27-44-3
Section 27-44-3 Scope of chapter. (a) This chapter shall provide coverage for the policies and contracts specified in subsection (b) as follows: (1) To persons who, regardless of where they reside (except for non-resident certificate holders under group policies or contracts), are the beneficiaries, assignees, or payees of the persons covered under subdivision (2). (2) To persons who are owners of or certificate holders under the policies or contracts, other than structured settlement annuities, and in each case who are either of the following: a. Residents b. Not residents, but only under all of the following conditions: 1. The insurer that issued the policies or contracts is domiciled in this state. 2. The states in which the persons reside have associations similar to the association created by this chapter. 3. The persons are not eligible for coverage by an association in any other state due to the fact the insurer was not licensed in the state at the time specified in the state's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-3.htm - 12K - Match Info - Similar pages
26-2A-160
Section 26-2A-160 Foreign conservator; proof of authority; bond; powers. If a conservator has not been appointed in this state and no petition in a protective proceeding is pending in this state, a conservator appointed in the state in which the protected person resides may file in a court of this state in a [county] in which property belonging to the protected person is located, authenticated copies of letters of appointment and of any bond. Thereafter, the domiciliary foreign conservator may exercise as to assets in this state all powers of a conservator appointed in this state and may maintain actions and proceedings in this state subject to any conditions imposed upon nonresident parties generally. (Acts 1987, No. 87-590, p. 975, ยง2-331.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-2A-160.htm - 1K - Match Info - Similar pages
27-12-21
Section 27-12-21 Proceedings on unfair competition, etc., not defined under chapter - Generally. (a) Whenever the commissioner has reason to believe that any person engaged in the business of insurance is engaging in this state in any method of competition, or in any act or practice in the conduct of such business which is not defined in this trade practices law, that such method of competition is unfair or that such act or practice is unfair or deceptive and that a proceeding by him in respect thereto would be to the interest of the public, he may issue and serve such person a statement of the charges in that respect and a notice of a hearing thereon to be held at a time and place fixed in the notice, which shall not be less than 10 days after the date of the service thereof. Each such hearing shall be conducted in the same manner as the hearings provided for in Section 27-12-18. The commissioner shall, after such hearing, make a report in writing in which he shall state his findings...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-21.htm - 3K - Match Info - Similar pages
27-29-10
Section 27-29-10 Violations and penalties; criminal proceedings. (a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall be required, after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the state General Fund. The maximum penalty under this section is fifty thousand dollars ($50,000). The commissioner may reduce the penalty if the commissioner, in the commissioner's sole discretion, determines it is equitable to do so or the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (b) Every director or officer of an insurance holding company system who knowingly violates, participates in, or permits any of the officers or agents of the insurer to engage in transactions or make investments that have not been properly...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-10.htm - 4K - Match Info - Similar pages
27-29A-1
Section 27-29A-1 Purpose and scope. (a) The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the Commissioner of Insurance. (b) The requirements of this chapter shall apply to all insurers domiciled in this state unless exempt pursuant to Section 27-29A-6. (c) The Legislature finds and declares that the ORSA Summary Report will contain confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of this Legislature that the ORSA Summary Report shall be a confidential...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29A-1.htm - 1K - Match Info - Similar pages
27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter set forth, for the year beginning on January 1, 1995, and for each year thereafter, every insurer shall pay to the commissioner a premium tax equal to the percentage, as set out in this subsection, of the premiums received by the insurer for business done in this state, whether the same was actually received by the insurer in this state or elsewhere: (1) PREMIUM TAX ON LIFE INSURANCE PREMIUMS. a. Except as hereinafter provided, the rates of taxation on life insurance premiums shall be those amounts set out in the following schedule: Year Foreign Insurers Domestic Insurers 1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year Thereafter 2.3 2.3 b. Individual life insurance policies in a face amount of greater than $5,000 and up to and including $25,000, excluding group life insurance policies, shall be taxed at the rate of one percent per annum. c. Individual life insurance policies in a face...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-3.htm - 16K - Match Info - Similar pages
27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers - Generally. (a) If a stock insurer's capital, as represented by the aggregated par value of its outstanding capital stock, becomes impaired or the assets of a mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under Sections 27-27-15 or 27-27-20 for authority to transact the kinds of insurance being transacted, the commissioner shall, at once, determine the amount of deficiency and serve notice upon the insurer to make good the deficiency within 60 days after service of such notice. (b) The deficiency may be made good in cash or in assets eligible for the investment of the insurer's funds, or, if a stock insurer, by reduction of the insurer's capital to an amount not below the minimum required for the kinds of insurance thereafter to be transacted or, if a mutual insurer, by amendment of its certificate of authority to cover only such kind...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-14.htm - 2K - Match Info - Similar pages
27-3-20
Section 27-3-20 Suspension or revocation of certificates - Mandatory grounds; notice and hearing. (a) The commissioner shall suspend or revoke an insurer's certificate of authority: (1) If such action is required by any provision of this title; (2) If the insurer no longer meets the requirements for the authority originally granted on account of deficiency of assets or otherwise; or (3) If the insurer's authority to transact insurance is suspended or revoked by its state of domicile or state of entry into the United States if an alien insurer. (b) Except in cases of insolvency or impairment of required capital or surplus or suspension or revocation by another state as referred to in subdivision (a) (3) of this section, the commissioner shall give the insurer at least 10 days' notice in advance of any such suspension or revocation under this section and of the particulars of the reasons therefor. If the insurer requests a hearing thereon within such 10 days, such request shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-20.htm - 1K - Match Info - Similar pages
27-30-13
Section 27-30-13 Commissioner as agent for process; service of process; notice of change of address. (a) Every mutual aid association, at the time of filing application for its certificate of authority, shall, by a duly executed instrument filed with the commissioner, on a form as designated and furnished by the commissioner, designate the principal office of the association in this state and constitute and appoint the commissioner, and his successors in office, as its true and lawful attorney upon whom all lawful process in actions or legal proceedings against it may be served; and the association shall agree that any lawful process against it which may be served upon its said attorney shall be of the same force and validity as if served on the association itself and that the authority thereof shall continue in force irrevocably as long as any liability remains outstanding against it in this state. (b) Two copies of any process issued by any court of record in this state and served...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-13.htm - 1K - Match Info - Similar pages
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