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27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life
insurance company doing business in this state shall annually submit the opinion of a qualified
actuary as to whether the reserves and related actuarial items held in support of the policies
and contracts specified by the commissioner by regulation are computed appropriately, are
based on assumptions which satisfy contractual provisions, are consistent with prior reported
amounts, and comply with applicable laws of this state. The commissioner, by regulation, shall
define the specifics of this opinion and add any other items deemed to be necessary to its
scope. (2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
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27-36A-15
Section 27-36A-15 Valuation manual for policies issued on or after the operative date
of the valuation manual. (a) For policies issued on or after the operative date of the valuation
manual, the standard prescribed in the valuation manual is the minimum standard of valuation
required under subsection (b) of Section 27-36A-3, except as provided under subsection
(e) or (g) of this section, Section 27-36A-19, or Section 27-36A-20.
(b) The operative date of the valuation manual is January 1 of the first calendar year following
the first July 1 as of which all of the following have occurred: (1) The valuation manual
has been adopted by the NAIC by an affirmative vote of at least 42 members, or three-fourths
of the members voting, whichever is greater. (2) The Standard Valuation Law, as amended by
the NAIC in 2009, or legislation including substantially similar terms and provisions, has
been enacted by states representing greater than 75 percent of the direct premiums written
as reported in...
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27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves
under this section shall calculate reserves for ordinary life insurance, accident and
health insurance contracts, credit life contracts, group life contracts, annuities, or deposit-type
contracts in this state as if the policies were issued before the operative date of the valuation
manual. For such policies issued after the operative date of the valuation manual, any mortality
and interest rates defined by the valuation manual for net premium reserves shall be used.
A company calculating reserves under this section shall comply with Section
27-36A-4(a) instead of Section 27-36A-4(b) and meet all of the following conditions:
(1) The company has less than three hundred million dollars ($300,000,000) of ordinary life
premium. (2) If the company is a member of a group of life insurers, the group has combined
ordinary life premium of less than six hundred million dollars ($600,000,000). (3) The...
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27-36A-18
Section 27-36A-18 Confidentiality. (a) For purposes of this section, "confidential
information" shall mean all of the following: (1) A memorandum in support of an opinion
submitted under Section 27-36A-4 and any other documents, materials, and other information,
including, but not limited to, all working papers, and copies thereof, created, produced,
or obtained by or disclosed to the commissioner or any other person in connection with such
memorandum. (2) All documents, materials, and other information, including, but not limited
to, all working papers, and copies thereof, created, produced, or obtained by or disclosed
to the commissioner or any other person in the course of an examination made under subsection
(f) of Section 27-36A-15; provided, however, that if an examination report or other
material prepared in connection with an examination made under Chapter 2 is not held as private
and confidential information under Section 27-2-24, an examination report or other
material...
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15-22-1.1
Section 15-22-1.1 Interstate Compact for Adult Offender Supervision. Whereas: The Interstate
Compact for the Supervision of Parolees and Probationers was established in 1937, it is the
earliest corrections "compact" established among the states and has not been amended
since its adoption over 62 years ago; Whereas: This compact is the only vehicle for the controlled
movement of adult parolees and probationers across state lines, and it currently has jurisdiction
over more than a quarter of a million offenders; Whereas: The complexities of the compact
have become more difficult to administer, and many jurisdictions have expanded supervision
expectations to include currently unregulated practices such as victim input, victim notification
requirements, and sex offender registration; Whereas: After hearings, national surveys, and
a detailed study by a task force appointed by the National Institute of Corrections, the overwhelming
recommendation has been to amend the document to bring about...
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27-36A-2
Section 27-36A-2 Definitions. For purposes of this chapter, the following definitions
shall apply on or after the operative date of the valuation manual as defined by Section
27-36A-15: (1) ACCIDENT AND HEALTH INSURANCE. Contracts that incorporate morbidity risk and
provide protection against economic loss resulting from accident, sickness, or medical conditions
and as may be specified in the valuation manual. (2) APPOINTED ACTUARY. A qualified actuary
who is appointed in accordance with the valuation manual to prepare the actuarial opinion
required in subsection (b) of Section 27-36A-4. (3) COMPANY. An entity, which (i) has
written, issued, or reinsured life insurance contracts, accident and health insurance contracts,
or deposit-type contracts in this state and has at least one such policy in force or on claim
or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance
contracts, or deposit-type contracts in any state and is required to hold a...
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27-36A-10
Section 27-36A-10 Minimum reserves. (a) In no event shall a company's aggregate reserves
for all life insurance policies, excluding disability and accidental death benefits, issued
on or after January 1, 1972, be less than the aggregate reserves calculated in accordance
with the methods set forth in Sections 27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-13 and the
mortality table or tables and rate or rates of interest used in calculating nonforfeiture
benefits for the policies. (b) In no event shall the aggregate reserves for all policies,
contracts, and benefits be less than the aggregate reserves determined by the qualified actuary
to be necessary to render the opinion required by Section 27-36A-4. (Act 2016-411,
ยง2.)...
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27-31A-4
Section 27-31A-4 Risk retention groups not chartered in this state. Risk retention groups
chartered and licensed in states other than this state and seeking to do business as a risk
retention group in this state shall comply with the laws of this state as follows: (1) NOTICE
OF OPERATIONS AND DESIGNATION OF COMMISSIONER AS AGENT. a. Before offering insurance in this
state, a risk retention group shall submit to the commissioner both of the following: 1. A
statement identifying the state or states in which the risk retention group is chartered and
licensed as a liability insurance company, charter date, its principal place of business,
and other information, including information on its membership, as the commissioner of this
state may require to verify that the risk retention group is qualified pursuant to subdivision
(11) of Section 27-31A-2. 2. A copy of its plan of operations or feasibility study
and revisions of the plan or study submitted to the state in which the risk retention...
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27-36A-11
Section 27-36A-11 Optional reserve calculation. (a) Reserves for policies and contracts
issued prior to January 1, 1972, may be calculated, at the option of the company, according
to any standards which produce greater aggregate reserves for all policies and contracts than
the minimum reserves required by the laws in effect immediately prior to that date. (b) Reserves
for any category of policies, contracts, or benefits issued on or after January 1, 1972, may
be calculated, at the option of the company, according to any standards which produce greater
aggregate reserves for the category than those calculated according to the minimum standard
provided in this chapter, but the rate or rates of interest used for policies and contracts,
other than annuity and pure endowment contracts, shall not be higher than the corresponding
rate or rates of interest used in calculating any nonforfeiture benefits provided for therein.
(c) A company which at any time shall have adopted any standard of...
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27-25-3
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall
have the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments
of public record of whatever kind or nature which in any manner affect title to a specified
parcel of real property. (2) BUSINESS ENTITY. A domestic entity properly formed and existing
under Title 10A. (3) COMMISSIONER. The Commissioner of the Alabama Department of Insurance.
(4) INDIVIDUAL. A natural person. (5) NAIC. The National Association of Insurance Commissioners,
its subsidiaries and affiliates, and any successor thereof. (6) OPINION OF TITLE. A written
expression of the status of title, including, but not limited to, the validity or invalidity
thereof, based upon an examination by an attorney at law, who is licensed to practice law
in this state, of instruments of public record or an abstract thereof affecting title to a
specified parcel of real property to ascertain the history and present...
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