27-2-33
Section 27-2-33 Order of supervision - Authority of commissioner; reasons for issuance. The Commissioner of Insurance is empowered to place an insurance company under supervision, after a hearing thereon, by appropriate order, for the following reasons: (1) When an insurance company has been notified under the provisions of Section 27-27-41 of impairment or deficiency of assets and given 60 days to make good the impairment; (2) A determination by the commissioner that an insurer is impaired or insolvent; (3) A determination by the commissioner that an insurer's condition is such as to render the continuation of its business hazardous to its policyholders following an examination of the operations and financial condition of an insurer by the commissioner; (4) Any of the grounds for rehabilitation or liquidation of domestic insurers set forth in Sections 27-32-6 and 27-32-7. (Acts 1975, No. 217, p. 742, §1; Acts 1977, No. 409, p. 547, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-33.htm - 1K - Match Info - Similar pages
27-21-2
Section 27-21-2 Offering of insurance. Any insurer authorized and licensed to engage in the business of health insurance in this state may join with one or more other such insurers to offer to any resident of this state, who meets the qualifications established by the commissioner, insurance against major financial loss from accident or disease. Such insurance may be offered by such insurers in their own names or in the name of a voluntary unincorporated association or other organization formed by such insurers solely for the purpose of this plan. The forms of applications, certifications, and policies of such insurance, the applicable premium rates, annual statement, and all other information required by the department under Alabama law for organizations in the business of health insurance shall be filed with the commissioner for his approval. Any other information which the commissioner deems necessary for the efficient operation of the plan may also be required. (Acts 1971, No. 501,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21-2.htm - 1K - Match Info - Similar pages
27-29B-8
Section 27-29B-8 Sanctions. Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner. Any penalty recovered shall be deposited in the State General Fund. The maximum penalty under this section is one hundred thousand dollars ($100,000). The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (Act 2019-97, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-8.htm - 928 bytes - Match Info - Similar pages
27-31-7
Section 27-31-7 Certificate of authority - Application by domestic insurer; contents of declaration. (a) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the commissioner for a certificate of authority to transact insurance. (b) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority a declaration setting forth: (1) The name of the insurer; (2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state; (3) The kinds of insurance proposed to be transacted; (4) The names and addresses of the original subscribers; (5) The designation and appointment of the proposed attorney and a copy of the power of attorney; (6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm; (7) The powers of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-7.htm - 2K - Match Info - Similar pages
27-13-33
Section 27-13-33 Applications for uniform percentage increase or decrease of rates by insurers. Any insurer may apply to the commissioner for permission to effect a uniform percentage increase or decrease in the rates applied to all risks of a particular class in the state in a particular kind, or kinds, of insurance. Upon the filing of such application, the commissioner shall give notice thereof by registered or certified mail to the rating organization, if any, of which such insurer is a member or subscriber and shall fix a time and place for a hearing upon the merits of such application. At such hearing, such insurer and such rating organization, or their representatives, shall be entitled to be heard and to present evidence in support of, or against, such application. The commissioner shall, upon the conclusion of such hearing, make such order as he shall deem consistent with the establishment and maintenance of reasonable, adequate and non-discriminatory rates. If the application...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-33.htm - 2K - Match Info - Similar pages
27-13-72
Section 27-13-72 Application for uniform percentage increase or decrease in rates by insurers. (a) Any insurer may apply to the commissioner for permission to effect a uniform percentage increase or decrease in the rates applied to all kinds of a particular class in the state in a particular kind, or kinds, of insurance. Upon the filing of such application, the commissioner shall give notice thereof by registered or certified mail to the rating organization, if any, of which such insurer is a member or subscriber and shall fix a time and place for a hearing upon the merits of such application. At such hearing, such insurer and such rating organization, or their representatives, shall be entitled to be heard and to present evidence in support of, or against, such application. The commissioner shall, upon the conclusion of such hearing, make such order as he shall deem consistent with the establishment and maintenance of reasonable, adequate, and nondiscriminatory rates. If the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-13-72.htm - 2K - Match Info - Similar pages
27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original certificate of authority an insurer shall file with the commissioner its application therefor, accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location of its home office or, if an alien insurer, principal office in the United States, kinds of insurance to be transacted, state or country of domicile and such additional information as the commissioner may reasonably require, together with the following documents, as applicable: (1) A copy of its corporate charter, articles of incorporation or other charter documents with all amendments thereto, certified by the public officer with whom the originals are on file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as amended, certified by its secretary or other officer having custody thereof; (3) If a foreign reciprocal insurer, copies of the power of attorney of its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-17.htm - 3K - Match Info - Similar pages
27-34-48
Section 27-34-48 Consolidation or merger - Procedure. (a) A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: (1) A certified copy of the written contract containing, in full, the terms and conditions of the consolidation or merger; (2) A sworn statement by the president and secretary, or corresponding officers, of each society showing the financial condition thereof on a date fixed by the commissioner, but not earlier than December 31 next preceding the date of the contract; (3) A certificate of such officers, duly verified by their respective oaths, that the consolidation or merger has been approved by a two-thirds vote of the supreme legislative or governing body of each society; and (4) Evidence that at least 60 days prior to the action of the supreme legislative or governing body of each society, the text of the contract has been furnished to all members of each society, either by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-48.htm - 2K - Match Info - Similar pages
27-41-34
Section 27-41-34 Particular investments - Real estate. (a)(1) An insurer may acquire, invest in, own, maintain, alter, furnish, and improve the following real estate: a. Land and buildings used for home office and branch office purposes, together with such other real estate as is required for the convenient transaction of its business; and b. Funeral home buildings used in the servicing of burial insurance policies. (2) An insurer may lease to others part of the real property otherwise occupied by it for home office and other purposes under paragraphs a. and b. of subdivision (1) of this subsection, except that the value of the parts so leased must be included in subdivision (2) of subsection (b) of this section. (3) Except as provided in subsection (e) of this section, an insurer may not carry, as an admitted asset, real estate acquired under this subsection following 10 years from the date when such real estate ceases to be necessary for the convenient accommodation of the insurer in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-34.htm - 4K - Match Info - Similar pages
27-27-27
Section 27-27-27 Exclusive management and production of business contracts by domestic insurers. (a) No domestic insurer shall hereafter make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with, and approved by, the commissioner. The contract shall be deemed approved unless disapproved by the commissioner within 20 days after date of filing, subject to such reasonable extension of time as the commissioner may require by notice given within such 20 days. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor. (b) Any such contract shall provide that any such manager or producer of its business shall, within 90 days after expiration of each calendar year, furnish the insurer's board of directors a written...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-27.htm - 2K - Match Info - Similar pages
|