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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
27-32-17
Section 27-32-17 Claims in delinquency proceedings - Nonresidents against domestic insurers.
(a) In a delinquency proceeding begun in this state against a domestic insurer, claimants
residing in reciprocal states may file claims either with the ancillary receivers, if any,
in their respective states or with the domiciliary receiver. All such claims must be filed
on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
(b) Controverted claims belonging to claimants residing in reciprocal states may either: (1)
Be proved in this state; or (2) If ancillary proceedings have been commenced in such reciprocal
states, may be proved in those proceedings. In the event a claimant elects to prove his claim
in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is
afforded the domiciliary receiver of this state as provided in Section 27-32-18 with respect
to ancillary proceedings in this state, the final allowance of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-17.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
27-32-19
Section 27-32-19 Claims in delinquency proceedings - Form; time; notice and hearing; order.
(a) All claims against an insurer against which delinquency proceedings have been begun shall
set forth in reasonable detail the amount of the claim, or the basis upon which such amount
can be ascertained, the facts upon which the claim is based and the priorities asserted, if
any. All such claims shall be verified by the affidavit of the claimant, or someone authorized
to act on his behalf and having knowledge of the facts, and shall be supported by such documents
as may be material thereto. (b) All claims filed in this state shall be filed with the receiver,
whether domiciliary or ancillary, in this state on or before the last date for filing as specified
in this chapter. (c) Within 10 days of the receipt of any claim or within such further period
as the court may, for good cause shown, fix, the receiver shall report the claim to the court,
specifying in such report his recommendation with...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-19.htm - 2K - Match Info - Similar pages
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, ยง633.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-14.htm - 992 bytes - Match Info - Similar pages
27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-7.htm - 7K - Match Info - Similar pages
27-5B-11
Section 27-5B-11 Reinsurer not licensed, accredited, or certified - Additional trust agreement
requirements. If the assuming insurer does not meet the requirements of Section 27-5B-4, 27-5B-5,
or 27-5B-6, the credit permitted by Section 27-5B-7 or 27-5B-8 shall not be allowed unless
the assuming insurer agrees in the trust agreements to the following conditions: (1) Notwithstanding
any other provisions in the trust instrument, if the trust fund is inadequate because it contains
an amount less than the amount required by subsection (c) of Section 27-5B-7, or if the grantor
of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation,
or similar proceedings under the laws of its state or country of domicile, the trustee shall
comply with an order of the commissioner with regulatory oversight over the trust or with
an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner
with regulatory oversight all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-11.htm - 2K - 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
27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages
27-2A-2
Section 27-2A-2 Report of material acquisitions and dispositions; confidential treatment. (a)
Every insurer domiciled in this state shall file a report with the commissioner disclosing
material acquisitions and dispositions of assets or material nonrenewals, cancellations, or
revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets
or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have
been submitted to the commissioner for review, approval, or information purposes pursuant
to other provisions of the insurance code, laws, regulations, or other requirements. (b) The
report required in subsection (a) is due within 15 days after the end of the calendar month
in which any of the transactions in subsection (a) occur. (c) One complete copy of the report,
including any exhibits or other attachments, shall be filed with the following: (1) The insurance
department of the insurers state of domicile. (2) The National...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2A-2.htm - 2K - Match Info - Similar pages
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