27-6A-3
Section 27-6A-3 Licensure requirements. (a) No person, firm, association, or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless then licensed in this state as a managing general agent of the insurer. (b) No person, firm, association, or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless then licensed in this state as a managing general agent of the insurer. Where applicable, the license may be a nonresident license pursuant to this chapter. (c) The commissioner may require the managing general agent to maintain a bond in an amount acceptable to the commissioner for the protection of the insurer. (d) The commissioner may require the managing general agent to maintain an errors and omissions policy. (Acts 1993, No. 93-675, p. 1240, §4; Act 2001-702, p. 1509, §13.)...
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26-8-50
Section 26-8-50 Sale of property to effect removal thereof from state - Proceedings under application; appointment, powers, etc., of commissioner for conduct of sale. The court, in the order of sale, must appoint a suitable person commissioner to make the sale and, except as otherwise provided in this article, the authority and duty of such commissioner is the same as that of a conservator authorized to sell property of a minor or ward for reinvestment. If the commissioner so appointed fails to act or to complete the sale, another may be appointed at any time by an order of the court. (Code 1896, §2384; Code 1907, §4474; Code 1923, §8247; Code 1940, T. 21, §119; Acts 1987, No. 87-590, p. 975, §2-333(b).)...
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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coincidentally with such withdrawal, of other securities or assets of value at least equal in amount to those being withdrawn, if such substituted securities or assets are likewise such as are eligible for investment of the funds of like domestic insurers and if such withdrawal is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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27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner. (b) The deposit, together with other trust deposits of the insurer held in the United States for the same purpose, shall be in amount not less than the deposits required of an alien insurer under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment of the funds of like domestic insurers. (c) Such a deposit may be referred to as "trusteed assets." (Acts 1971, No. 407, p. 707, §657.)...
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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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27-3-24
Section 27-3-24 Service of process on insurers - Appointment of commissioner as agent. (a) Each insurer applying for a certificate of authority to transact business in this state shall file with the commissioner an appointment of the commissioner and his successors in office, on a form as furnished by the commissioner, as its attorney upon whom may be served all lawful process in any action or proceeding against it in this state and therein shall agree that any such process served upon such attorney shall be of the same force and validity as if served on the insurer. The appointment shall be irrevocable, shall bind the insurer and any successor in interest or to the assets or liabilities of the insurer and shall remain in effect as long as there is outstanding in this state any obligation or liability of the insurer resulting from its transactions therein. (b) At the time of such appointment of the commissioner as its process agent, the insurer shall file with the commissioner...
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27-32-21
Section 27-32-21 Attachment, garnishment, and execution. During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within four months prior to the commencement of any such delinquency proceeding, or at any time thereafter, shall be void as against any rights arising in such delinquency proceeding. (Acts 1971, No. 407, p. 707, §640.)...
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27-42-20
Section 27-42-20 Access to assets of insolvent insurer; application for court approval of plan to disburse assets; notice of application. (a) Within 120 days of a final determination of insolvency of an insurance company by a court of competent jurisdiction the receiver shall make application to the said court for approval of a proposal to disburse assets out of such company's marshalled assets, from time to time as such assets become available, to the Alabama Insurance Guaranty Association and to any entity or person performing a similar function in another state. (The Alabama Insurance Guaranty Association and any entity or person performing a similar function in other states shall hereinafter be referred to collectively as the associations.) (b) Such proposal shall at least include provisions for: (1) Reserving amounts for the payment of expenses of administration and claims falling within the priorities established in the Alabama Uniform Insurers Liquidation Act but only with...
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27-44-11
Section 27-44-11 Duties and powers of commissioner; appeal and review; notification. In addition to the duties and powers enumerated elsewhere in this chapter: (1) The commissioner shall: a. Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states for each member insurer. b. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this chapter. c. In any liquidation or rehabilitation proceeding involving a domestic insurer, petition the court of competent jurisdiction to have the chief of the receivership division appointed as the liquidator or rehabilitator. If a foreign or...
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27-44-21
Section 27-44-21 Immediate access of associations in this and other states to assets of insolvent insurer; application to court; contents of proposal; notice. (a) Within 120 days of a final determination of insolvency of an insurance company by a court of competent jurisdiction the receiver shall make application to the said court for approval of a proposal to disburse assets out of such company's marshalled assets, from time to time as such assets become available, to the Alabama Life and Disability Insurance Guaranty Association and to any entity or person performing a similar function in another state. (The Alabama Life and Disability Insurance Guaranty Association and any entity or person performing a similar function in other states shall hereinafter be referred to collectively as associations.) (b) Such proposal shall at least include provisions for: (1) Reserving amounts for the payment of expenses of administration and claims falling within the priorities established in the...
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