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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
27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a) A surplus
line broker shall not knowingly place surplus line insurance with an insurer that is unsound
financially, or that is ineligible under this section. The broker shall ascertain the financial
condition of the unauthorized insurer before placing insurance therewith. (b) The broker shall
not so insure with any of the following: (1) With any insurer which is not an authorized insurer
in at least one state of the United States for the kind of insurance involved, and with capital
or surplus, or both, amounting to at least five million dollars ($5,000,000); or guaranteed
trust fund amounting to at least five million dollars ($5,000,000). (2) With an alien insurer
not authorized to transact insurance in at least one state of the United States, unless the
insurer shall have established an effective trust fund of at least two million five hundred
thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
27-33-5
Section 27-33-5 Trust agreement - Requirement; approval by commissioner. (a) The deposit referred
to in Section 27-33-2 shall be made under a written trust agreement between the insurer and
the trustee, consistent with the provisions of this chapter, and shall be authenticated in
such form and manner as the commissioner may designate or approve. (b) The agreement shall
not be effective until filed with and approved in writing by the commissioner. The commissioner
shall not approve any trust agreement found by him not to be in compliance with the law or
the terms of which do not in fact provide reasonably adequate protection for the insurer's
policyholders or policyholders and creditors in the United States. (Acts 1971, No. 407, p.
707, ยง660.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-5.htm - 1K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
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
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and
other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall be issued
a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus
as follows: (1) In the case of a pure captive insurance company, not less than two hundred
fifty thousand dollars ($250,000) or such other amount determined by the commissioner and
actuarially supported by a feasibility study. (2) In the case of an association captive insurance
company or risk retention group, not less than five hundred thousand dollars ($500,000) or
such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-6.htm - 3K - 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-1
Section 27-5B-1 Purpose. The purpose of this chapter is to protect the interest of insureds,
claimants, ceding insurers, assuming insurers, and the public generally. The Legislature declares
its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection
for those to whom they owe obligations. In furtherance of that state interest, the Legislature
provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides
security to fund its U.S. obligations in accordance with this chapter, the assets representing
the security shall be maintained in the United States and claims shall be filed with and valued
by the Commissioner of Insurance with regulatory oversight, and the assets shall be distributed,
in accordance with the insurance laws of the state in which the trust is domiciled that are
applicable to the liquidation of domestic U.S. insurance companies. The Legislature declares
that the matters contained in this chapter are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-1.htm - 1K - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before soliciting
any applications for insurance required under Section 27-27-15, as qualification for the original
certificate of authority, the incorporators of the proposed mutual insurer shall file with
the commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of applicant members and creditors
of the corporation. The bond shall be conditioned as follows: (1) Upon payment of any loss
suffered by applicants who have cancelled or lapsed existing insurance policies due to misrepresentation
by the incorporators or by persons soliciting such applications under authorization by the
corporation, to the effect that the making of such application for insurance and prepayment
of premiums in such proposed insurer provides insurance protection prior to issuance of a
certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
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