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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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29-2-4
Section 29-2-4 Reporting requirements; powers and duties. (a) On or before January 31
of each year, any county or city required to report local motor fuel excise tax rate information
to the Department of Revenue pursuant to Act 1998-192 shall provide a similar report to the
transportation department regarding the total amount of local motor fuel excise tax revenues
collected by the county or city for the immediately preceding fiscal year and the total amount
of the revenues expended on road and bridge maintenance and improvement during that same fiscal
year. The transportation department shall collect the information and deliver a report to
the Joint Transportation Committee on or before March 31 of each year. (b) The powers and
duties of the Joint Transportation Committee shall be as follows: (1) It shall review and
shall consider concurring with the long-range plan of the transportation department as such
plan exists at the date of the meeting called for the purpose of reviewing the...
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27-21A-2
Section 27-21A-2 Establishment of health maintenance organizations. (a) Notwithstanding
any law of this state to the contrary, any person may apply to the commissioner for and obtain
a certificate of authority to establish and operate a health maintenance organization in compliance
with this chapter. No person shall establish or operate a health maintenance organization
in this state without obtaining a certificate of authority under this chapter. A foreign corporation
may qualify under this chapter, subject to its registration to do business in this state as
a foreign corporation under the provisions of Sections 10-2A-220, et seq. (b) Health maintenance
organizations licensed as of May 29, 1986, shall be issued a certificate of authority in accordance
with Section 27-21A-29. (c) Each application for a certificate of authority shall be
verified by an officer or authorized representative of the applicant, shall be in a form prescribed
by the commissioner, and shall set forth or be...
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27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part
of the annual statement required under Section 27-34-36, each society shall, on or
before March 1, file with the commissioner a valuation of its certificates in force on December
31 last preceding; provided, however, that the commissioner may, in his discretion for cause
shown, extend the time for filing such valuation for not more than two calendar months. Such
report of valuation shall show, as reserve liabilities, the difference between the present
midyear value of the promised benefits provided in the certificates of such society in force
and the present midyear value of the future net premiums as the same are in practice actually
collected, not including therein any value for the right to make extra assessments and not
including any amount by which the present midyear value of future net premiums exceeds the
present midyear value of promised benefits on individual certificates. At the option of...
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27-41-34
Section 27-41-34 Particular investments - Real estate. (a)(1) An insurer may acquire,
invest in, own, maintain, alter, furnish, and improve the following real estate: a. Land and
buildings used for home office and branch office purposes, together with such other real estate
as is required for the convenient transaction of its business; and b. Funeral home buildings
used in the servicing of burial insurance policies. (2) An insurer may lease to others part
of the real property otherwise occupied by it for home office and other purposes under paragraphs
a. and b. of subdivision (1) of this subsection, except that the value of the parts so leased
must be included in subdivision (2) of subsection (b) of this section. (3) Except as
provided in subsection (e) of this section, an insurer may not carry, as an admitted
asset, real estate acquired under this subsection following 10 years from the date when such
real estate ceases to be necessary for the convenient accommodation of the insurer in...
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27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A
person who directly, or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with another person on December 31 of the year immediately
preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama
Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured
making a first party claim or any person instituting a liability claim. The term does not
include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person, whether...
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34-1-3
Section 34-1-3 State Board of Public Accountancy. (a) There is created a board of public
accountancy in and for the State of Alabama, to be known as the Alabama State Board of Public
Accountancy. The board shall consist of seven members appointed by the Governor and confirmed
by the Senate. Members of the board shall be citizens of the United States and residents of
the state. The membership of the board shall be inclusive and reflect the racial, gender,
geographic, urban/rural, and economic diversity of the state. Commencing October 1, 2019,
six members of the Alabama State Board of Public Accountancy shall be certified public accountants
in good standing with the board and one member of the board shall be a public member who is
not under the jurisdiction of the board, but shall at the time of his or her appointment be
an active and reputable member of the Alabama business community who possesses a knowledge
and understanding of financial transactions and financial statements. The...
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19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in
the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting
the trustee as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction
involving the investment or management of trust property entered into by the trustee for the
trustee's own personal account or which is otherwise affected by a conflict between the trustee's
fiduciary and personal interests is voidable by a beneficiary affected by the transaction
unless: (1) the transaction was authorized by the terms of the trust; (2) the transaction
was approved by the court; (3) the beneficiary did not commence a judicial proceeding within
the time allowed by Section 19-3B-1005; (4) the beneficiary consented to the trustee's
conduct, ratified the transaction, or released the trustee in compliance with Section
19-3B-1009; or (5) the transaction involves a contract entered into or claim acquired by...
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11-51-90
Section 11-51-90 Municipal business licenses; branch offices; application. (a) All municipalities
shall have the following powers: (1) To license any exhibition, trade, business, vocation,
occupation, or profession not prohibited by the Constitution or laws of the state which may
be engaged in or carried on in the municipality. (2) To fix the amount of licenses, the time
for which they are to run, not exceeding one license year, to provide a penalty for doing
business without a license, and to charge a fee not exceeding ten dollars ($10) for issuing
each license. The issuance fee shall be increased every five license years by the Department
of Revenue by an amount equal to the percentage increase, if any, in the U.S. Department of
Labor's Producer Price Index during that five-year period, rounded to the nearest dollar,
with the base year being 2006. The Department of Revenue shall notify all municipalities and
the Alabama League of Municipalities of any such fee increase no later than...
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11-65-1
Section 11-65-1 Legislative declarations and findings. The Legislature hereby finds
and declares as follows: (1) As the basis for enacting Act No. 84-131, the Legislature found
and determined that the conduct within Class 1 municipalities in the state of horse racing
events and pari-mutuel wagering thereon will generate additional revenues for governmental
and charitable purposes, provide additional jobs for the residents of the state and benefit
the businesses related to tourism and recreation within any such municipality and throughout
the surrounding areas of the state; it is desirable to permit the qualified voters of any
Class 1 municipality to determine through referendum whether horse racing and pari-mutuel
wagering thereon will be permitted in such municipality; and for each Class 1 municipality
in which horse racing is approved by the voters thereof, it is necessary and desirable to
provide for the establishment of a racing commission to regulate horse racing and pari-mutuel...
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