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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-4.htm - 12K - Match Info - Similar pages
27-30-18
Section 27-30-18 Deposit - Amounts; purpose; kind. (a) Each mutual aid association shall, prior
to issuance of its certificate of authority, deposit and thereafter maintain on deposit with
the Treasurer of the State of Alabama securities of the kind authorized under subsection (d)
of this section, in the amount of not less than $5,000.00. If in any calendar year the gross
premium receipts of the association from business done within this state exceed $50,000.00,
the association shall, not later than the March 30 next following such calendar year, increase
the amount of its deposit so made and maintained in accordance with the following schedule:
Gross premium receipts during calendar year Amount of deposit required More than $50,000 but
less than $150,000 $10,000 Equal to 150,000 but less than 250,000 15,000 Equal to 250,000
but less than 350,000 20,000 Equal to 350,000 but less than 500,000 25,000 Equal to 500,000
but less than 750,000 50,000 Equal to 750,000 but less than 1,000,000...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-18.htm - 2K - Match Info - Similar pages
27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
27-5-11
Section 27-5-11 Limits of risk. (a) No insurer shall retain any risk on any one subject of
insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding
10 percent of its surplus to policyholders. (b) A "subject of insurance," for the
purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake,
and other catastrophic hazards, includes all properties insured by the same insurer which
are customarily considered by underwriters to be subject to loss or damage from the same fire
or the same occurrence of such other hazard insured against. (c) Reinsurance ceded as authorized
by Section 27-5-12 shall be deducted in determining risk retained. As to surety risks, deduction
shall also be made of the amount assumed by any established incorporated cosurety and the
value of any security deposited, pledged or held subject to the surety's consent and for the
surety's protection. (d) As to alien insurers, this section shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5-11.htm - 2K - Match Info - Similar pages
27-5B-14
Section 27-5B-14 Asset or reduction from liability for reinsurance ceded by a domestic insurer
to an assuming insurer not meeting the requirements of Sections 27-5B-3 through 27-5B-13.
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to
an assuming insurer not meeting the requirements of Section 27-5B-3, 27-5B-4, 27-5B-5, 27-5B-6,
27-5B-7, 27-5B-8, 27-5B-9, 27-5B-10, 27-5B-11, 27-5B-12, or 27-5B-13 shall be allowed in an
amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be
in the amount of funds held by or on behalf of the ceding insurer, including funds held in
trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security
for the payment of obligations thereunder, if the security is held in the United States subject
to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the
case of a trust, held in a qualified U.S. financial institution, as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-14.htm - 2K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold authority
to transact insurance in this state, an insurer must be otherwise in compliance with this
title and with its charter powers and must be an incorporated stock insurer or an incorporated
mutual insurer or a reciprocal insurer, all of the same general type as may be formed as a
domestic insurer under this title; except that: (1) No foreign insurer shall be authorized
to transact insurance in this state which does not maintain reserves as required by Chapter
36 of this title applicable to the kind, or kinds, of insurance transacted by such insurer,
wherever transacted in the United States, or which transacts insurance in the United States
on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar
plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its
state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
45-49A-81.04
Section 45-49A-81.04 Investment of funds. All monies properly belonging to the fund shall be
kept in a separate account or accounts, and may, in the discretion of the persons charged
with the duties of administering the fund, be invested in any securities provided by law to
be a suitable investment for trust fund monies pursuant to the laws of this state including,
but not limited to, the following: (1) Bonds, notes, or other obligations of the United States,
or those guaranteed by the United States or for which the credit of the United States is pledged
for the payment of the principal and interest or the dividends thereof. (2) State bonds pledging
the full faith and credit of the state and revenue bonds additionally secured by the full
faith and credit of the state. (3) Bonds of the counties and municipalities of the state which
contain a pledge of full faith and credit of the county or municipality which issues the bonds.
(4) Savings accounts or certificates of deposit at any bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-81.04.htm - 2K - Match Info - Similar pages
27-27-26
Section 27-27-26 Pecuniary interests of officers, etc., of domestic insurers. (a) No officer
or director of a domestic insurer, and no member of any committee or employee of a domestic
insurer who is charged with the duty of investing or handling the funds of the insurer, shall
do any of the following: (1) Deposit or invest the funds except in the corporate name of the
insurer; except, that the insurer may for its convenience hold any equity investment in a
street name or in the name of a nominee. (2) Borrow the funds of the insurer. (3) Be pecuniarily
interested in any loan, pledge or deposit, security, investment, sale, purchase, exchange,
reinsurance, or other similar transaction or property of the insurer except as follows: a.
As a stockholder or member of the insurer. b. As a holder or owner of common stock or equity-like
preferred stock in any corporation or business entity trading on a national or international
stock exchange. c. As a holder or owner of shares of mutual funds,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-26.htm - 3K - Match Info - Similar pages
2-15-133
Section 2-15-133 Bonds or bond equivalents; financial statements and reports; liability for
payments. (a) No license as required under Section 2-15-132 shall be issued or renewed until
the applicant therefor shall make, execute, and thereafter maintain on file with the commissioner
a bond or a bond equivalent as provided in subsection (f) in favor of the State of Alabama
or a trustee to be approved by the commissioner to secure the performance of obligations incurred
in the State of Alabama and the payment thereof to persons from whom such dealer purchases
livestock. Except as otherwise provided in this subsection, the amount of each bond shall
be not less than the next multiple of two thousand dollars ($2,000) above the average amount
of purchases of livestock purchased either as a dealer or on an agency basis in Alabama during
a period equivalent to two business days based on the total number of business days and the
total amount of such transactions during the preceding 12 months or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-15-133.htm - 8K - Match Info - Similar pages
23-7-5
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions
of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate,
and administer the bank, and to perform its other functions including, but not limited to,
the following power to: (1) Have perpetual succession. (2) Adopt, promulgate, amend, and repeal
bylaws, not inconsistent with this chapter for the administration of the bank's affairs and
the implementation of its functions including the right of the board to select qualifying
projects and to provide loans and other financial assistance. (3) Sue and be sued in its own
name. (4) Have a seal and alter it at pleasure, although the failure to affix the seal does
not affect the validity of an instrument executed on behalf of the bank. (5) Make loans to
qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold,
and sell loan obligations at prices and in a manner as the board...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-5.htm - 6K - Match Info - Similar pages
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