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27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties.
(a) An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as
defined and limited in the standard real property and contents insurance forms as approved
by the commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an
association captive under the provisions of Section 27-31B-8 is exempt from the requirement
that the association be in existence for one year so long as the association is in good standing
as an entity before becoming an owner of an Alabama Coastal Captive Insurance Company. (c)
An Alabama Coastal Captive Insurance Company may write homeowners insurance coverage as limited
in Section 27-31B-3(a)(4) and as limited to perils described in subsection (a)...
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27-3-32
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted
as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests
of policyholders; effect upon certificates of authority, agents, etc., including outstanding
policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of
details of transfer and file amendments required by law. The certificate of authority, agents
appointments and licenses, rates, and other items which the Commissioner of Insurance allows,
in his discretion, which are in existence at the time any insurer licensed to transact the
business of insurance in this state transfers its corporate domicile to this or any other
state by merger, consolidation or any other lawful method shall continue in full force and
effect upon such transfer if such insurer remains duly qualified to transact the business
of insurance in this state. All outstanding policies of any transferring insurer...
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27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its
articles of association, charter, or other organizational document, may apply to the commissioner
for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5,
in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of
subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10,
and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all
of the following: (1) No pure captive insurance company may insure any risks other than those
of its parent and affiliated companies or controlled unaffiliated business. (2) No association
captive insurance company may insure any risks other than those of the member organizations
of its association, and their affiliated companies. (3) No industrial insured captive insurance
company may insure any risks other than those of the industrial insureds that comprise...
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27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The
insurer shall have on file an independent financial examination, in a form acceptable to the
commissioner, of each managing general agent with which it has done business. (2) If a managing
general agent establishes loss reserves, the insurer shall annually obtain the opinion of
an actuary attesting to the adequacy of loss reserves established for losses incurred and
outstanding on business produced by the managing general agent. This is in addition to any
other required loss reserve certification. (3) The insurer shall periodically, and at least
semi-annually, conduct an onsite review of the underwriting and claims processing operations
of the managing general agent. (4) Binding authority for all reinsurance contracts or participation
in insurance or reinsurance syndicate shall rest with an officer of the insurer, who shall
not be affiliated with the managing general agent. (5) Within 30 days of...
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27-21A-18
Section 27-21A-18 Rehabilitation, liquidation, or conservation of a health maintenance
organization. (a) Any rehabilitation, liquidation, or conservation of a health maintenance
organization shall be deemed to be the rehabilitation, liquidation, or conservation of an
insurance company and shall be conducted under the supervision of the commissioner pursuant
to the law governing the rehabilitation, liquidation, or conservation of insurance companies.
The commissioner may apply for an order directing him to rehabilitate, liquidate, or conserve
a health maintenance organization upon any one or more grounds set out in Section 27-32-6,
or when in his opinion the continued operation of the health maintenance organization would
be hazardous either to the enrollees or to the people of this state. Enrollees shall have
the same priority in the event of liquidation or rehabilitation as the law provides to policyholders
of an insurer. (b) A claim by a health care provider for an uncovered...
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27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends
and other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers.
(a) For the purpose of determining its financial condition, ability to fulfill its obligations
and compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal
insurer insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
27-21A-7
Section 27-21A-7 Evidence of coverage and charges for health care services. (a)(1) Every
enrollee residing in this state is entitled to an evidence of coverage. If the enrollee obtains
such coverage through an insurance policy or a contract issued by a health care service plan,
the insurer or the health care service plan shall issue the evidence of coverage. Otherwise,
the health maintenance organization shall issue the evidence of coverage. (2) No evidence
of coverage, or amendment thereto, shall be issued or delivered to any person in this state
until a copy of the basic form of the evidence of coverage, or amendment thereto, has been
filed with the commissioner and the State Health Officer, and approved by the commissioner.
(3) An evidence of coverage shall contain: a. No provisions or statements which encourage
misrepresentation, or which are untrue, misleading, or deceptive as defined in subsection
(a) of Section 27-21A-13; and b. A clear and concise statement, if a contract, or a...
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27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections
27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies
and contracts issued prior to May 28, 1996, shall be that provided by the laws in effect immediately
prior to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and
27-36A-14, the minimum standard for the valuation of all policies and contracts issued on
or after May 28, 1996, shall be the commissioners reserve valuation method defined in Sections
27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in
the case of life insurance policies and contracts, other than annuity and pure endowment contracts,
issued on or after August 23, 1976, four percent interest for the policies issued prior to
July 30, 1979, and five and one-half percent interest for single premium life insurance policies
and four and one-half percent interest for all other policies...
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27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific
person, and shall mean a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the person specified. (2)
COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department
as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common
control with and shall mean the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract other than a commercial contract for goods or nonmanagement
services, or otherwise, unless the power is the result of an official...
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