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27-2B-11
Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation
of property. (a) Any foreign insurer shall, upon the written request of the commissioner,
submit to the commissioner an RBC report, as of the end of the calendar year just ended, the
later of either: (1) The date an RBC report would be required to be filed by a domestic insurer
under this chapter. (2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to
the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any
other state. (b) In the event of a company action level event, regulatory action level event,
or authorized control level event with respect to any foreign insurer, as determined under
the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, pursuant to this chapter, or if the insurance...
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27-44-14
Section 27-44-14 Liability of unpaid assessments; records of negotiations and meetings; association
deemed creditor of impaired or insolvent insurer; judicial distribution of ownership rights
of insolvent insurer; recovery by receiver of certain distributions from controlling affiliates.
(a) Nothing in this chapter shall be construed to reduce the liability for unpaid assessments
of the insureds on an impaired or insolvent insurer operating under a plan with assessment
liability. (b) Records shall be kept of all negotiations and meetings in which the association
or its representatives are involved to discuss the activities of the association in carrying
out its powers and duties under Section 27-44-8. Records of such negotiations or meetings
shall be made public only upon the termination of a liquidation, rehabilitation, or conservation
proceeding involving the impaired or insolvent insurer, upon the termination of the impairment
or insolvency of the insurer, or upon the order of a...
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27-6-14
Section 27-6-14 Curing of deficiency in market value of deposit. (a) If for any reason the
market value of assets and securities of an insurer held on deposit in this state under this
title falls below the amount so required, the insurer shall promptly deposit other or additional
assets or securities eligible for deposit sufficient to cure such deficiency. If the insurer
has failed to cure the deficiency within 30 days after receipt of notice thereof by registered
or certified mail from the commissioner, the commissioner shall revoke the insurer's certificate
of authority. (b) If for any reason the market value of assets and securities of a domestic
life insurer, representing deposit of the reserves of certain of its outstanding registered
policies and registered annuity contracts under laws heretofore in force, falls below the
amount so required and as determined from the insurer's most recent annual statement or most
recent examination of the insurer by the commissioner, the insurer...
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27-29A-6
Section 27-29A-6 Exemption. (a) An insurer shall be exempt from the requirements of this chapter,
if it meets both of the following: (1) The insurer has annual direct written and unaffiliated
assumed premium, including international direct and assumed premium but excluding premiums
reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than
five hundred million dollars ($500,000,000). (2) The insurance group of which the insurer
is a member has annual direct written and unaffiliated assumed premium including international
direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance
Corporation and Federal Flood Program, less than one billion dollars ($1,000,000,000). (b)
If an insurer qualifies for exemption pursuant to subdivision (1) of subsection (a), but the
insurance group of which the insurer is a member does not qualify for exemption pursuant to
subdivision (2) of subsection (a), then the ORSA Summary Report that may...
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27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421,
et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank. (b) Notwithstanding
any other provision of this chapter, the receiver for an insurer member may not void any transfer
of, or any obligation to transfer, money or any other property arising under or in connection
with any federal home loan bank security agreement, or any pledge, security, collateral, or
guarantee agreement, or any other similar arrangement or credit enhancement relating to a
federal home loan bank security agreement made in the ordinary course of business and in compliance
with the applicable federal home loan bank...
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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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27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
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27-5B-1
Section 27-5B-1 Purpose. The purpose of this chapter is to protect the interest of insureds,
claimants, ceding insurers, assuming insurers, and the public generally. The Legislature declares
its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection
for those to whom they owe obligations. In furtherance of that state interest, the Legislature
provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides
security to fund its U.S. obligations in accordance with this chapter, the assets representing
the security shall be maintained in the United States and claims shall be filed with and valued
by the Commissioner of Insurance with regulatory oversight, and the assets shall be distributed,
in accordance with the insurance laws of the state in which the trust is domiciled that are
applicable to the liquidation of domestic U.S. insurance companies. The Legislature declares
that the matters contained in this chapter are...
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8-19-8
Section 8-19-8 Restraining orders. (a) Whenever the office of the Attorney General or the office
of the district attorney has reason to believe that any person is engaging in, has engaged
in or is about to engage in any act or practice declared to be unlawful by this chapter, the
Attorney General or the district attorney may bring an action in the name of the state against
such person to restrain by temporary restraining order, temporary or permanent injunction
such acts or practices. However, unless the Attorney General or district attorney determines
that a person subject to the provisions of this chapter designs quickly to depart from this
state or to remove his property therefrom, or to conceal himself or his property therein,
or to continue practices unlawful under this chapter, he shall, before initiating any legal
proceedings is contemplated, allow such person a reasonable opportunity to appear before the
Attorney General or district attorney and solve the dispute to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-19-8.htm - 2K - Match Info - Similar pages
27-29-6.2
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group. (a)(1)
The commissioner may act as the group-wide supervisor for any internationally active insurance
group in accordance with this section. The commissioner may otherwise acknowledge another
regulatory official as the group-wide supervisor where the internationally active insurance
group meets any of the following: a. Does not have substantial insurance operations in the
United States. b. Has substantial insurance operations in the United States, but not in this
state. c. Has substantial insurance operations in the United States and this state, but the
commissioner has determined pursuant to the factors set forth in subsections (b) and (f) that
the other regulatory official is the appropriate group-wide supervisor. (2) An insurance holding
company system that does not otherwise qualify as an internationally active insurance group
may request that the commissioner make a determination or acknowledgment...
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