all of the following conditions: (1) The company has less than three
hundred million dollars ($300,000,000) of ordinary life premium. (2) If the company is a member
of a group of life insurers, the group has combined ordinary life premium of less than six
hundred million dollars ($600,000,000). (3) The...
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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
27-5B-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
5-7A-62
Section 5-7A-62 Application to convert charter; written plan of conversion; authorizing resolution;
submission to superintendent; fee; tentative approval; vote of stockholders or members; directors;
articles of incorporation and bylaws; statement of superintendent's objections; amendment;
appeal of disapproval; application to FDIC; final approval and permit. Any savings institution
may apply to the superintendent for permission to convert its charter in order to do business
as a state chartered bank in accordance with the following procedures: (1) The board of directors
shall approve a written plan of conversion, the application for conversion and shall adopt
an authorizing resolution, all by a vote of a majority of all the directors. The plan of conversion
shall include a statement of: a. The proposed organization and management structure of the
resulting bank if the application were approved, and the proposed name under which it would
do business as a bank; b. The method and time...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-7A-62.htm - 7K - Match Info - Similar pages
11-91A-7
care plan under Chapter 29 of Title 36, and in the State Employees' Retirement System under
Chapter 27 of Title 36. (j) Acquire property by purchase or lease. (k) Provide for reinsurance
of risks incurred by the program. (l)(1) Provide additional types of optional health care
coverages or services including, but not limited to, providing for the administration of the
payment of health care services on behalf of employer participants whose eligible employees
or officials suffer on-the-job injury, under such terms and conditions as the board
shall determine. (2) Participation in any service established for the administration of the
payment of health care services on behalf of an employer participant relating to on-the-job
injury shall be at the sole option of the employer participant. Refusal to participate
by an employer participant shall not affect eligibility for the program or factor into the
establishment of rates as authorized in subsection (b). (m) Adopt bylaws, policies, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-91A-7.htm - 5K - Match Info - Similar pages
2-10-29
Section 2-10-29 Investigation of affairs of association. The commissioner shall have authority,
when so ordered by the State Board of Agriculture and Industries, to examine and investigate
each association as to its conduct of business, the correctness of its books, its financial
condition and the safety and prudence of its management. Such investigation may also be made
by any duly authorized agent of the commissioner. The report of such examination shall be
a confidential document for official use only and subject to examination only by duly authorized
agents of the commissioner and members of the State Board of Agriculture and Industries. Such
report shall be kept on file with the commissioner. (Ag. Code 1927, §556; Code 1940, T. 2,
§79.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-10-29.htm - 1K - Match Info - Similar pages
27-13-34
Section 27-13-34 Approval of rates and forms for insuring special types or classes of risks.
Any insurer, individually or as a member of a pool, group, or association, engaged in the
business of insuring special types or classes of risks in connection with a particular inspection
or engineering service or with respect to which a set of standards has been maintained to
the satisfaction of the commissioner may submit its loss experience data, forms, and proposed
rates and negotiate with the commissioner for his approval of such rates and forms either
directly in its own behalf or through a unified facility of the group created, licensed as
a rating organization and maintained entirely or in part for such purpose. In evaluating the
forms and rates of such an insurer, or pool or association of insurers, the commissioner shall
act with due regard for the previous record of such insurer or group of insurers and with
due appreciation of previous and prospective loss trends, both within and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-34.htm - 1K - Match Info - Similar pages
27-21A-17
Section 27-21A-17 Suspension or revocation of certificate of authority. (a) The commissioner
in consultation with and with the approval of the State Health Officer, where necessary, may
suspend or revoke any certificate of authority issued to a health maintenance organization
under this chapter if he finds that any of the following conditions exist: (1) The health
maintenance organization is operating significantly in contravention of its basic organizational
document or in a manner contrary to that described in any other information submitted under
Section 27-21A-2, unless amendments to such submissions have been filed with the commissioner
and the State Health Officer and approved by the commissioner; (2) The health maintenance
organization issues evidence of coverage or uses a schedule of charges for health care services
which do not comply with requirements of Section 27-21A-7; (3) The health maintenance organization
does not provide or arrange for basic health care services; (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-17.htm - 3K - Match Info - Similar pages
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