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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27-32-16
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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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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27-2-53
Section 27-2-53 Appointment of chief as receiver - Generally. Upon the Commissioner of Insurance
bringing delinquency proceedings against any insurer pursuant to this title, or other insurance
laws of the state, the proper circuit court having jurisdiction thereof shall appoint the
Chief of the Receivership Division as receiver of such impaired or insolvent insurer, or ancillary
receiver if a foreign insurer is found to be impaired or insolvent. (Acts 1975, No. 1039,
p. 2083, §2.)...
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27-32-9
Section 27-32-9 Grounds - Conservation of assets - Alien 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 any alien insurer upon any of the following
grounds: (1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; (2) Upon the
ground that the insurer has failed to comply, within the time designated by the commissioner,
with an order made by him to make good an impairment of its trusteed funds; or (3) Upon the
ground that the property of the insurer has been sequestrated in its domiciliary sovereignty
or elsewhere. (Acts 1971, No. 407, p. 707, §628.)...
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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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27-32-3
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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27-32-20
Section 27-32-20 Claims in delinquency proceedings - Priorities. (a) In a delinquency proceeding
against an insurer domiciled in this state, claims owing to residents of ancillary states
shall be preferred claims if like claims are preferred under the laws of this state. All such
claims owing to residents or nonresidents shall be given equal priority of payment from general
assets regardless of where such assets are located. (b) In a delinquency proceeding against
an insurer domiciled in a reciprocal state, claims owing to residents of this state shall
be preferred if like claims are preferred by the laws of that state. (c) The owners of special
deposit claims against an insurer for which a receiver is appointed in this or any other state
shall be given priority against their several special deposits in accordance with the provisions
of the statutes governing the creation and maintenance of such deposits. If there is a deficiency
in any such deposit so that the claims secured thereby...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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