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27-36A-16
Section 27-36A-16 Requirements of a principle-based valuation. (a) A company must establish
reserves using a principle-based valuation that meets the following conditions for policies
or contracts as specified in the valuation manual: (1) Quantify the benefits and guarantees,
and the funding, associated with the contracts and their risks at a level of conservatism
that reflects conditions that include unfavorable events that have a reasonable probability
of occurring during the lifetime of the contracts. For polices or contracts with significant
tail risk, reflects conditions appropriately adverse to quantify the tail risk. (2) Incorporate
assumptions, risk analysis methods and financial models, and management techniques that are
consistent with, but not necessarily identical to, those utilized within the company's overall
risk assessment process, while recognizing potential differences in financial reporting structures
and any prescribed assumptions or methods. (3) Incorporate...
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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...
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27-36A-2
Section 27-36A-2 Definitions. For purposes of this chapter, the following definitions
shall apply on or after the operative date of the valuation manual as defined by Section
27-36A-15: (1) ACCIDENT AND HEALTH INSURANCE. Contracts that incorporate morbidity risk and
provide protection against economic loss resulting from accident, sickness, or medical conditions
and as may be specified in the valuation manual. (2) APPOINTED ACTUARY. A qualified actuary
who is appointed in accordance with the valuation manual to prepare the actuarial opinion
required in subsection (b) of Section 27-36A-4. (3) COMPANY. An entity, which (i) has
written, issued, or reinsured life insurance contracts, accident and health insurance contracts,
or deposit-type contracts in this state and has at least one such policy in force or on claim
or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance
contracts, or deposit-type contracts in any state and is required to hold a...
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27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves
under this section shall calculate reserves for ordinary life insurance, accident and
health insurance contracts, credit life contracts, group life contracts, annuities, or deposit-type
contracts in this state as if the policies were issued before the operative date of the valuation
manual. For such policies issued after the operative date of the valuation manual, any mortality
and interest rates defined by the valuation manual for net premium reserves shall be used.
A company calculating reserves under this section shall comply with Section
27-36A-4(a) instead of Section 27-36A-4(b) and meet all of the following conditions:
(1) The company has less than three hundred million dollars ($300,000,000) of ordinary life
premium. (2) If the company is a member of a group of life insurers, the group has combined
ordinary life premium of less than six hundred million dollars ($600,000,000). (3) The...
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27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life
insurance company doing business in this state shall annually submit the opinion of a qualified
actuary as to whether the reserves and related actuarial items held in support of the policies
and contracts specified by the commissioner by regulation are computed appropriately, are
based on assumptions which satisfy contractual provisions, are consistent with prior reported
amounts, and comply with applicable laws of this state. The commissioner, by regulation, shall
define the specifics of this opinion and add any other items deemed to be necessary to its
scope. (2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1)
No person other than the issuer shall make a tender offer for or a request or invitation for
tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire
in the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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27-36A-18
Section 27-36A-18 Confidentiality. (a) For purposes of this section, "confidential
information" shall mean all of the following: (1) A memorandum in support of an opinion
submitted under Section 27-36A-4 and any other documents, materials, and other information,
including, but not limited to, all working papers, and copies thereof, created, produced,
or obtained by or disclosed to the commissioner or any other person in connection with such
memorandum. (2) All documents, materials, and other information, including, but not limited
to, all working papers, and copies thereof, created, produced, or obtained by or disclosed
to the commissioner or any other person in the course of an examination made under subsection
(f) of Section 27-36A-15; provided, however, that if an examination report or other
material prepared in connection with an examination made under Chapter 2 is not held as private
and confidential information under Section 27-2-24, an examination report or other
material...
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11-44B-42
Section 11-44B-42 Scope of article; rules and regulations; job classification specifications;
employment retention and removal; reduction of base pay. (a) All covered employees of the
city shall be subject to this article and the rules and regulations prescribed in or promulgated
pursuant to this article. (b) All rules and regulations promulgated pursuant to this article
shall be enacted by the city council based upon applicable state and federal laws. The rules
and regulations shall establish qualifications for examinations and appointment of new covered
employees, assignment or transfer of current covered employees, resignations, disciplinary
actions to include, but not be limited to, suspensions, demotions and dismissals, layoffs,
leaves of absence with pay, leaves of absence without pay, and all other matters determined
by the city council to be required to effectively implement the intent of this article. All
rules and regulations shall govern covered employees. The city council...
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15-22-24
Section 15-22-24 Board of Pardons and Paroles - Duties retirement of parole officers;
representation of applicant by state official; supervision and treatment; training requirements.
(a) The Board of Pardons and Paroles, hereinafter referred to as "the board," shall
be charged with the duty of determining, through use of a validated risk and needs assessment
as defined in Section 12-25-32, what prisoners serving sentences in the jails and prisons
of the State of Alabama may be released on parole and when and under what conditions. Such
board shall also be charged with the duty of supervising all prisoners released on parole
from the jails or prisons of the state and of lending its assistance to the courts in the
supervision of all prisoners placed on probation by courts exercising criminal jurisdiction
and making such investigations as may be necessary in connection therewith, of implementing
the use of validated risk and needs assessments as defined in Section 12-25-32 by probation...
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