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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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27-32-12
Section 27-32-12 Orders - Liquidation - Domestic insurers. (a) An order to liquidate the business
of a domestic insurer shall direct the commissioner forthwith to take possession of the property
of the insurer, to liquidate its business, to deal with the insurer's property and business
in his own name as Commissioner of Insurance or in the name of the insurer as the court may
direct and to give notice to all creditors who may have claims against the insurer to present
such claims. (b) The commissioner may apply for and secure an order dissolving the corporate
existence of a domestic insurer upon his application for an order of liquidation of such insurer
or at any time after such order has been granted. (Acts 1971, No. 407, p. 707, §631.)...
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27-32-13
Section 27-32-13 Orders - Liquidation - Alien insurers. An order to liquidate the business
of a United States branch of an alien insurer having trusteed assets in this state shall be
in the same terms as those prescribed for domestic insurers, save and except only that the
assets of the business of such United States branch shall be the only assets included therein.
(Acts 1971, No. 407, p. 707, §632.)...
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27-32-8
Section 27-32-8 Grounds - Conservation of assets - Foreign insurers. The commissioner may apply
to the court for an order appointing him as receiver, or ancillary receiver, and directing
him to conserve the assets within this state of a foreign insurer upon any of the following
grounds: (1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; or (2) Upon
the ground that its property has been sequestrated in its domiciliary sovereignty or in any
other sovereignty. (Acts 1971, No. 407, p. 707, §627.)...
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27-32-9
Section 27-32-9 Grounds - Conservation of assets - Alien insurers. The commissioner may apply
to the court for an order appointing him as receiver, or ancillary receiver, and directing
him to conserve the assets within this state of any alien insurer upon any of the following
grounds: (1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; (2) Upon the
ground that the insurer has failed to comply, within the time designated by the commissioner,
with an order made by him to make good an impairment of its trusteed funds; or (3) Upon the
ground that the property of the insurer has been sequestrated in its domiciliary sovereignty
or elsewhere. (Acts 1971, No. 407, p. 707, §628.)...
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27-32-17
Section 27-32-17 Claims in delinquency proceedings - Nonresidents against domestic insurers.
(a) In a delinquency proceeding begun in this state against a domestic insurer, claimants
residing in reciprocal states may file claims either with the ancillary receivers, if any,
in their respective states or with the domiciliary receiver. All such claims must be filed
on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
(b) Controverted claims belonging to claimants residing in reciprocal states may either: (1)
Be proved in this state; or (2) If ancillary proceedings have been commenced in such reciprocal
states, may be proved in those proceedings. In the event a claimant elects to prove his claim
in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is
afforded the domiciliary receiver of this state as provided in Section 27-32-18 with respect
to ancillary proceedings in this state, the final allowance of...
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27-28-2
Section 27-28-2 Plan for exchange of stock, etc., between domestic stock insurer and holding
company - Procedure for exchange. A plan of exchange shall be adopted and become effective
in the following manner: (1) APPROVAL OF THE BOARDS OF DIRECTORS. - The boards of directors
of each corporate party to the plan of exchange by resolution shall adopt the plan of exchange
which shall set forth the terms and conditions of the exchange and the mode of carrying the
same into effect and such other provisions with respect to the exchange as may be deemed necessary
or desirable. (2) APPROVAL OF COMMISSIONER. - Every plan of exchange, before being submitted
to vote of the stockholders pursuant to subdivision (3) of this section, shall be submitted
for approval to the commissioner in accordance with the following procedure: a. After the
approval required by subdivision (1) of this section is obtained, the domestic company shall
submit to the commissioner three copies of the plan of exchange and...
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10A-2-13.30
Section 10A-2-13.30 Court action. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) If a demand for payment under
Section 10A-2-13.28 remains unsettled, the corporation shall commence a proceeding within
60 days after receiving the payment demand and petition the court to determine the fair value
of the shares and accrued interest. If the corporation does not commence the proceeding within
the 60 day period, it shall pay each dissenter whose demand remains unsettled the amount demanded.
(b) The corporation shall commence the proceeding in the circuit court of the county where
the corporation's principal office, or, if none in this state, its registered office, is located.
If the corporation is a foreign corporation without a registered office in this state, it
shall commence the proceeding in the county in this state where the registered office of the
domestic corporation merged with or whose shares were...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-13.30.htm - 3K - Match Info - Similar pages
27-32-11
Section 27-32-11 Orders - Rehabilitation of domestic insurers. (a) An order to rehabilitate
a domestic insurer shall direct the commissioner forthwith to take possession of the property
of the insurer and to conduct the business thereof and to take such steps toward removal of
the causes and conditions which have made rehabilitation necessary as the court may direct.
(b) If at any time the commissioner deems that further efforts to rehabilitate the insurer
would be useless, he may apply to the court for an order of liquidation. (c) The commissioner
or any interested person, upon due notice to the commissioner, at any time may apply to the
court for an order terminating the rehabilitation proceedings and permitting the insurer to
resume possession of its property and the conduct of its business, but no such order shall
be made or entered except when, after a hearing, the court has determined that the purposes
of the proceeding have been fully accomplished. (Acts 1971, No. 407, p. 707,...
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