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27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions;
validity of contracts. (a) No person shall in this state, directly or indirectly, act as agent
for, or otherwise represent or aid on behalf of another, any insurer not then authorized to
transact such insurance in this state in the solicitation, negotiation, or effectuation of
insurance or annuity contracts, forwarding of applications, delivery of policies or contracts,
inspection of risks, fixing of rates, investigation or adjustment of losses, collection of
premiums, or in any other manner in the transaction of insurance with respect to subjects
of insurance resident, located or to be performed in this state. (b) This section shall
not apply to: (1) Acceptance of service of process by the commissioner under Section
27-10-52; (2) Surplus lines insurance or coverage specified in Section 27-10-34 and
other transactions as to which a certificate of authority is not required of an insurer; (3)
Adjustment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-1.htm - 2K - Match Info - Similar pages
27-15-52
Section 27-15-52 Definitions. The following terms shall have the following meanings:
(1) COMMERCIALLY REASONABLE EFFORT. The plans, processes, or procedures necessary to confirm
the death of the insured, contract owner or annuitant, or retained asset account holder against
other available records and information and, as applicable, to locate the beneficiary or beneficiaries
or other person entitled to payment pursuant to the terms of the policy or contract which
have been developed by each insurer and submitted to and approved by the department. (2) CONTRACT.
An annuity contract. The term contract shall not include an annuity used to fund an employment-based
retirement plan or program where the insurer is not committed by terms of the annuity contract
to pay death benefits to the beneficiaries of specific plan participants. (3) DEATH MASTER
FILE. The United States Social Security Administration's Death Master File or any other database
or service that is at least as comprehensive as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-52.htm - 3K - Match Info - Similar pages
27-7-4.2
Section 27-7-4.2 Licenses - Applicability to insurance producer. (a) Nothing in this
chapter shall be construed to require an insurer to obtain an insurance producer license.
In this section, the term "insurer" does not include an insurer's officers,
directors, employees, subsidiaries, or affiliates. (b) A license as an insurance producer
shall not be required of any of the following: (1) An officer, director, or employee of an
insurer or of an insurance producer, provided that the officer, director, or employee does
not receive any commission on policies written or sold to insure risks residing, located,
or to be performed in this state and any of the following: a. The officer, director, or employee's
activities are executive, administrative, managerial, clerical, or a combination of these,
and are only indirectly related to the sale, solicitation, or negotiation of insurance. b.
The officer, director, or employee's function relates to underwriting, loss control, inspection,
or the...
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35-11-371
Section 35-11-371 Perfection of lien. (a) For the purposes of this section, the
following terms shall have the following meanings: (1) HEALTH CARE PAYOR. A health care insurer,
health maintenance organization, or health care service plan organized under Article 6, Chapter
20, Title 10A, authorized to provide health care coverage in the state. (2) SATISFY THE CLAIM.
Receipt by the hospital of either of the following: a. Full payment for services as billed.
b. If the hospital has a contract with the injured person's health care payor, payment together
with all credits, discounts, and contractual adjustments that the patient's bill would be
entitled under the contract, including recoupments, between the hospital and the patient's
health care payor which extinguish the patient's obligation for the services rendered. (b)
Unless specifically contrary to any contractual agreement between the hospital and the injured
person's health care payor or unless contrary to any statute or governmental...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-11-371.htm - 5K - Match Info - Similar pages
27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section
1421, et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank.
(b) Notwithstanding any other provision of this chapter, the receiver for an insurer member
may not void any transfer of, or any obligation to transfer, money or any other property arising
under or in connection with any federal home loan bank security agreement, or any pledge,
security, collateral, or guarantee agreement, or any other similar arrangement or credit enhancement
relating to a federal home loan bank security agreement made in the ordinary course of business
and in compliance with the applicable federal home loan bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-27.1.htm - 4K - Match Info - Similar pages
27-43-10
Section 27-43-10 Types of legal expense insurance; policy and certificate forms; issuance
of policies and certificates. (a) Legal expense insurance may be written as individual, group,
blanket, or franchise insurance. Each contractual obligation for legal expense insurance must
be evidenced by a policy. Each person insured under a group policy must be issued a certificate
of coverage. (b) No policy or certificate of legal expense insurance may be issued in this
state unless a copy of the form has been filed and approved by the commissioner. (c) The commissioner
may not approve any form that does not meet the following requirements: (1) Policies must
contain a list and description of the legal service payments promised or the legal matters
for which expenses are to be reimbursed and any limits on the amounts to be paid or reimbursed;
(2) Policies and certificates must indicate the name of the insurer and the full address of
its principal place of business; (3) Certificates issued under...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-10.htm - 3K - Match Info - Similar pages
27-15-23
Section 27-15-23 Standard provisions in contracts for reversionary annuities. (a) Except
as stated in this section, no contract for a reversionary annuity shall be delivered
or issued for delivery in this state unless it contains in substance each of the following
provisions: (1) Any such reversionary annuity contract shall contain the provisions specified
in Sections 27-15-17 through 27-15-21 except that under Section 27-15-20 the insurer
may at its option provide for an equitable reduction of the amount of the annuity payments
in settlement of an overdue or deferred payment in lieu of providing for deduction of such
payments from an amount payable upon settlement under the contract; and (2) In such reversionary
annuity contracts, there shall be a provision that the contract may be reinstated at any time
within three years from the date of default in making stipulated payments to the insurer upon
production of evidence of insurability satisfactory to the insurer and upon condition...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-23.htm - 1K - Match Info - Similar pages
27-5A-8
Section 27-5A-8 Prohibited acts. The reinsurance intermediary-manager shall not: (1)
Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager
may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract
with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The
guidelines shall include a list of reinsurers with which any automatic agreements are in effect,
and for each such reinsurer, the coverages and amounts or percentages that may be reinsured,
and commission schedules. (2) Commit the reinsurer to participate in reinsurance syndicates.
(3) Appoint any producer without assuring that the producer is lawfully licensed to transact
the type of reinsurance for which the producer is appointed. (4) Without prior approval of
the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds
the lesser of an amount specified by the reinsurer or one percent of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-8.htm - 1K - Match Info - Similar pages
27-14-29
Section 27-14-29 Rights of beneficiaries, etc., under life insurance policies against
creditors, etc. (a) If a policy of insurance, whether heretofore or hereafter issued, is effected
by any person on his own life or on another life in favor of a person other than himself or,
except in cases of transfer with intent to defraud creditors, if a policy of life insurance
is assigned or in any way made payable to any such person, the lawful beneficiary, or assignee
thereof, other than the insured or the person so effecting such insurance or his executors
or administrators, shall be entitled to its proceeds and avails against the creditors, personal
representatives, trustees in bankruptcy, and receivers in state and federal courts of the
person insured and of the person effecting the insurance, whether or not the right to change
the beneficiary is reserved or permitted and whether or not the policy is made payable to
the person whose life is insured, if the beneficiary or assignee shall...
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27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Either of the three accounts created under Section 27-44-6. (2) ASSOCIATION.
The Alabama Life and Disability Insurance Guaranty Association created under Section
27-44-6. (3) AUTHORIZED ASSESSMENT or the term AUTHORIZED when used in the context of assessments.
A resolution by the board of directors has been passed whereby an assessment will be called
immediately or in the future from member insurers for a specified amount. An assessment is
authorized when the resolution is passed. (4) BENEFIT PLAN. A specific employee, union, or
association of natural persons benefit plan. (5) CALLED ASSESSMENT or the term CALLED when
used in the context of assessments. A notice that has been issued by the association to member
insurers requiring that an authorized assessment be paid within the time frame set forth within...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - Match Info - Similar pages
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