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27-32-14
Section 27-32-14 Conservation or liquidation of property. (a) An order to conserve the
assets of a foreign or alien insurer shall require the commissioner forthwith to take possession
of the property of the insurer within this state and to conserve it, subject to the further
direction of the court. (b) An order to liquidate the assets in this state of a foreign insurer
shall require the commissioner forthwith to take possession of the property of the insurer
within this state and to liquidate it, subject to the orders of the court and with due regard
to the rights and powers of the domiciliary receiver as provided in this chapter. (Acts 1971,
No. 407, p. 707, §633.)...
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27-32-15
Section 27-32-15 Conduct of delinquency proceedings - Domestic and alien insurers. (a)
Whenever under this chapter a receiver is to be appointed in delinquency proceedings for a
domestic or alien insurer, the court shall appoint the commissioner as such receiver. The
court shall order the commissioner forthwith to take possession of the assets of the insurer
and to administer the same under the orders of the court. (b) As a domiciliary receiver, the
commissioner shall be vested by operation of law with the title to all of the property, contracts,
and rights of action and all of the books and records of the insurer, wherever located, as
of the date of entry of the order directing him to rehabilitate or liquidate a domestic insurer
or to liquidate the United States branch of an alien insurer domiciled in this state, and
he shall have the right to recover the same and reduce the same to possession; except, that
ancillary receivers in reciprocal states shall have, as to assets located in...
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27-32-12
Section 27-32-12 Orders - Liquidation - Domestic insurers. (a) An order to liquidate
the business of a domestic insurer shall direct the commissioner forthwith to take possession
of the property of the insurer, to liquidate its business, to deal with the insurer's property
and business in his own name as Commissioner of Insurance or in the name of the insurer as
the court may direct and to give notice to all creditors who may have claims against the insurer
to present such claims. (b) The commissioner may apply for and secure an order dissolving
the corporate existence of a domestic insurer upon his application for an order of liquidation
of such insurer or at any time after such order has been granted. (Acts 1971, No. 407, p.
707, §631.)...
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5-13B-115
Section 5-13B-115 Seizure of foreign bank's property and business; liquidation. (a)
If the superintendent finds that any of the factors set forth in Section 5-13B-113
are true with respect to any foreign bank which is licensed to establish and maintain an Alabama
state branch or Alabama state agency and that it is necessary for the protection of the interests
of the creditors of such foreign bank's business in this state or for the protection of the
public interest that he or she take immediate possession of the property and business of the
foreign bank, the superintendent may by order forthwith take possession of the property and
business of the foreign bank in this state and retain possession until the foreign bank resumes
business in this state or is finally liquidated. The foreign bank may, with the consent of
the superintendent, resume business in this state upon such conditions as the superintendent
may prescribe by regulation or order. (b) At any time within 10 days after the...
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27-32-8
Section 27-32-8 Grounds - Conservation of assets - Foreign insurers. The commissioner
may apply to the court for an order appointing him as receiver, or ancillary receiver, and
directing him to conserve the assets within this state of a foreign insurer upon any of the
following grounds: (1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; or
(2) Upon the ground that its property has been sequestrated in its domiciliary sovereignty
or in any other sovereignty. (Acts 1971, No. 407, p. 707, §627.)...
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27-32-16
Section 27-32-16 Conduct of delinquency proceedings - Foreign insurers. (a) Whenever
under this chapter an ancillary receiver is to be appointed in delinquency proceedings for
an insurer not domiciled in this state, the court shall appoint the commissioner as ancillary
receiver. The commissioner shall file a petition requesting the appointment on the grounds
set forth in Section 27-32-10: (1) If he finds that there are sufficient assets of
the insurer located in this state to justify the appointment of an ancillary receiver; or
(2) If 10 or more persons, resident in this state, having claims against such insurer, file
a petition with the commissioner requesting the appointment of such ancillary receiver. (b)
The domiciliary receiver, for the purpose of liquidating an insurer domiciled in a reciprocal
state, shall be vested by operation of law with the title to all of the property, contracts,
and rights of action and all of the books and records of the insurer located in this state,
and...
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27-32-3
Section 27-32-3 Delinquency proceedings - Jurisdiction; venue; appeal. (a) The circuit
court shall have original jurisdiction of delinquency proceedings under this chapter, and
any court with jurisdiction is authorized to make all necessary and proper orders to carry
out the purposes of this chapter. (b) The venue of delinquency proceedings against a domestic
insurer shall be in the county of the insurer's principal place of business. The venue of
such proceedings against foreign and alien insurers shall be in the Circuit Court of Montgomery
County. (c) At any time after the commencement of a proceeding under this chapter, the commissioner
may apply to the court for an order changing the venue of and removing the proceedings to
Montgomery County or to any other county of this state in which he deems that such proceeding
may be most economically and efficiently conducted. (d) Delinquency proceedings pursuant to
this chapter shall constitute the sole and exclusive method of liquidating,...
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27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Either of the three accounts created under Section 27-44-6. (2) ASSOCIATION.
The Alabama Life and Disability Insurance Guaranty Association created under Section
27-44-6. (3) AUTHORIZED ASSESSMENT or the term AUTHORIZED when used in the context of assessments.
A resolution by the board of directors has been passed whereby an assessment will be called
immediately or in the future from member insurers for a specified amount. An assessment is
authorized when the resolution is passed. (4) BENEFIT PLAN. A specific employee, union, or
association of natural persons benefit plan. (5) CALLED ASSESSMENT or the term CALLED when
used in the context of assessments. A notice that has been issued by the association to member
insurers requiring that an authorized assessment be paid within the time frame set forth within...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - 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
27-32-11
Section 27-32-11 Orders - Rehabilitation of domestic insurers. (a) An order to rehabilitate
a domestic insurer shall direct the commissioner forthwith to take possession of the property
of the insurer and to conduct the business thereof and to take such steps toward removal of
the causes and conditions which have made rehabilitation necessary as the court may direct.
(b) If at any time the commissioner deems that further efforts to rehabilitate the insurer
would be useless, he may apply to the court for an order of liquidation. (c) The commissioner
or any interested person, upon due notice to the commissioner, at any time may apply to the
court for an order terminating the rehabilitation proceedings and permitting the insurer to
resume possession of its property and the conduct of its business, but no such order shall
be made or entered except when, after a hearing, the court has determined that the purposes
of the proceeding have been fully accomplished. (Acts 1971, No. 407, p. 707,...
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