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27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue
or permit to exist a certificate of authority as to any insurer, other than an alien insurer,
unless it has deposited and maintains deposited in trust with the Treasurer of this state
cash or securities eligible under Section 27-6-3 and having a value at all times of
not less than $100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus,
if a mutual or reciprocal insurer, required to be maintained by the insurer under this title
for authority to transact the kinds of insurance to be transacted, whichever is the smaller
amount. (b) The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-3-15
Section 27-3-15 Deposit requirements - Alien insurers - Trusteed assets. (a) In order
to comply with the requirements of Section 27-3-14, an alien insurer shall appoint
citizens of the United States of America or public depositaries or trust institutions located
in the United States, all as approved by the commissioner, as trustee, or trustees, to hold
its funds and assets in trust for the benefit of its policyholders or policyholders and creditors
in the United States. Any such trustee, or trustees, shall be named by the board of directors
or comparable directive body of the insurer, and a certified copy of the record of the appointment
and of the deed of trust shall be filed with the commissioner. (b) Funds and assets so held,
to the extent that they consist of cash, securities and other assets of the same general character
as are eligible for the investment of like funds of a domestic insurer, under Sections 27-1-8
and 27-1-9, shall constitute the assets of the insurer for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-15.htm - 1K - Match Info - Similar pages
19-3-21
Section 19-3-21 Contents of application; notice of hearing. The application must be
in writing, verified by affidavit, must state the nature and character of the trust and of
the interest of the applicant therein and must state, in the opinion of the applicant, said
interest is, or will be endangered, if bond with sureties is not required of such trustee;
and, on the filing of such petition, the register or clerk must appoint a day for the hearing
thereof, of which not less than five days' notice, by the service of summons to appear and
answer, must be given the trustee, if he resides in the state, and if he resides without the
state, notice must be given by publication for three successive weeks in some newspaper published
in the county, if there be such paper, and if there be not, in the paper published nearest
to such county. (Code 1886, §3550; Code 1896, §4153; Code 1907, §6055; Code 1923, §10392;
Code 1940, T. 58, §9.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-21.htm - 1K - Match Info - Similar pages
23-7-20
Section 23-7-20 Securing of bonds - Trust indenture. (a) Bonds may be secured by a trust
indenture between the bank and a corporate trustee, which may be the State Treasurer or any
bank having trust powers or any trust company doing business in this state. A trust indenture
may contain provisions for protecting and enforcing the rights and remedies of the bondholders
which are reasonable and proper, including covenants setting forth the duties of the bank
in relation to the exercise of its powers and the custody, safekeeping, and application of
its money. The bank may provide by the trust indenture for the payment of the proceeds of
the bonds and all or any part of the revenues of the bank to the trustee under the trust indenture
or to some other depository, and for the method of its disbursement with safeguards and restrictions
prescribed by it. All expenses incurred in performing the obligations of the bank under the
trust indenture may be treated as part of its operating expenses....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-20.htm - 3K - Match Info - Similar pages
5-17-15
Section 5-17-15 Deposits for minor or trust beneficiaries; deposits in names of two
persons. (a) A minor, in his or her own name, may make a general or special deposit in any
credit union. The deposit shall be paid only to the minor, or upon his or her order, and not
to the parents or guardians of the minor, and the payment shall be valid as against the minor
child and his or her parents or guardian. (b) Shares may be issued and withdrawn and deposits
received and paid out in the name of a minor or in trust in such manner as the bylaws may
provide. The name of the beneficiary must be disclosed to the credit union. If no other notice
of the existence and terms of such trust has been given in writing to the corporation, such
shares or deposits may, upon the death of the trustee, be transferred to or withdrawn by the
person who was named by the trustee as the beneficiary or by his or her legal representative,
and such transfer or withdrawal shall release the corporation from liability to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-15.htm - 3K - Match Info - Similar pages
27-17A-43
Section 27-17A-43 Cancellation of contract; withdrawal from trust fund. (a) Upon cancellation
of a preneed contract by mutual agreement between the seller and purchaser, or upon unilateral
cancellation of a preneed contract by the seller by reason of default on the part of the purchaser,
or other valid cancellation by reason of transfers to another seller or otherwise, the seller
may, upon submission of a certification under oath by a responsible officer of the seller
to the trustee, withdraw from the Cemetery Merchandise and Services Trust Fund and retain
an amount equal to the amount of all funds contributed to the trust fund with respect to the
preneed contract. Any trustee accepting preneed contract proceeds under this article may rely
on the seller's certification under oath as required herein to be made, and shall not be liable
to anyone for such reliance. (b) At such time as the seller undertakes to perform its obligations
under a preneed contract by delivery or installation, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-43.htm - 2K - Match Info - Similar pages
38-9B-3
Section 38-9B-3 Contributors allowed to supplement care of impaired persons; assets
of trustees. THIS SECTION WAS AMENDED BY ACT 2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE
JANUARY 31, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Contributors may supplement
the care, support, habilitation, and treatment of impaired persons pursuant to this chapter.
Neither the contribution to the AFT Trust for the benefit of a life beneficiary nor the use
of AFT Trust assets to provide benefits shall in any way reduce, impair, or diminish the benefits
to which a person is otherwise entitled by law. The establishment and administration of the
AFT Trust shall not be taken into consideration in appropriations for the department or the
Alabama Medicaid Agency to render services required by law. (b) The assets held by the trustee
and assets held in the AFT Trust and the AFT Charitable Trust pursuant to this chapter shall
not be considered state money, assets of the state, or revenue for any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-9B-3.htm - 1K - Match Info - Similar pages
27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance
of its obligations in the event of insolvency, each corporation authorized under Section
27-43-8 shall, through the commissioner, deposit and maintain with the Treasurer of the State
securities of the type eligible for deposit by insurers under Section 27-6-3, which
securities shall have at all times a market value as follows: (1) An insurer which has transacted
no legal expense insurance in this state prior to January 1, 1982, shall, prior to the issuance
of its certificate of authority and before receiving any premiums, place in trust with the
Treasurer of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer
transacting a legal expense insurance business in this state prior to January 1, 1982, and
having in force in this state less than $300,000.00 of gross written premiums, membership
fees, or similar charges shall place in trust with the Treasurer of the State,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-9.htm - 4K - Match Info - Similar pages
27-17A-11.1
Section 27-17A-11.1 Report of preneed contract activity; written logs. (a) On a semi-annual
basis, within 45 days after the end of each second calendar reporting period, the certificate
holder shall file a report of its preneed contract activity on a form or in a format prescribed
by the commissioner. The information reported shall include the total number of preneed contracts
in force at the end of the previous reporting period, the total number of preneed contracts
sold during the reporting period, the total number of preneed contracts fulfilled during the
reporting period, the total number of preneed contracts in force at the end of the reporting
period, and such other information as may be required by the commissioner. The report shall
be organized by type of funding including, life insurance, trust, letter of credit, or surety
bond. The report shall also provide a certification by the trustee of the amount of assets
held by the trust at the beginning of the reporting period and at...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-11.1.htm - 2K - Match Info - Similar pages
27-27-12
Section 27-27-12 Deposit of solicitation permit funds in escrow - Requirement. (a) All
funds received in Alabama pursuant to a solicitation permit, other than advance premiums for
insurance which are subject to Section 27-27-18, shall, by the permit holder, be deposited
and held in escrow in a bank or trust company located in this state under an agreement approved
by the commissioner. (b) No part of such funds shall be withdrawn from such deposit, except:
(1) For the payment of promotion, sales, and organization expenses as authorized by the solicitation
permit, and funds for such purposes may be withheld from the deposit; (2) For the purpose
of making any deposit with the commissioner required for the issuance of a certificate of
authority to an insurer; (3) If the proposed organization is not to be an insurer, upon completion
of payments on securities subscriptions made under the solicitation permit and deposit or
appropriation of such funds to the purposes specified in the...
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