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27-37-6
Section 27-37-6 Valuation - Other securities; preferred or guaranteed stocks or shares. (a)
Securities, other than those referred to in Section 27-37-5, held by an insurer shall be valued,
in the discretion of the commissioner, at their market value, or at their appraised value
or at prices determined by him as representing their fair market value. (b) Preferred or guaranteed
stocks or shares, while paying full dividends, may be carried at a fixed value in lieu of
market value, at the discretion of the commissioner and in accordance with such method of
valuation as he may approve. (c) No valuation under this section shall be inconsistent with
any applicable valuation or method currently accepted and in use among insurers in general.
(Acts 1971, No. 407, p. 707, §750.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-6.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-37.htm - 2K - 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
27-37-5
Section 27-37-5 Valuation - Bonds and other evidences of debt. (a) All bonds or other evidences
of debt having a fixed term and rate of interest held by an insurer shall, if amply secured
and not in default as to principal or interest, be valued as follows: (1) If purchased at
par, at the par value; (2) If purchased above or below par, on the basis of the purchase price
adjusted so as to bring the value to par at maturity and so as to yield in the meantime the
effective rate of interest at which the purchase was made or, in lieu of such method, according
to such accepted method of valuation as is approved by the commissioner; (3) Purchase price
shall in no case be taken at a higher figure than the actual market value at the time of purchase,
plus actual brokerage, transfer, postage, or express charges paid in the acquisition of such
securities; and (4) Unless otherwise provided by valuation established or approved by the
commissioner, no such security shall be carried at above the call...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-5.htm - 1K - Match Info - Similar pages
27-6-6
Section 27-6-6 Securities and assets - Assignment and reassignment, etc.; appraisal or valuation.
(a) All securities not negotiable by delivery and deposited by an insurer shall be duly assigned
to the commissioner and his successors in office. All other assets so deposited shall be duly
transferred or conveyed to the commissioner. Upon release of any such security or asset to
the insurer, the commissioner shall reassign, or transfer or reconvey the same to the insurer.
(b) The commissioner may, in his discretion, prior to acceptance for deposit of any security
or asset or at any time thereafter while so deposited, have the same appraised or valued by
competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne
by the insurer. (Acts 1971, No. 407, p. 707, §102.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-6.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.htm - 17K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections
27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist
of certified checks, or certificates of deposit or any combination of securities, the market
value of which is readily ascertainable, and, if negotiable by delivery or assignment, of
the kinds described below: (1) United States government obligations; (2) State, county, municipal,
and school obligations; (3) Public improvement obligations; (4) Housing authority obligations;
(5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations;
(7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10)
Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic
insurer pursuant to the laws of another state, province, or country shall be comprised of
securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
45-37A-51.137
Section 45-37A-51.137 The fund and its investment. (a) In each instance in which any provision
of this section requires a determination of the value of a security, or securities, in the
fund, the fair market value of such security or securities as determined by pricing sources
acceptable to the custodian, shall be deemed to be the value thereof. (b) The fund shall include
all assets of the fund in any form, and the city director of finance shall be, ex officio,
the custodian of the fund. The custodian shall keep a separate account of the fund and of
all assets and liabilities thereof and of all receipts and disbursements thereof and of all
prior service time and paid membership time of employee members. The custodian shall keep
all monies of the fund in a separate bank account. The custodian shall keep in force and effect
a bond in a penal amount equal to the total amount of monies and securities in such custodian's
custody or possession, but in no event in excess of fifty thousand...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.137.htm - 6K - Match Info - Similar pages
45-37A-51.03
Section 45-37A-51.03 Board of managers. (a)(1) In order to assure representation of all participants
of this system, there shall be a board of managers of five members for the administration,
management, and control of the supplemental pension system, including administration, management,
control, acquisition, and disbursement of the fund. The board shall consist of the president
of the governing body of the city, who shall be chair of the board, and four associate members,
designated respectively as Member No. 1, Member No. 2, Member No. 3, and Member No. 4. (2)
Member No. 1 shall be appointed by the Jefferson County Personnel Board and shall be a person
who at the time of appointment has had five or more consecutive years immediately preceding
his or her appointment and has been an officer of, or the occupant of an executive position
in insurance, actuarial, investment, banking, or as a certified public accountant and shall
serve for a term of four years. Should the appointed Member...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.03.htm - 11K - Match Info - Similar pages
27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a) A surplus
line broker shall not knowingly place surplus line insurance with an insurer that is unsound
financially, or that is ineligible under this section. The broker shall ascertain the financial
condition of the unauthorized insurer before placing insurance therewith. (b) The broker shall
not so insure with any of the following: (1) With any insurer which is not an authorized insurer
in at least one state of the United States for the kind of insurance involved, and with capital
or surplus, or both, amounting to at least five million dollars ($5,000,000); or guaranteed
trust fund amounting to at least five million dollars ($5,000,000). (2) With an alien insurer
not authorized to transact insurance in at least one state of the United States, unless the
insurer shall have established an effective trust fund of at least two million five hundred
thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
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