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27-30-17
Section 27-30-17 Contracts - Annual valuation - Benefits, aid, or services other than cash.
(a) The commissioner shall each year cause all outstanding contracts or policies of every
mutual aid association to be carefully valued as of December 31 of the preceding year at 40
percent of the retail value of the benefits, aid, or services provided under the terms of
its contracts or policies or at the average wholesale cost of the funeral supplies, benefits,
aid, and services so provided for, whichever amount is the greater, as shown by the number
of contracts or policies in force according to the books and records of the association, and
shall at the time compute the net value of all such outstanding contracts or policies of every
such association in the following manner: (1) On all outstanding contracts or policies issued
prior to September 16, 1953, the commissioner shall compute the net value thereof by the two
following separate methods: a. Method No. 1: On the basis of $1.50 for each...
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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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27-15-82
Section 27-15-82 Exceptions. This article shall not apply to any of the following: (1) Reinsurance.
(2) Group insurance. (3) Pure endowment. (4) Annuity or reversionary annuity contract. (5)
Variable life insurance contract. (6) A term policy of uniform amount, which provides no guaranteed
nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less, expiring before
age 71, for which uniform premiums are payable during the entire term of the policy. (7) A
term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment
benefits, on which each adjusted premium, calculated as specified in Sections 27-15-75, 27-15-76,
27-15-77, and 27-15-78, is less than the adjusted premium so calculated on a term policy of
uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment
benefits, issued at the same age and for the same initial amount of insurance and for a term
of 20 years or less, expiring before age 71, for which...
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36-21-192
Section 36-21-192 Appointment of actuary; action upon report; liability for deficiency in payments.
(a) The board shall appoint and employ an actuary to make an actuarial valuation every three
years or earlier, if deemed required, of the receipts and income accruing to the fund based
on age, expected mortality, disability, and retirement status of the members and the qualified
service and membership service of members and to determine what percentage of the proposed
payments, annuities, and benefits set forth in this article may be paid if the fund is to
be kept on an actuarially sound and solvent basis. Upon receipt of the report of the actuary,
the executive director shall present it to a meeting of the board which shall make adjustments
of annuities and benefits, up or down, as recommended by the actuary. Any increase or reduction
in benefits resulting from any actuarial study or from any subsequent amendment of this article
shall be applicable to all persons then receiving such...
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36-21-73
Section 36-21-73 Appointment of actuary; action upon report; liability for deficiency in payments.
The board shall have appointed and employed an actuary to make an actuarial valuation every
three years or earlier, if deemed required, of the receipts and income accruing to the fund
based on age, expected mortality, disability, and retirement status of the members and the
qualified service and membership service of members and to determine what percentage of the
proposed payments, annuities, and benefits set forth in this article may be paid if the fund
is to be kept on an actuarily sound basis and in an actuarily solvent condition. Upon receipt
of the report of the actuary, the executive director shall present it to a meeting of the
board which shall have the power and shall be required to make adjustments of annuities and
benefits, up or down, as are recommended by the actuary. Any increase or reduction in benefits
resulting from any actuarial study or from any subsequent amendment of...
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33-1-5.1
Section 33-1-5.1 Retirement plans for employees of Alabama State Port Authority. (a) The Alabama
State Port Authority may establish and fund retirement plans for various employees of the
Alabama State Port Authority including but not limited to those employees who are employed
by the port authority under Section 36-26-19, those employees who are "exempt" under
Section 36-26-19, those employees who are employed by the port authority under Section 33-1-16
as locomotive engineers, locomotive firemen, switchmen, and switch engine foremen, and hostlers
engaged in the operation of the terminal railroads provided for by said section, and those
employees of the port authority who are not otherwise covered under the State Employees' Retirement
System and pay the costs of the establishment and funding of the retirement plans from the
revenues of the port authority. (b) The retirement plans and benefits shall be in amounts
as defined in individual labor contracts and deemed appropriate and...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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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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27-41-37
Section 27-41-37 Investments of mutual aid associations - Generally. (a) The funds of a mutual
aid association shall be in cash or shall be invested as provided in Sections 27-41-3 through
27-41-36 and Section 27-41-38 as applicable to life insurers, except that: (1) Funds of the
association to the extent of its reserve liabilities resulting from valuation of its contracts
providing for benefits, aid, or services payable or to be rendered other than in cash may,
at the option of the association, be invested in securities or assets eligible for investment
of the funds of life insurers in general, but with category limits as follows in lieu of limits
otherwise applicable thereto under Sections 27-41-3 through 27-41-36: a. Not to exceed 25
percent of the reserves of the association in the aggregate may be invested in preferred and
guaranteed stocks authorized in Section 27-41-16 and common stocks authorized under Section
27-41-17; b. Not to exceed 10 percent of such reserves may be...
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16-25-10
Section 16-25-10 Certain school bus drivers, mechanics and maintenance workers - Persons previously
under Employees' Retirement System of Alabama. (a) All employees of city and county boards
of education and special schools under the direct control of the State Board of Education
now covered in the Employees' Retirement System of Alabama under the provisions of Section
36-27-6 who would have been eligible for coverage in the Teachers' Retirement System of Alabama
under the provisions of Section 16-25-9 except for being covered in the Employees' Retirement
System of Alabama, may be enrolled and transferred to the Teachers' Retirement System of Alabama
by their employer with all credits as have been established in the Employees' Retirement System
of Alabama. (b) Upon enrollment and transfer to the Teachers' Retirement System of Alabama,
such employee shall be deemed to be a "teacher" under the teachers' retirement law
and shall make contributions as all other teachers and shall receive...
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