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27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications
for insurance. (a) Upon receipt of the commissioner's approval of the bond or deposit as provided
in Section 27-27-16 the directors and officers of the proposed domestic mutual insurer
may commence solicitation of such requisite applications for insurance policies as they may
accept and may receive deposits of premiums thereon. (b) All such applications shall be in
writing signed by the applicant, covering subjects of insurance resident, located or to be
performed in this state. (c) All such applications shall provide that: (1) Issuance of the
policy is contingent upon the insurer qualifying for and receiving a certificate of authority;
(2) No insurance is in effect unless and until the certificate of authority has been issued;
and (3) The prepaid premium or deposit and membership or policy fee, if any, shall be refunded
in full to the applicant if organization is not completed and the certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-17.htm - 2K - Match Info - Similar pages
27-29B-5
Section 27-29B-5 Contents of Corporate Governance Annual Disclosure. (a) The insurer
or insurance group shall have discretion over the responses to the CGAD inquiries, provided
the CGAD shall contain the material information necessary to permit the commissioner to gain
an understanding of the insurer's or insurance group's corporate governance structure, policies,
and practices. The commissioner may request additional information that the commissioner deems
material and necessary to provide the commissioner with a clear understanding of the corporate
governance policies or the reporting or information system or controls implementing those
policies. (b) Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules
adopted by the commissioner which shall be substantially similar to the Corporate Governance
Annual Disclosure Model Regulation developed by the NAIC. Documentation and supporting information
shall be maintained and made available upon examination or upon...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-5.htm - 1K - Match Info - Similar pages
27-31A-8
Section 27-31A-8 Notice and registration requirements of purchasing groups. (a) A purchasing
group which intends to do business in this state shall, prior to doing business, furnish notice
to the commissioner which shall include all of the following: (1) Identify the state in which
the group is domiciled. (2) Identify all other states in which the group intends to do business.
(3) Specify the lines and classifications of liability insurance which the purchasing group
intends to purchase. (4) Identify the insurance company or companies from which the group
intends to purchase its insurance and the domicile of any company. (5) Specify the method
by which, and the person or persons, if any, through whom insurance will be offered to its
members whose risks are resident or located in this state. (6) Identify the principal place
of business of the group. (7) Provide other information as may be required by the commissioner
to verify that the purchasing group is qualified under subdivision...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-8.htm - 3K - Match Info - Similar pages
27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter
set forth, for the year beginning on January 1, 1995, and for each year thereafter, every
insurer shall pay to the commissioner a premium tax equal to the percentage, as set out in
this subsection, of the premiums received by the insurer for business done in this state,
whether the same was actually received by the insurer in this state or elsewhere: (1) PREMIUM
TAX ON LIFE INSURANCE PREMIUMS. a. Except as hereinafter provided, the rates of taxation on
life insurance premiums shall be those amounts set out in the following schedule: Year Foreign
Insurers Domestic Insurers 1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year
Thereafter 2.3 2.3 b. Individual life insurance policies in a face amount of greater than
$5,000 and up to and including $25,000, excluding group life insurance policies, shall be
taxed at the rate of one percent per annum. c. Individual life insurance policies in a face...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-3.htm - 16K - Match Info - Similar pages
2-27-56
Section 2-27-56 Surety bond or liability insurance. Each applicant for a license to
perform the custom application of pesticides shall, before a license is issued to him, furnish
and file with the commissioner a surety bond in which the State of Alabama is named as obligee
in the sum of $3,000.00 for each applicant operating ground equipment or not more than two
aircraft. Where an applicant operates more than two aircraft, the amount of the bond required
to be furnished shall be increased by the sum of $3,000.00 for each additional aircraft, provided
the total amount of any bond required under this section shall not exceed the sum of
$12,000.00. The bond shall be conditioned for the protection of, and that the licensee will
answer in damages to, persons who may suffer legal damages as a result of licensee's custom
application of pesticides or drift to plants, animals or property or by failure of licensee
to comply with any of the requirements of this article, and rules and regulations...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-27-56.htm - 2K - Match Info - Similar pages
27-14-8
Section 27-14-8 Forms - Filing and approval or disapproval. (a) No basic insurance policy
or annuity contract form or application form where written application is required and is
to be made a part of the policy, or contract, or printed rider, or endorsement form or form
of renewal certificate shall be delivered or issued for delivery in this state unless the
form has been filed with, and approved by, the commissioner. This subsection shall not apply
to surety bonds or to specially rated inland marine risks, nor to policies, riders, endorsements,
or forms of unique character designed for, and used with, relation to insurance upon a particular
subject or which relate to the manner of distribution of benefits or to the reservation of
rights and benefits under life or disability insurance policies and are used at the request
or with the consent of the individual policyholder, contract holder, or certificate holder.
As to group insurance policies effectuated and delivered outside this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-8.htm - 3K - Match Info - Similar pages
40-14B-8
Section 40-14B-8 Report upon receipt of certified capital; annual report; financial
statement. (a) Each certified capital company shall report to the Alabama Development Office
as soon as practicable after the receipt of certified capital the following: (1) The name
of each certified investor from whom the certified capital was received, including the certified
investor's insurance premium tax identification number. (2) The amount of each certified investor's
investment of certified capital and premium tax credits. (3) The date on which the certified
capital was received. (b) Not later than January 31 of each year, each certified capital company
shall report to the Alabama Development Office all of the following: (1) The amount of the
company's certified capital at the end of the preceding year. (2) Whether or not the company
has invested more than 15 percent of its total certified capital in any one business. (3)
Each qualified investment that the company made during the preceding...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14B-8.htm - 2K - Match Info - Similar pages
5-13B-40
Section 5-13B-40 Purpose. (a) This article is intended generally to provide for state
regulation of the participation by foreign banks in the financial markets of this state. (b)
Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal
Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this article
is intended specifically: (1) To authorize banking activities and operations, under state
licenses issued by the superintendent, of direct branch and agency offices in this state of
foreign banks, generally under terms and conditions not less favorable than the terms and
conditions under which such activities and operations may be conducted by federal branch or
agency offices of foreign banks in the United States, and to set forth a statutory framework
for the licensing, regulation and supervision of such state-licensed offices of foreign banks
by the superintendent to assure the safe and sound operation of such offices...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-40.htm - 1K - Match Info - Similar pages
27-35-6
Section 27-35-6 Conversion into stock or mutual life insurance company - Certificates
of incorporation and authority. The society shall have corporate existence as a domestic stock
or mutual life insurer upon issuance of the certificate of incorporation by the commissioner
or approval of the amended articles of incorporation, as the case may be; but it shall not
transact business as an insurer until all its authorized capital stock, if a stock insurer,
has been subscribed and paid in full and it has otherwise qualified for, and received from
the commissioner, a certificate of authority as provided in this title for legal reserve insurers.
(Acts 1971, No. 407, p. 707, ยง732.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-6.htm - 988 bytes - Match Info - Similar pages
27-2-24
Section 27-2-24 Examinations - Report; confidentiality of information. (a) The commissioner,
or his or her examiner, shall make a full and true written report of each examination. The
examination report shall contain only information obtained from examination of the books,
records, accounts, files, or other documents of, or relative to, the person examined, its
agents or other persons examined, or as ascertained from the testimony of its officers or
agents or other persons examined concerning its affairs, together with conclusions and recommendations
as the examiners find reasonable warranted from the facts. (b) No later than 60 days following
completion of the examination, the examiner in charge shall file with the department a verified
written report of examination under oath. Upon receipt of the verified report, the department
shall transmit the report to the company examined, together with a notice that the company
examined may make a written submission or rebuttal with respect to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-24.htm - 8K - Match Info - Similar pages
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