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27-7-5
Section 27-7-5 Licenses - Qualifications. (a) An individual applying for a resident insurance
producer license shall make application to the commissioner on the Uniform Application, and
an individual applying for a service representative license shall make application to the
commissioner on the application prescribed by the commissioner, each declaring under penalty
of refusal, suspension, or revocation of the license that the statements made in the application
are true, correct, and complete to the best of the individual's knowledge and belief. Before
approving the application, the commissioner shall find that the individual has satisfied all
of the following: (1) The individual is at least 18 years of age. (2) The individual has not
committed any act that is a ground for denial, suspension, or revocation set forth in Section
27-7-19. (3) The individual has completed a prelicensing course of study for the lines of
authority for which the person has applied, consisting of 20 classroom...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-5.htm - 6K - Match Info - Similar pages
8-15-7
Section 8-15-7 Permit - Bond and proof of insurance; prerequisite to issuance of permit; filing
of additional bonds; actions on bond. (a) In the event the Commissioner of Agriculture and
Industries decides that a permit to operate a public warehouse should be issued, he shall
fix the amount of the bond, which shall be furnished by the applicant and approved by the
commissioner prior to the issuance of the permit. In addition to the requirement of bond,
the commissioner may require the applicant, as a prerequisite to the issuance of such bond,
to furnish legal proof of warehouseman's legal liability insurance in effect on the commodities
to be stored in any such public warehouse. (b) Such bond shall be made with some surety company
that has complied with the laws of the State of Alabama and which has a reputation for promptly
settling claims upon their merits and shall be payable to the State of Alabama in such sum
as the Commissioner of Agriculture and Industries may fix, but in no...
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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...
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2-15-133
Section 2-15-133 Bonds or bond equivalents; financial statements and reports; liability for
payments. (a) No license as required under Section 2-15-132 shall be issued or renewed until
the applicant therefor shall make, execute, and thereafter maintain on file with the commissioner
a bond or a bond equivalent as provided in subsection (f) in favor of the State of Alabama
or a trustee to be approved by the commissioner to secure the performance of obligations incurred
in the State of Alabama and the payment thereof to persons from whom such dealer purchases
livestock. Except as otherwise provided in this subsection, the amount of each bond shall
be not less than the next multiple of two thousand dollars ($2,000) above the average amount
of purchases of livestock purchased either as a dealer or on an agency basis in Alabama during
a period equivalent to two business days based on the total number of business days and the
total amount of such transactions during the preceding 12 months or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-15-133.htm - 8K - Match Info - Similar pages
27-29B-3
Section 27-29B-3 Disclosure requirement. (a) Not later than June 1 of each calendar year, an
insurer or the insurance group of which the insurer is a member, shall submit to the commissioner
a Corporate Governance Annual Disclosure that contains the information described in Section
27-29B-5. Notwithstanding any request from the commissioner made pursuant to subsection (c),
if the insurer is a member of an insurance group, the insurer shall submit the report required
by this section to the commissioner of the lead state for the insurance group in accordance
with the laws of the lead state as determined by the procedures outlined in the most recent
Financial Analysis Handbook adopted by the NAIC. (b) The CGAD shall include a signature of
the insurer or insurance group's chief executive officer or corporate secretary attesting
to the best of that individual's belief and knowledge that the insurer has implemented the
corporate governance practices and that a copy of the disclosure has been...
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27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves under
this section shall calculate reserves for ordinary life insurance, accident and health insurance
contracts, credit life contracts, group life contracts, annuities, or deposit-type contracts
in this state as if the policies were issued before the operative date of the valuation manual.
For such policies issued after the operative date of the valuation manual, any mortality and
interest rates defined by the valuation manual for net premium reserves shall be used. A company
calculating reserves under this section shall comply with Section 27-36A-4(a) instead of Section
27-36A-4(b) and meet all of the following conditions: (1) The company has less than three
hundred million dollars ($300,000,000) of ordinary life premium. (2) If the company is a member
of a group of life insurers, the group has combined ordinary life premium of less than six
hundred million dollars ($600,000,000). (3) The...
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27-43-8
Section 27-43-8 Filing of application for certificate of authority; contents of application;
issuance of certificate. (a) The incorporators shall file with the commissioner an application
for a certificate of authority to do business upon a form to be furnished by the department,
which shall include or have attached the following: (1) The names and, for the preceding 10
years, all addresses and all occupations of all incorporators and proposed directors and officers;
(2) A certified copy of the corporate articles and bylaws and a list of the names, addresses,
and occupations of all directors and principal officers and, if previously incorporated, for
the three most recent years, the corporation annual statements and reports; (3) All agreements
relating to the corporation to which any incorporator or proposed director or officer is a
party; (4) A statement of the amount and sources of the funds available for organization expenses
and the proposed arrangements for reimbursement and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-8.htm - 3K - Match Info - Similar pages
34-27-32
Section 34-27-32 Requirements for license; application; place of business; branch offices;
multiple brokers; fees. (a) A license for a broker or a salesperson shall be registered to
a specific real estate office and shall be issued only to, and held only by, a person who
meets all of the following requirements: (1) Is trustworthy and competent to transact the
business of a broker or salesperson in a manner that safeguards the interest of the public.
(2) Is a person whose application for real estate licensure has not been rejected in any state
on any grounds other than failure to pass a written examination within the two years prior
to the application for real estate licensure with Alabama. If the applicant's rejection for
real estate licensure in any state is more than two years from the date of application for
licensure with Alabama, then the applicant may not be issued an Alabama real estate license
without the approval of the commissioners. (3) Is a person whose real estate license...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-32.htm - 11K - Match Info - Similar pages
40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-39.htm - 15K - Match Info - Similar pages
27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business
in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following
definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement
or arrangement the consummation of which results in a person acquiring directly or indirectly
the control of another person, and includes, but is not limited to, the acquisition of voting
securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER.
Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or
acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this
section applies to any acquisition in which there is a change in control of an insurer authorized
to do business in this state. (2) This section shall not apply to the following: a. A purchase
of securities solely for investment purposes so long as the...
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