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27-31B-7
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of, or other
distribution with respect to, capital or surplus, in excess of the limitations set forth in
subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval
of an ongoing plan for the payment of dividends or other distributions shall be conditioned
upon the retention, at the time of each payment, of capital or surplus in excess of amounts
specified by, or determined in accordance with formulas approved by, the commissioner. (Act
2006-509, p. 1153, §1.)...
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27-31B-20
Section 27-31B-20 Rules for controlled unaffiliated business. The commissioner shall adopt
rules establishing standards to ensure that a parent or affiliated company is able to exercise
control of the risk management function of any controlled unaffiliated business to be insured
by the captive insurance company. Until the rules under this section are adopted, the commissioner
may by temporary order grant authority to a captive insurance company to insure risks. (Act
2006-509, p. 1153, §1; Act 2016-191, §1.)...
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27-35-2
Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion;
approval or disapproval thereof. (a) The proposed plan for the conversion of the society into
a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms
and conditions thereof. After approval of the plan by the society's board of directors, the
society shall file the plan of conversion with the commissioner. (b) If, upon examination
thereof, the commissioner is of the opinion that the plan is complete, is in compliance with
the law, is fair and equitable to the certificate holders and interests of the society and
that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise,
the commissioner shall disapprove the plan. If not disapproved and written notice thereof
given the society within 30 days after the date of filing with the commissioner, the plan
shall be deemed to have been approved as of the expiration of such 30 days'...
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27-31B-19
Section 27-31B-19 Delinquency. (a) Except as otherwise provided in this section, the terms
and conditions set forth in Chapter 32 and Article 2, commencing with Section 27-2-50, of
Chapter 2, pertaining to rehabilitation, reorganization, conservation, and liquidation of
insurers, shall apply in full to captive insurance companies formed or licensed under this
chapter. (b) In the event of an action described in subsection (a) against a protected cell
captive insurance company, both of the following shall apply: (1) The assets of a protected
cell may not be used to pay any expenses or claims other than those attributable to the protected
cell. (2) Its capital and surplus shall at all times be available to pay any expenses of or
claims against the protected cell captive insurance company. (c) Notwithstanding the provisions
of this title, in the event of an insolvency of a protected cell captive insurance company
where the commissioner determines that one or more protected cells remain...
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27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance
company doing business in this state shall annually submit the opinion of a qualified actuary
as to whether the reserves and related actuarial items held in support of the policies and
contracts specified by the commissioner by regulation are computed appropriately, are based
on assumptions which satisfy contractual provisions, are consistent with prior reported amounts,
and comply with applicable laws of this state. The commissioner, by regulation, shall define
the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business
in this state and which is a member of an insurance holding company system shall register
with the commissioner, except a foreign insurer subject to registration requirements and standards
adopted by statute or regulation in the jurisdiction of its domicile which are substantially
similar to those contained in this section and both of the following: a. Subdivision (1) of
subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either
subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after
the end of the month in which it learns of each change or addition. (2) Any insurer which
is subject to registration under this section shall register within 15...
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27-12-21
service of such report, cause a petition to be filed in the circuit court of this state, within
the circuit wherein the person resides or has his principal place of business, to enjoin and
restrain such person from engaging in such method, act, or practice. The court shall have
jurisdiction of the proceeding and shall have power to make and enter appropriate orders in
connection therewith and to issue such writs as are ancillary to its jurisdiction or are necessary
in its judgment to prevent injury to the public pendente lite. (c) A transcript of
the proceedings before the commissioner, including all evidence taken, and the report and
findings shall be filed with such petition. If either party applies to the court for leave
to adduce additional evidence and shows, to the satisfaction of the court, that such additional
evidence is material and there were reasonable grounds for the failure to adduce such evidence
in the proceeding before the commissioner, the court may order such...
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27-35-3
Section 27-35-3 Conversion into stock or mutual life insurance company - Notice to subordinate
lodges or branches. After the plan of conversion has been approved by the commissioner, the
society shall mail notice by registered or certified mail to all of its subordinate lodges
or branches, by whatever name called, stating that a proposal will be made at a meeting of
the supreme governing or legislative body of the society, to be held at least 90 days after
the mailing of the notice, to convert the society into a stock or mutual life insurer and
enclosing a copy of the proposed plan of conversion. (Acts 1927, No. 537, p. 624; Acts 1971,
No. 407, p. 707, §729.)...
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27-2B-11
Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation
of property. (a) Any foreign insurer shall, upon the written request of the commissioner,
submit to the commissioner an RBC report, as of the end of the calendar year just ended, the
later of either: (1) The date an RBC report would be required to be filed by a domestic insurer
under this chapter. (2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to
the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any
other state. (b) In the event of a company action level event, regulatory action level event,
or authorized control level event with respect to any foreign insurer, as determined under
the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, pursuant to this chapter, or if the insurance...
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27-12A-1
Section 27-12A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) COMMISSIONER. The Alabama Commissioner of Insurance or his or her designee.
(2) DEPARTMENT. The Alabama Department of Insurance. (3) INSURANCE. As defined in Section
27-1-2, and specifically including any contract, arrangement, or agreement, in which one undertakes
to do any one of the following: a. Pay or indemnify another as to loss from certain contingencies
called risks. b. Pay or grant a specified amount or determinable benefit to another in connection
with ascertainable risk contingencies. c. Pay an annuity to another. d. Act as surety. For
the purposes of this chapter, insurance also includes any health benefit plan as defined in
Section 27-53-1. (4) INSURANCE PRODUCER or PRODUCER. As defined in Section 27-7-1. (5) INSURER.
A person entering into agreements, contracts of insurance, arrangements, or reinsurance, or
a health benefit plan, or a group health plan as...
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