|
27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
27-15-53
Section 27-15-53 Requirements for death master file comparisons. (a) An insurer shall
perform a comparison of its insureds' in-force life insurance policies, annuity contracts,
and retained asset accounts against a death master file, to identify potential death master
file matches of its insureds. Such comparison shall be completed by January 1, 2019. Thereafter,
an insurer shall maintain a program designed to compare each such policy, contract, or account
with a death master file no less frequently than every three years, it being the intent that
insurers fashion a program that best fits their business systems while at the same time protecting
consumers by assuring reasonable checks are being performed to identify unreported deaths.
For those potential death master file matches identified as a result of a death master file
comparison, the insurer shall do all of the following: (1) Within 90 days of a death master
file match: a. Complete a commercially reasonable effort, which shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-53.htm - 5K - Match Info - Similar pages
27-36A-15
Section 27-36A-15 Valuation manual for policies issued on or after the operative date
of the valuation manual. (a) For policies issued on or after the operative date of the valuation
manual, the standard prescribed in the valuation manual is the minimum standard of valuation
required under subsection (b) of Section 27-36A-3, except as provided under subsection
(e) or (g) of this section, Section 27-36A-19, or Section 27-36A-20.
(b) The operative date of the valuation manual is January 1 of the first calendar year following
the first July 1 as of which all of the following have occurred: (1) The valuation manual
has been adopted by the NAIC by an affirmative vote of at least 42 members, or three-fourths
of the members voting, whichever is greater. (2) The Standard Valuation Law, as amended by
the NAIC in 2009, or legislation including substantially similar terms and provisions, has
been enacted by states representing greater than 75 percent of the direct premiums written
as reported in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-15.htm - 6K - Match Info - Similar pages
27-34-25
Section 27-34-25 Paid-up nonforfeiture benefits, cash surrender values, and certificate
loans, etc. (a) A society may grant paid-up nonforfeiture benefits, cash surrender values,
certificate loans, and such other options as its laws may permit. As to certificates issued
on and after January 1, 1972, a society shall grant at least one paid-up nonforfeiture benefit,
except in the case of pure endowment, annuity or reversionary annuity contracts reducing term
insurance contracts or contracts of term insurance of uniform amount of 15 years or less expiring
before age 66. (b) In the case of certificates other than those for which reserves are computed
on the commissioners 1958 Standard Ordinary Mortality Table or the 1961 Standard Industrial
Table, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender
value, loan or other option granted shall not be less than the excess, if any, of subdivision
(1) over subdivision (2) of this subsection, as follows: (1) The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-25.htm - 2K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made
under this title shall be held on deposit as long as there is outstanding any liability of
the insurer with respect to which the deposit was made. (b) Any such deposit shall be released
and returned: (1) To the insurer upon extinguishment by reinsurance in an insurer authorized
to transact such insurance in this state, or otherwise, of all liability of the insurer for
the security of which the deposit is held; (2) To the insurer during solvency, to the extent
such deposit is in excess of the amount required; or (3) Upon proper order of a court of competent
jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer or
to any other properly designated official, or officials, who succeed to the management and
control of the insurer's assets. (c) The Treasurer shall release any such deposit, or part
thereof, upon written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it
is unclaimed by the apparent owner during the time set forth below for the particular property:
(1) Traveler's checks, 15 years after issuance. (2) Money order, five years after issuance.
(3) A demand, savings, or time deposit including a deposit that is automatically renewable,
three years after the earlier of maturity, as extended from time to time, or the date of the
last indication by the apparent owner of interest in the property. (4) Tangible and intangible
property held in a safe deposit box or other safekeeping depository in this state in the ordinary
course of the holder's business and proceeds resulting from the sale of the property permitted
by other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-72.htm - 8K - Match Info - Similar pages
27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life
insurance or annuities and benefits incidental thereto. A life insurer organized under the
laws of this state may, by or pursuant to a resolution of its board of directors, establish
one or more separate accounts and may allocate thereto amounts, including without limitation
proceeds applied under optional modes of settlement or under dividend options, to provide
for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable
amounts or both, subject to the following: (1) The income, gains, and losses, realized or
unrealized, from assets allocated to a separate account shall be credited to, or charged against,
the account, without regard to other income, gains, or losses of the insurer; (2) Except as
provided in this section, amounts allocated to any separate account, and accumulations
thereon, may be invested and reinvested without regard to any requirements or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-1.htm - 6K - Match Info - Similar pages
27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-30.htm - 6K - Match Info - Similar pages
27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY.
A corporation, association, partnership, limited liability company, limited liability partnership,
or other legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE.
The District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section
27-1-2. (5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section
27-1-2. For the purposes of this chapter, insurer shall also mean an insurance company licensed
pursuant to Chapter 3, commencing with Section 27-3-1 of this title; a health...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-1.htm - 7K - Match Info - Similar pages
27-17A-11
Section 27-17A-11 Application for certificate; statements; issuance; expiration; transfer.
(a) An application to the commissioner for a certificate of authority shall be accompanied
by the statement and other matters described in this section in the form prescribed
by the commissioner. Annually thereafter, within six months after the end of its fiscal period,
or within an extension of time therefor, as the commissioner for good cause may grant, the
person authorized to engage in the sale of preneed contracts shall file with the commissioner
a full and true statement of his or her financial condition, transactions, and affairs, prepared
on a basis as adopted by a rule of the commissioner, as of the preceding fiscal period or
at such other time or times as the commissioner may provide by rule, together with information
and data which may be required by the commissioner. (b) The statement shall include all of
the following: (1) The types of preneed contracts proposed to be written and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-11.htm - 7K - Match Info - Similar pages
|