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27-2B-3
Section 27-2B-3 Preparation and submission of RBC report; formulas; desirability of excess
capital; adjustment of inaccurate RBC report. (a) Every domestic insurer shall, on or prior
to each March 1 (the "filing date"), prepare and submit to the commissioner a report
of its RBC levels as of the end of the calendar year just ended, in a form and containing
information as is required by the RBC instructions. In addition, every domestic insurer shall
file its RBC report with: (1) The NAIC according to the RBC instructions. (2) The insurance
commissioner in any state in which the insurer is authorized to do business, if the insurance
commissioner has notified the insurer of its request in writing, in which case the insurer
shall file its RBC report not later than the later of either of the following: a. Fifteen
days from the receipt of notice to file its RBC report with that state. b. The filing date.
(b) A life and health insurer's and a fraternal benefit society's RBC shall be determined...
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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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27-2B-4
Section 27-2B-4 Company action level event; preparation and submission of RBC plan or revised
RBC plan; notification of unsatisfactory filing; copies of plans. (a) Company action level
event means any of the following events: (1) The filing of an RBC report by an insurer which
indicates any of the following: a. The insurer's total adjusted capital is greater than or
equal to its regulatory action level RBC, but less than its company action level RBC. b. If
a life or health insurer or fraternal benefit society, the insurer has total adjusted capital
which is greater than or equal to its company action level RBC but less than the product of
its authorized control level RBC and 3.0 and has a negative trend. c. If a property and casualty
insurer or a health organization, the insurer has total adjusted capital which is greater
than or equal to its company action level RBC, but less than the product of its authorized
control level RBC and 3.0, and triggers the trend test determined in...
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27-4-2
Section 27-4-2 Advance fees, licenses, and miscellaneous charges. (a) The Commissioner of Insurance
shall collect in advance fees, licenses, and miscellaneous charges as follows: (1) Certificate
of authority: a. Initial application for original certificate of authority, including the
filing with the commissioner of all documents incidental thereto ..... $500 b. Issuance of
original certificate of authority ..... 500 c. Annual continuation or renewal fee ..... 500
d. Reinstatement fee ..... 500 (2) Charter documents, filing with the commissioner amendment
to articles of incorporation or of association, or of other charter documents or to bylaws
..... 25 (3) Solicitation permit, filing application and issuance ..... 250 (4) Annual statement
of insurer, except when filed as part of application for original certificate of authority,
filing ..... 25 (5) Producer license (resident or nonresident): a. Individuals: 1. Application
fee (For filing of initial application for license) ..... 30 2....
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10A-1-8.01
Section 10A-1-8.01 Conversion of business and nonprofit entities. (a) A conversion of an entity
may be accomplished as provided in this section: (1) CORPORATIONS. a. The terms and conditions
of a plan of conversion of a corporation, other than a nonprofit corporation, must be approved
in accordance with the procedures and by the stockholder vote required by Article 9 of Chapter
2A. If the governing documents provide for approval of a conversion by less than all of a
corporation's stockholders, approval of the conversion shall constitute corporate action subject
to appraisal rights pursuant to Article 13 of Chapter 2A. No conversion of a corporation to
a general or limited partnership may be effected without the consent in writing of each stockholder
who will have personal liability with respect to the converted entity, notwithstanding any
provision in the governing documents of the converting corporation providing for less than
unanimous stockholder approval for the conversion. b. The...
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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this
section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term
care insurance policy, the person who seeks to contract for benefits. b. A group long-term
care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued
under a group long-term care insurance policy, which policy has been delivered or issued for
delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP
LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for
delivery in this state and issued to any of the following: a. One or more employers or labor
organizations, or to a trust or to the trustees of a fund established by one or more employers
or labor organizations, or a combination thereof, for employees or former employees or a combination
thereof, or for members or former members or a...
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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...
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10A-2A-9.13
Section 10A-2A-9.13 Statement of conversion; effectiveness. (a) After a plan of conversion
is approved: (1) if the converting organization is an organization formed under, or its internal
affairs are governed by, the laws of this state, the converting organization shall file a
statement of conversion in accordance with subsection (c), which statement of conversion must
be signed in accordance with Section 10A-1-4.01 and which must include: (A) the name, type
of organization, and mailing address of the principal office of the converting organization,
and its unique identifying number or other designation as assigned by the Secretary of State,
if any; (B) the date of the filing of the certificate of formation of the converting organization,
if any, and all prior amendments and the filing office or offices, if any, where the certificate
of formation and amendments are filed; (C) a statement that the converting organization has
been converted into the converted organization; (D) the name...
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10A-20-8.04
Section 10A-20-8.04 Right to set up unit independent of parent corporation. Whenever, as a
result of action of the parent organization, any of its authoritative subdivisions, or its
law-making body the majority group of any local organization shall determine that there has
been a change of social policies, within the meaning of this section, or that any act, declaration,
law, policy, social creed, or jurisdictional system of the parent organization is contrary
to the basic intent, understanding, or basic assumption existing between the contributors,
donors, or grantors of the fraternal property and the local organization or between the contributors,
grantors, or donors and any trustee of property held for the benefit of the local organization
or held by, or for, the use of the local organization subject to the trust clause and whenever
a majority group shall find and determine that the act, declaration, or policy of the parent
organization is not only contrary to the basic intent,...
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40-9-1
Section 40-9-1 Persons and property generally. The following property and persons shall be
exempt from ad valorem taxation and none other: (1) All bonds of the United States and this
state and all county and municipal bonds issued by counties and municipalities in this state,
all property, real and personal, of the United States and this state and of county and municipal
corporations in this state; all cemeteries, all property, real and personal, used exclusively
for religious worship, for schools or for purposes purely charitable; provided, that property,
real or personal, owned by any educational, religious or charitable institution, society or
corporation let for rent or hire or for use for business purposes shall not be exempt from
taxation, notwithstanding that the income from such property shall be used exclusively for
education, religious or charitable purposes; all mortgages, together with the notes, debts
and credits secured thereby on real and personal property situated in...
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