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27-37-4
Section 27-37-4 Disallowance of assets or credits for deception. (a) The commissioner
shall disallow as an asset or as a credit against liabilities any reinsurance found by him
after a hearing thereon to have been arranged for on a temporary basis for the purpose principally
of deception as to the ceding insurer's financial condition as at the date of any financial
statement of the insurer. Reinsurance of any substantial part of the insurer's outstanding
risks contracted for in fact within 90 days prior to the date of any such financial statement
and cancelled in fact within 90 days after the date of such statement shall prima facie be
deemed to have been arranged for the purpose of deception within the intent of this section.
(b) The commissioner shall disallow as an asset any deposit, funds, or other assets of the
insurer found by him after a hearing thereon: (1) Not to be in good faith the property of
the insurer; (2) Not freely subject to withdrawal or liquidation by the insurer at...
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27-27-40
Section 27-27-40 Loans by domestic insurers. (a) A domestic stock or mutual insurer
may borrow money to defray the expenses of its organization, provide it with surplus funds
or for any purpose of its business, upon a written agreement that such money is required to
be repaid only out of the insurer's surplus in excess of that stipulated in such agreement.
The agreement may provide for interest at a reasonable rate per annum, which interest shall,
or shall not, constitute a liability of the insurer as to its funds other than such excess
of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid
in connection with any such loan. (b) Money so borrowed, together with the interest thereon
if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities
except as to its surplus in excess of the amount thereof stipulated in the agreement or be
the basis of any setoff, but, until repaid, financial statements filed or published by...
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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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27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition
of an insurer, there shall be allowed as assets only such assets as are owned by the insurer
and which consist of: (1) Cash in the possession of the insurer or in transit under its control,
and including the true balance of any deposit in a solvent bank or trust company; (2) Investments,
securities, properties, and loans acquired, or held, in accordance with this title and in
connection therewith the following items: a. Interest due or accrued on any bond or evidence
of indebtedness which is not in default and which is not valued on a basis including accrued
interest; b. Declared and unpaid dividends on stock and shares, unless such amount has otherwise
been allowed as an asset; c. Interest due or accrued upon a collateral loan in an amount not
to exceed one year's interest thereon; d. Interest due or accrued on deposits in solvent banks
and trust companies, and interest due or accrued on other assets,...
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27-5B-14
Section 27-5B-14 Asset or reduction from liability for reinsurance ceded by a domestic
insurer to an assuming insurer not meeting the requirements of Sections 27-5B-3 through 27-5B-13.
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to
an assuming insurer not meeting the requirements of Section 27-5B-3, 27-5B-4, 27-5B-5,
27-5B-6, 27-5B-7, 27-5B-8, 27-5B-9, 27-5B-10, 27-5B-11, 27-5B-12, or 27-5B-13 shall be allowed
in an amount not exceeding the liabilities carried by the ceding insurer. The reduction shall
be in the amount of funds held by or on behalf of the ceding insurer, including funds held
in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as
security for the payment of obligations thereunder, if the security is held in the United
States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer;
or, in the case of a trust, held in a qualified U.S. financial institution, as...
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27-44-9
Section 27-44-9 Assessments. (a) For the purpose of providing the funds necessary to
carry out the powers and duties of the association, the board of directors shall assess the
member insurers, separately for each account, at such time and for such amounts as the board
finds necessary. Assessments shall be due not less than 30 days after prior written notice
to the member insurers and shall accrue interest at six percent per annum on and after the
due date. (b) There shall be two classes of assessments, as follows: (1) Class A assessments
shall be authorized and called for the purpose of meeting administrative and legal costs and
other expenses. Class A assessment may be authorized and called whether or not related to
a particular impaired or insolvent insurer. (2) Class B assessments shall be authorized and
called to the extent necessary to carry out the powers and duties of the association under
Section 27-44-8 with regard to an impaired or insolvent insurer. (c)(1) The amount
of a...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-29-10
Section 27-29-10 Violations and penalties; criminal proceedings. (a) Any insurer failing,
without just cause, to file any registration statement as required in this chapter shall be
required, after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000)
for each day's delay, to be recovered by the commissioner and the penalty so recovered shall
be paid into the state General Fund. The maximum penalty under this section is fifty
thousand dollars ($50,000). The commissioner may reduce the penalty if the commissioner, in
the commissioner's sole discretion, determines it is equitable to do so or the insurer demonstrates
to the commissioner that the imposition of the penalty would constitute a financial hardship
to the insurer. (b) Every director or officer of an insurance holding company system who knowingly
violates, participates in, or permits any of the officers or agents of the insurer to engage
in transactions or make investments that have not been properly...
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27-3-26
Section 27-3-26 Annual statement of insurers; furnishing of other information on request.
(a) Each authorized insurer shall, annually on or before March 1, or within such extension
of time not exceeding 30 days after March 1 as the commissioner for good cause shown may grant
as to a particular insurer, file with the commissioner a full and true statement of its financial
condition, transactions and affairs as of the December 31, preceding. The statement shall
be in such general form and context as is in current use for similar reports to states in
general with respect to the type of insurer and kinds of insurance to be reported upon and
as supplemented by additional information required by the commissioner. The statement shall
be verified by the oath of the insurer's president or vice-president and secretary or actuary
as applicable or, if a reciprocal insurer, by the oath of the attorney-in-fact or its like
officers if a corporation. (b) The statement of an alien insurer shall be...
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