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27-31C-2
Section 27-31C-2 Definitions. For the purpose of this chapter : (1) ALABAMA COASTAL CAPTIVE
INSURANCE COMPANY. A captive insurance company, as is defined by Section 27-31B-2(8), that
is specifically formed to provide homeowners insurance coverage as limited in Section 27-31B-3(a)(4)
and as defined and limited in the standard real property and contents insurance forms as approved
by the commissioner. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama.
(3) DEPARTMENT. The Alabama Department of Insurance. (4) PERIL. The cause of an insured loss.
(5) STATE. The State of Alabama. (Act 2008-391, p. 742, §2.)...
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27-31C-9
Section 27-31C-9 Findings of the commissioner. The commissioner may not issue a license to
an Alabama Coastal Captive Insurance Company unless the commissioner finds that the: (1) Coastal
captive insurance company is capitalized adequately or properly reinsured or both, after giving
due consideration to the business plan, feasibility study, and pro formas, including the level
of risk to be retained by the coastal captive insurance company; (2) Proposed business plan
of the coastal captive insurance company provides for a reasonable and expected successful
operation and is not hazardous to any policyholder; (3) Proposed business plan, including
any contracts or agreements to which the coastal captive insurance company is a party, and
the intended operation of the coastal captive insurance company comply with this chapter and
with any other applicable provisions of this title; and (4) Proposed business plan and intended
operation of the coastal captive insurance company satisfy the...
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9-18-1
Section 9-18-1 Enactment of Southern Interstate Nuclear Compact. The Southern Interstate Nuclear
Compact is hereby enacted into law and entered into by the state of Alabama with any and all
states legally joining therein in accordance with its terms, in the form substantially as
follows: "SOUTHERN INTERSTATE NUCLEAR COMPACT "Article I. Policy and Purpose "The
party states recognize that the proper employment of nuclear energy, facilities, materials,
and products can assist substantially in the industrialization of the south and the development
of a balanced economy for the region. They also recognize that optimum benefit from and acquisition
of nuclear resources and facilities requires systematic encouragement, guidance, and assistance
from the party states on a cooperative basis. It is the policy of the party states to undertake
such cooperation on a continuing basis; it is the purpose of this compact to provide the instruments
and framework for such a cooperative effort to improve...
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9-18A-1
Section 9-18A-1 Enactment of Southern States Energy Compact. The Legislature hereby enacts,
and the State of Alabama hereby enters into, the Southern States Energy Compact with any and
all states legally joining therein in accordance with its terms, in the form substantially
as follows: "SOUTHERN STATES ENERGY COMPACT "Article I. Policy and Purpose. "The
party states recognize that the proper employment and conservation of energy and employment
of energy-related facilities, materials, and products, within the context of a responsible
regard for the environment, can assist substantially in the industrialization of the south
and the development of a balanced economy for the region. They also recognize that optimum
benefit from an acquisition of energy resources and facilities require systematic encouragement,
guidance and assistance from the party states on a cooperative basis. It is the policy of
the party states to undertake such cooperation on a continuing basis; it is the purpose of...
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27-31C-1
Section 27-31C-1 Short title. This chapter may be cited as the Alabama Coastal Captive Insurance
Company Act. (Act 2008-391, p. 742, §2.)...
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27-31C-6
Section 27-31C-6 Exemptions from chapter. The commissioner, by rule, regulation, or order,
may exempt an Alabama Coastal Captive Insurance Company, on a case-by-case basis, from provisions
of this chapter that are determined to be inappropriate given the nature of the risks to be
insured and the intent of this chapter. (Act 2008-391, p. 742, §2.)...
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27-31C-7
Section 27-31C-7 Confidentiality of information. The confidentiality provisions of Sections
27-31B-9(b) and 27-31B-10 do not extend to final reports of its financial condition produced
by the commissioner in inspecting or examining an Alabama Coastal Captive Insurance Company
and do not extend to reports submitted by an Alabama Coastal Captive Insurance Company. All
work papers, recorded information, documents, and their copies produced by, obtained by, or
disclosed to the commissioner, his or her designee, or other persons made under this chapter
must be given confidential treatment as provided in Sections 27-31-3(4), 27-31B-9(b), and
27-31B-10. (Act 2008-391, p. 742, §2.)...
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27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to
the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent
on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars,
two-tenths of one percent on the next 20 million dollars, seventy-five thousandths of one
percent on each dollar thereafter on the direct premiums collected or contracted for on policies
or contracts of insurance written by the captive insurance company during the year ending
December 31 next preceding, after deducting from the direct premiums subject to the tax the
amounts paid to policyholders as return premiums which shall include dividends on unabsorbed
premiums or premium deposits returned or credited to policyholders. Notwithstanding the foregoing,
no tax shall be due or payable as to considerations received for annuity contracts. (b) Each
captive insurance company shall pay to the commissioner by March 1 of...
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27-31B-9
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required
to make any annual report except as provided in this chapter. (b) Prior to March 1 of each
year, each captive insurance company shall submit to the commissioner a report of its financial
condition, verified by oath of two of its executive officers. Except as provided in Section
27-31B-6, each captive insurance company shall report using statutory accounting principles,
unless the commissioner approves the use of generally accepted accounting principles, with
any useful or necessary modifications or adaptations thereof required or approved or accepted
by the commissioner for the type of insurance and kinds of insurers to be reported upon, and
as supplemented by additional information required by the commissioner. Except as otherwise
provided, each association captive insurance company and each industrial insured captive insurance
company insuring the risks of an industrial insured group...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-9.htm - 3K - Match Info - Similar pages
27-22-21
Section 27-22-21 Policy and premium information to be submitted to the Department of Insurance.
(a) Each insurance company authorized to transact homeowners insurance business in the State
of Alabama shall annually submit to the department for homeowners insurance policies, computations
of the total amount of direct incurred losses, the number of policies in force, and the direct
earned premiums for the prior calendar year. The insurance company shall report the computations
to the department by zip code. The information received by the department shall be aggregated
across all insurance companies collectively and the aggregated totals shall be arranged by
zip code. Homeowners insurance shall also include condominium insurance, dwelling fire policies,
renters/tenants insurance, and mobile home/manufactured housing property insurance. Creditor-placed
property insurance, condominium association insurance, and commercial insurance are excluded
from this article. (b) Based upon the...
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