19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary of the trust in life, endowment or annuity contracts of legal reserve life insurance companies duly qualified and authorized to write such business in the State of Alabama; provided, however, that the annual premium or premiums on such contracts purchased by such guardian or trustee shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar year preceding the date of such purchase. The contract must contain the following options after it has been in force for three years or less: a cash surrender value option, a paid-up insurance or endowment option, and an extended insurance or endowment option. Such contract may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of the trust or upon the life or lives of persons in whose life or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages
27-44-21
Section 27-44-21 Immediate access of associations in this and other states to assets of insolvent insurer; application to court; contents of proposal; notice. (a) Within 120 days of a final determination of insolvency of an insurance company by a court of competent jurisdiction the receiver shall make application to the said court for approval of a proposal to disburse assets out of such company's marshalled assets, from time to time as such assets become available, to the Alabama Life and Disability Insurance Guaranty Association and to any entity or person performing a similar function in another state. (The Alabama Life and Disability Insurance Guaranty Association and any entity or person performing a similar function in other states shall hereinafter be referred to collectively as associations.) (b) Such proposal shall at least include provisions for: (1) Reserving amounts for the payment of expenses of administration and claims falling within the priorities established in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-21.htm - 3K - Match Info - Similar pages
27-6A-4
Section 27-6A-4 Contract requirements. No person, firm, association, or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties that sets forth the responsibilities of each party and where both parties share responsibility for a particular function, specifies the division of such responsibilities, and that contains the following minimum provisions: (a) The insurer may terminate the contract for cause upon written notice to the managing general agent. The insurer may suspend the underwriting authority of the managing general agent during the pendency of any dispute regarding the cause for termination. (b) The managing general agent shall render accounts to the insurer detailing all transactions and remit all funds due under the contract to the insurer on not less than a monthly basis. (c) All funds collected for the account of an insurer will be held by the managing general agent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-4.htm - 6K - Match Info - Similar pages
2-3A-33
Section 2-3A-33 Alabama Agricultural, Forestry, and Veterinary Medicine Facilities Improvement Fund. The proceeds derived from the sale of each series of the bonds issued pursuant to Section 2-3A-30 shall be paid into the State Treasury upon receipt thereof, and the State Treasurer shall keep such proceeds, as well as all income received from the investment and reinvestment of such proceeds (including income derived from the investment and reinvestment of previously derived income), in a special fund in the State Treasury, designated "The Alabama Agricultural, Forestry, and Veterinary Medicine Facilities Improvement Fund," pending the expenditure of such proceeds and income for the purposes hereinafter authorized and as required by Amendment 618. All proceeds so deposited in the State Treasury shall be continuously invested by the State Treasurer in investments of the same kind as those in which the State Treasurer is at the time legally authorized to invest moneys held in the General...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-3A-33.htm - 2K - Match Info - Similar pages
2-3A-53
Section 2-3A-53 Alabama Agricultural and Textile Technology Facilities Improvement Fund. The proceeds derived from the sale of each series of the bonds issued pursuant to Section 2-3A-50 shall be paid into the State Treasury upon receipt thereof, and the State Treasurer shall keep such proceeds, as well as all income received from the investment and reinvestment of such proceeds (including income derived from the investment and reinvestment of previously derived income), in a special fund in the State Treasury, designated "The Alabama Agricultural and Textile Technology Facilities Improvement Fund," pending the expenditure of such proceeds and income for the purposes hereinafter authorized and as required by Amendment 619. All proceeds so deposited in the State Treasury shall be continuously invested by the State Treasurer in investments of the same kind as those in which the State Treasurer is at the time legally authorized to invest moneys held in the General Fund of the state, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-3A-53.htm - 2K - Match Info - Similar pages
27-31C-4
Section 27-31C-4 Issuance of license - Requirements. (a)(1) The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the company possesses and maintains unimpaired paid-in capital of not less than one million dollars ($1,000,000); however, in the case of an Alabama Coastal Captive Insurance Company formed as a sponsored captive insurance company that does not assume any risk, where the risks insured by the protected cells are homogenous, the commissioner may reduce this amount to an amount not less than five hundred thousand dollars ($500,000). (2) a. Except for an Alabama Coastal Captive Insurance Company formed as a sponsored captive insurance company that does not assume any risk, the capital must be in the form of cash, cash equivalent, or an irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System with a branch office in this state or as approved by the commissioner. b. For an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-4.htm - 3K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-1.htm - 4K - Match Info - Similar pages
27-44-7
Section 27-44-7 Board of directors; selection of members; vacancies; organizational meeting; reimbursement for expenses. (a) The board of directors of the association shall consist of not less than five nor more than nine member insurers serving terms as established in the plan of operation. At all times, at least one member of the board shall be a domestic insurer as defined in Section 27-1-2(6). The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner. To select the initial board of directors, and initially organize the association, the commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-7.htm - 1K - Match Info - Similar pages
40-7-55
Section 40-7-55 Short form tax return; itemized listings. (a) Prior to October 1, 2014, the Department of Revenue shall design a non-itemized business personal property tax return short form "short form tax return" which, at the taxpayer's option, may be utilized for reporting total taxable tangible business personal property assets with original acquisition costs equal to or less than ten thousand dollars ($10,000) under the provisions of this article and any rules promulgated by the department related thereto. Any taxpaying entity utilizing the short form return agrees to a business personal property tax liability for that applicable tax year that is based upon taxable tangible business personal property assets valued at ten thousand dollars ($10,000), and that the submission of such short form return by the taxpayer is a declaration to the county assessing official or other applicable agency that the property is to be valued at ten thousand dollars ($10,000) for all taxable tangible...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-7-55.htm - 4K - Match Info - Similar pages
11-91A-7
Section 11-91A-7 Jurisdiction of board; funding; powers of board. The board shall have full, complete, and exclusive jurisdiction over the program and shall allocate funds from its treasury for the fulfillment and accomplishment of its duties and responsibilities in a manner as may be necessary and appropriate to carry out the purposes of this chapter. The board shall have the general powers and authority granted under the laws of this state for health insurers, and in addition thereto, the specific authority to do all of the following: (a) Subject to compliance with Section 11-91A-8 where applicable, execute a contract or contracts to provide for the administration of the program in accordance with this chapter. The contract or contracts may be executed with one or more agencies or corporations licensed to transact or administer group health care business in this state with similar plans of the state for the joint performance of common administrative functions. (b) Establish, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-91A-7.htm - 5K - Match Info - Similar pages
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