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41-14A-6
Section 41-14A-6 Establishment of SAFE board of directors; powers and duties of the
board of directors. (a) There is hereby established a Board of Directors of the SAFE Program
charged with responsibility and authority to assess and manage the sufficiency of the collateral
pool and the SAFE Program to provide adequate protection from losses to public depositors.
In exercising its powers and performing its responsibilities, the board of directors shall
constitute a body politic under the laws of the state performing the public function of assuring
the safety of public deposits. (b) The State Treasurer shall be a permanent, standing, voting
member of the board of directors and shall serve as its chair. The Superintendent of Banks
shall be a permanent, standing, non-voting member of the board of directors. The remaining
six members shall each possess knowledge, skill, and experience in one or more of the following
areas: (1) Financial analysis. (2) Trend analysis. (3) Accounting. (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-6.htm - 12K - Match Info - Similar pages
45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms
shall have the following meanings: (1) ACT. The act adding this part, to be called the General
Retirement System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual
who currently is employed by the county or other entities set forth in subdivision (20) and
is making employee contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30,
1984, or such other dates as set forth in Exhibit A, which is maintained in the office of
the pension board, a form of benefit differing in time, period, or manner of payment from
a specific benefit provided under the plan but having the same value when computed using the
mortality tables, the interest rate, and any other assumptions last adopted by the pension
board, which assumptions shall clearly preclude any discretion in the determination of the
amount of a member's benefit. (4) ACTUARIAL GAIN. As defined in Section...
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27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as
a state of entry to transact insurance in the United States by making and maintaining in this
state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States
for the same purpose, shall be in amount not less than the deposits required of an alien insurer
under Section 27-3-14 and shall consist of cash and/or securities eligible for the
investment of the funds of like domestic insurers. (c) Such a deposit may be referred to as
"trusteed assets." (Acts 1971, No. 407, p. 707, ยง657.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-2.htm - 1K - Match Info - Similar pages
27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer
shall not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of
its United States insurance obligations, which assets shall be in amount not less than the
outstanding liabilities of the insurer arising out of its insurance transactions in the United
States together with the greater of the following sums: (1) The largest deposit required by
Section 27-3-11 to be made by foreign insurers transacting like kinds of insurance;
or (2) $300,000.00. (b) Of the amount deposited by an alien insurer, an amount not less than
that required under subdivisions (a)(1) or (a)(2) of this section shall be deposited
and maintained on deposit in cash or securities eligible for deposit under Section
27-6-3 with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-14.htm - 2K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under
Sections 27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall
consist of certified checks, or certificates of deposit or any combination of securities,
the market value of which is readily ascertainable, and, if negotiable by delivery or assignment,
of the kinds described below: (1) United States government obligations; (2) State, county,
municipal, and school obligations; (3) Public improvement obligations; (4) Housing authority
obligations; (5) Obligations, stock of certain federal agencies; (6) Canadian governmental
obligations; (7) International banks; (8) Corporate obligations; (9) Equipment trust obligations;
and (10) Railroad leased lines, terminal obligations. (b) All such deposits required of a
domestic insurer pursuant to the laws of another state, province, or country shall be comprised
of securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section
if all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-106.htm - 13K - Match Info - Similar pages
27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-29.htm - 5K - Match Info - Similar pages
27-5B-11
Section 27-5B-11 Reinsurer not licensed, accredited, or certified - Additional trust
agreement requirements. If the assuming insurer does not meet the requirements of Section
27-5B-4, 27-5B-5, or 27-5B-6, the credit permitted by Section 27-5B-7 or 27-5B-8 shall
not be allowed unless the assuming insurer agrees in the trust agreements to the following
conditions: (1) Notwithstanding any other provisions in the trust instrument, if the trust
fund is inadequate because it contains an amount less than the amount required by subsection
(c) of Section 27-5B-7, or if the grantor of the trust has been declared insolvent
or placed into receivership, rehabilitation, liquidation, or similar proceedings under the
laws of its state or country of domicile, the trustee shall comply with an order of the commissioner
with regulatory oversight over the trust or with an order of a court of competent jurisdiction
directing the trustee to transfer to the commissioner with regulatory oversight all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-11.htm - 2K - Match Info - Similar pages
27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or
INSOLVENCY. The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the
surplus of a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall
be deemed to be insolvent when such insurer is not possessed of assets at least equal to all
liabilities and required reserves, together with its total issued and outstanding capital
stock, if a stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal
insurer, required by this title to be maintained for the kind or kinds of insurance it is
then authorized to transact. (2) INSURER. Any person, firm, corporation, association, or aggregation
of persons doing an insurance business and subject to the insurance supervisory authority
of, or to liquidation, rehabilitation, reorganization, or conservation by, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-1.htm - 4K - Match Info - Similar pages
45-27A-60
Section 45-27A-60 Town of Pollard Trust Account. (a)(1) There is hereby established
a trust account for the Town of Pollard, Alabama, for the exclusive benefit of the Town of
Pollard and its citizens. The name of the trust fund shall be the Town of Pollard Trust Account.
(2) In order to preserve for future generations the Town of Pollard Trust Account and to ensure
water service, garbage pickup, grass mowing, and general maintenance of public property, expenditures
from the income of the trust are authorized only for the following uses: a. Maintenance and
replacement of water system equipment and property. b. The payment of utility charges incurred
by the town. c. Purchase and maintenance of insurance for the water system, other town property,
and bonding fees required by law for the mayor, the town clerk, and any other person authorized
to sign checks for the Town of Pollard. d. Repair and replacement of town equipment. e. Employment
of two permanent employees to perform garbage...
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