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27-2-34
Section 27-2-34 Order of supervision - Appointment of supervisor; acts which may be prohibited
during period of supervision. During the period of supervision the commissioner may appoint
a supervisor and may provide that the insurer may not do the following things during the period
of supervision without the prior approval of the commissioner or his duly appointed supervisors:
(1) Dispose of, convey, or encumber any of its assets or its business in force; (2) Withdraw
any of its bank accounts; (3) Lend any of its funds; (4) Invest any of its funds; (5) Transfer
any of its property; (6) Incur any debt, obligation, or liability; (7) Enter into any new
reinsurance contract or treaty; (8) Issue to the public policies of insurance. (Acts 1975,
No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)...
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27-2-54
Section 27-2-54 Appointment of chief as receiver - Existing receiverships. The Commissioner
of Insurance, as receiver in any existing receivership, may petition the proper receivership
court to name as receiver thereof the Chief of the Receivership Division as provided for in
this article, and upon making an accounting of the assets of such receivership by the commissioner,
the court shall so change receivers or ancillary receivers by releasing and discharging the
commissioner from such duty and responsibility and shall name the Chief of the Receivership
Division as receiver or ancillary receiver. (Acts 1975, No. 1039, p. 2083, §3.)...
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27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business
in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following
definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement
or arrangement the consummation of which results in a person acquiring directly or indirectly
the control of another person, and includes, but is not limited to, the acquisition of voting
securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER.
Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or
acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this
section applies to any acquisition in which there is a change in control of an insurer authorized
to do business in this state. (2) This section shall not apply to the following: a. A purchase
of securities solely for investment purposes so long as the...
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27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
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27-3-26
Section 27-3-26 Annual statement of insurers; furnishing of other information on request. (a)
Each authorized insurer shall, annually on or before March 1, or within such extension of
time not exceeding 30 days after March 1 as the commissioner for good cause shown may grant
as to a particular insurer, file with the commissioner a full and true statement of its financial
condition, transactions and affairs as of the December 31, preceding. The statement shall
be in such general form and context as is in current use for similar reports to states in
general with respect to the type of insurer and kinds of insurance to be reported upon and
as supplemented by additional information required by the commissioner. The statement shall
be verified by the oath of the insurer's president or vice-president and secretary or actuary
as applicable or, if a reciprocal insurer, by the oath of the attorney-in-fact or its like
officers if a corporation. (b) The statement of an alien insurer shall be...
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10A-2A-14.12
Section 10A-2A-14.12 Receivership or custodianship. (a) Unless an election to purchase has
been filed under Section 10A-2A-14.14, a court in a judicial proceeding brought to dissolve
a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians
to manage, the business and affairs of the corporation. The court shall hold a hearing, after
notifying all parties to the proceeding and any interested persons designated by the court,
before appointing a receiver or custodian. The court appointing a receiver or custodian has
jurisdiction over the corporation and all of its property wherever located. (b) The court
may appoint an individual, corporation, foreign corporation, or eligible entity as a receiver
or custodian, which, if a foreign corporation or foreign eligible entity, must be registered
to do business in this state. The court may require the receiver or custodian to post bond,
with or without sureties, in an amount the court directs. (c) The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-14.12.htm - 2K - Match Info - Similar pages
27-27-50
Section 27-27-50 Extinguishment and nullification of domestic insurers' corporate charter.
(a) The corporate charter of any corporation formed under the laws of this state more than
three years prior to January 1, 1972, for the purpose of becoming an insurer and which corporation
within such three-year period has not actively engaged in business as a domestic insurer under
a certificate of authority issued to it by the commissioner under laws then in force is hereby
extinguished and nullified. (b) The corporate charter of any other corporation formed under
the laws of this state for the purpose of becoming an insurer and which corporation during
any period of 36 consecutive months after January 1, 1972, is not actively engaged in business
as a domestic insurer under a certificate of authority issued to it by the commissioner under
laws currently in force is automatically hereby extinguished and nullified at the expiration
of such 36-month period. (c) The period during which any such...
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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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27-32-37
Section 27-32-37 Priority of claims of policyholders and beneficiaries - Established. Upon
the issuance of a proper court order placing a domestic insurer in receivership or placing
a foreign insurer in ancillary receivership for rehabilitation or liquidation, pursuant to
this chapter or other insurance laws of Alabama, all beneficiaries of and all persons holding
or owning a contract of insurance with such insurer shall be a preferred creditor of said
insurer to the extent of the equity, cash value, or other benefit then accrued, arising under
the terms of such contract. With the exception of costs of administration of said receiverships,
recorded tax liens and judgments obtained prior to initiation of delinquency proceedings,
and secured creditors' claims, no claim of a creditor shall be preferred over that of a policyholder
of the insurer in receivership. Policyholders are hereby removed from the class of general
creditors and all laws and court decisions in conflict herewith shall...
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27-33-13
Section 27-33-13 Trusteed assets - Withdrawal. (a) The trust agreement shall provide, in substance,
that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee
without the written authorization or approval of the commissioner in advance thereof except
as follows: (1) Any or all income, earnings, dividends, or interest accumulations of the trusteed
assets may be paid over to the United States manager of the insurer upon request of the insurer
or the manager; (2) For substitution, coincidentally with such withdrawal, of other securities
or assets of value at least equal in amount to those being withdrawn, if such substituted
securities or assets are likewise such as are eligible for investment of the funds of like
domestic insurers and if such withdrawal is requested in writing by the insurer's United States
manager pursuant to general or specific written authority previously given or delegated by
the insurer's board of directors, or other similar...
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