36-27-6
Section 36-27-6 Participation of employees of counties, cities, towns, public or quasi-public organizations, etc. - Generally. (a) The governing board of any county, city, town or public or quasi-public organization of the state or of any political subdivision thereof or the Alabama Extension Service and Agricultural Experiment Station System of Auburn University may, by resolution legally adopted to conform to rules prescribed by the Board of Control, elect to have its officers and employees from whatever sources and in whatever manner paid become eligible to participate in the retirement system; and the Adjutant General of the state, with the approval of the Governor, may, by application properly prepared and submitted in conformity with rules prescribed by the Board of Control, elect to have those employees of the Alabama National Guard employed pursuant to 32 U.S.C.A., Section 709, and paid from federally appropriated funds, become eligible to participate in this retirement system....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-6.htm - 16K - Match Info - Similar pages
27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby agrees to the following interstate compact known as the Interstate Insurance Product Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and cooperative action among the compacting states: 1. To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products; 2. To develop uniform standards for insurance products covered under the compact; 3. To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states; 4. To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-15-74
Section 27-15-74 Computation of paid-up nonforfeiture benefits. Any paid-up nonforfeiture benefit available under the policy in the event of default in the premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this article in the absence of the condition that premiums shall have been paid for at least a specified period. (Act 2016-411, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-74.htm - 875 bytes - Match Info - Similar pages
27-15-9
Section 27-15-9 Life insurance policy provisions - Table of values and benefits. In policies issued on and after the operative date of Section 27-15-28, there shall be a table showing in figures the loan value and the cash surrender values and nonforfeiture benefits in accordance with subdivision (b) (5) of Section 27-15-28, either during the first 20 policy years or during the term of the policy, whichever is shorter. (Acts 1971, No. 407, p. 707, §354.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-9.htm - 764 bytes - Match Info - Similar pages
27-15-79
Section 27-15-79 Nonforfeiture benefits for indeterminate premium plans. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on the estimates of future experience, or, in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in Section 27-15-72, 27-15-73, 27-15-74, 27-15-75, 27-15-76, 27-15-77, or 27-15-78, then: (1) The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by Section 27-15-72, 27-15-73, 27-15-74, 27-15-75, 27-15-76, 27-15-77, or 27-15-78. (2) The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds. (3) The cash surrender values and paid-up nonforfeiture benefits provided...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-79.htm - 1K - Match Info - Similar pages
27-15-77
Section 27-15-77 Calculation of adjusted premiums - Industrial policies. (a) This section shall not apply to industrial policies to be issued on or after the operative date of Section 27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in this article for all policies of industrial insurance shall be calculated on the basis of the Commissioners 1961 Standard Industrial Mortality Table. All calculations shall be made on the basis of the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; provided, that such rate of interest shall not exceed three and one-half percent per annum; provided further, that a rate of interest not exceeding four percent per annum may be used for policies issued on or after August 23, 1976, and prior to July 30, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after July 30, 1979; provided, however,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-77.htm - 1K - Match Info - Similar pages
27-47-2
Section 27-47-2 Deduction for premiums paid for long-term care insurance contract; treatment of contract; coverage. (a) The premiums paid for a long-term care insurance contract are deductible pursuant to Section 40-18-15, if the contract meets the following requirements: (1) Offers coverage only for qualified long-term care services and benefits incidental to the coverage. (2) Guaranteed renewal. (3) No cash surrender value. (4) All refunds of premiums and all policyholder dividends or similar amounts under the contract are to be applied as a reduction in future premiums or to increase future benefits, except for a refund of premiums on surrender or cancellation of the policy. (b) For purposes of this chapter, a long-term care insurance contract shall be treated as an accident or health insurance contract. The amount of coverage under the long-term care insurance contract shall be equal to or greater than Medicaid coverage for a period of at least three years. (c) An insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-47-2.htm - 2K - Match Info - Similar pages
27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part of the annual statement required under Section 27-34-36, each society shall, on or before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding; provided, however, that the commissioner may, in his discretion for cause shown, extend the time for filing such valuation for not more than two calendar months. Such report of valuation shall show, as reserve liabilities, the difference between the present midyear value of the promised benefits provided in the certificates of such society in force and the present midyear value of the future net premiums as the same are in practice actually collected, not including therein any value for the right to make extra assessments and not including any amount by which the present midyear value of future net premiums exceeds the present midyear value of promised benefits on individual certificates. At the option of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-37.htm - 7K - Match Info - Similar pages
27-34-45
Section 27-34-45 Misrepresentations. No person shall cause or permit to be made, issued, or circulated in any form: (1) Any misrepresentation or false or misleading statement concerning the terms, benefits, or advantages of any fraternal insurance contract now issued, or to be issued, in this state or the financial condition of any society; (2) Any false or misleading estimate or statement concerning the dividends or shares of surplus paid, or to be paid, by any society on any insurance contract; or (3) Any incomplete comparison of an insurance contract of one society with an insurance contract of another society or insurer for the purpose of inducing the lapse, forfeiture, or surrender of any insurance contract. A comparison of insurance contracts is incomplete: a. If it does not compare in detail: 1. The gross rates and the gross rates less any dividend or other reduction allowed at the date of the comparison; and 2. Any increase in cash values and all the benefits provided by each...
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27-36A-12
Section 27-36A-12 Reserve calculation - Valuation net premium exceeding the gross premium charged. (a) If in any contract year the gross premium charged by a company on a policy or contract issued on or after January 1, 1972, is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-12.htm - 2K - Match Info - Similar pages
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