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16-25A-9
Section 16-25A-9 Eligible employees covered. (a) All employees and, under certain conditions,
retired employees as defined in Section 16-25A-1 at the time of adoption and execution by
the board of a contract or other arrangement providing for group health insurance plans and
who are eligible for coverage under the provisions of this article and the rules and regulations
of the board adopted pursuant thereto shall have the option to be included in such coverage
of the plan and shall have an option as to whether they will subscribe to such coverage for
their dependents, such option to be exercised in the manner and within the time limitation
prescribed by the board. (b) All persons who become employees, as defined by the terms of
this article and the rules and regulations promulgated by the board pursuant thereto, shall
become eligible for membership in the group health insurance plan offered by their employing
board and shall have an option as to whether they will subscribe to such...
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27-17A-18
Section 27-17A-18 Preneed sales agent. (a) All individuals who offer preneed contracts to the
public, or who execute preneed contracts on behalf of a certificate holder, shall be registered
with the commissioner as preneed sales agents, pursuant to this article. (b) All preneed sales
agents and funeral directors acting as preneed sales agents shall be affiliated with the certificate
holder that they are representing. (c) A certificate holder shall be responsible for the activities
of all preneed sales agents and all funeral directors acting as preneed sales agents, who
are affiliated with the certificate holder and who perform any type of preneed-related activity
on behalf of the certificate holder. In addition to the preneed sales agents and funeral directors
acting as preneed sales agents, each certificate holder shall also be subject to discipline
if its preneed sales agents or funeral directors acting as preneed sales agents violate any
provision of this article. (d) A preneed...
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27-19-52
Section 27-19-52 Definitions. For purposes of this article, the following terms shall have
the meaning indicated herein: (1) APPLICANT. Includes either of the following: a. In the case
of an individual Medicare supplement policy or subscriber contract, the person who seeks to
contract for insurance benefits. b. In the case of a group Medicare supplement policy or subscriber
contract, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued under a
group Medicare supplement policy, which policy has been delivered or issued for delivery in
this state. (3) CERTIFICATE FORM. The form on which the certificate is delivered or issued
for delivery by the issuer. (4) ISSUER. Insurance companies, fraternal benefit societies,
health care service plans, health maintenance organizations, and any other entity delivering
or issuing for delivery in this state Medicare supplement policies or certificates. (5) MEDICARE.
The "Health Insurance for the Aged Act," Title XVIII of the Social...
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27-27-45
Section 27-27-45 Merger and consolidations - Domestic stock insurers. (a) A domestic stock
insurer may merge or consolidate with one or more domestic or foreign stock insurers by complying
with the applicable provisions of the statutes of this state governing the merger or consolidation
of stock corporations formed for profit, but subject to subsections (b) and (c) of this section.
(b) No such merger or consolidation shall be effectuated unless in advance thereof the plan
and agreement therefor have been filed with the commissioner and approved in writing by him
after a hearing thereon. The commissioner shall give such approval within a reasonable time
after such filing unless he finds such plan or agreement: (1) Is contrary to law; (2) Inequitable
to the stockholders of any domestic insurer involved; or (3) Would substantially reduce the
security of, and service to be rendered to, policyholders of the domestic insurer in this
state or elsewhere. (c) No director, officer, agent, or...
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27-31-25
Section 27-31-25 Nonassessable policies. (a) If a reciprocal insurer has a surplus of assets
over all liabilities at least equal to the minimum capital stock required of a domestic stock
insurer authorized to transact like kinds of insurance, upon application of the attorney and
as approved by the subscribers' advisory committee, the commissioner shall issue his certificate
authorizing the insurer to extinguish the contingent liability of subscribers under its policies
then in force in this state and to omit provisions imposing contingent liability in all policies
delivered, or issued for delivery, in this state for so long as all such surplus remains unimpaired.
(b) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate.
Such revocation shall not render subject to contingent liability any policy then in force
and for the remainder of the period for which the premium has theretofore been paid; but after
such revocation, no policy shall be issued or...
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27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive
insurance company or a protected cell captive insurance company shall be formed as a stock
or mutual insurer, or as a nonprofit or limited liability company with its capital divided
into units and held by the stockholders, members, or other equivalent as allowed by law. (b)
An association captive insurance company, an industrial insured captive insurance company,
or a risk retention group may be formed in any of the following ways: (1) Organized as a stock
insurer with its capital divided into share units and held by the stockholders, members, or
other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock,
the governing body of which is elected by the member organizations of its association. (3)
Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
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10A-2A-9.12
Section 10A-2A-9.12 Action on a plan of conversion. In the case of a conversion of a corporation
the plan of conversion shall be adopted in the following manner: (a) The plan of conversion
shall first be adopted by the board of directors. (b) The plan of conversion shall then be
approved by the stockholders. In submitting the plan of conversion to the stockholders for
their approval, the board of directors must recommend that the stockholders approve the plan,
unless (i) the board of directors makes a determination that because of conflicts of interest
or other special circumstances it should not make a recommendation, or (ii) Section 10A-2A-8.26
applies. If either (i) or (ii) applies, the board of directors shall inform the stockholders
of the basis for its so proceeding. (c) The board of directors may set conditions for approval
of the plan of conversion by the stockholders or the effectiveness of the plan of conversion.
(d) If the approval of the stockholders is to be given at a...
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22-21-362
Section 22-21-362 Incorporation of dental service plan corporation; management by board of
directors. (a) Any dental service plan corporation shall be incorporated under the provisions
of the laws of Alabama, except to the extent that the provisions thereof are in conflict with
the provisions of this article. Every charter or certificate of incorporation of such corporation
shall have endorsed thereon or affixed thereto the consent of the commissioner of insurance.
(b) The affairs of any dental service plan corporation shall be managed by a board of directors
composed of not fewer than five members, all of whom shall be residents of this state. (Acts
1982, No. 82-463, p. 741, ยง3.)...
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27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
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10A-3-1.04
Section 10A-3-1.04 Purposes. (a) Nonprofit corporations may be organized under this chapter
for any lawful purpose or purposes, including, without being limited to, any one or more of
the following purposes: (1) Charitable, (2) Benevolent, (3) Eleemosynary, (4) Educational,
(5) Civic, (6) Patriotic, (7) Political, (8) Religious, (9) Social, (10) Fraternal, (11) Literary,
(12) Cultural, (13) Athletic, (14) Scientific, (15) Agricultural, (16) Horticultural, (17)
Animal husbandry, (18) Professional, commercial, industrial or trade association, (19) Cemetery
operation and maintenance, and (20) Historical. (b) Labor unions, cooperative organizations
and organizations subject to any of the provisions of the insurance laws of Alabama may not
be organized under this chapter. (c) Whenever 10 or more retail merchants wish to form a nonprofit
association, cooperative society, or corporation in the sense of paying interest or dividends
on stock, but for mutual benefit through the application of...
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