27-42-6
Section 27-42-6 Association created; member insurers; accounts. There is created a nonprofit unincorporated legal entity to be known as the Alabama Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of Section 27-42-5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under Section 27-42-9 and shall exercise its powers through a board of directors established under Section 27-42-7. For purposes of administration and assessment, the association shall be divided into three separate accounts: (a) the workmen's compensation insurance account; (b) the automobile insurance account; and (c) the account for all other insurance to which this chapter applies. (Acts 1980, No. 80-806, p. 1639, §6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-6.htm - 1K - Match Info - Similar pages
27-12-13
Section 27-12-13 Life, annuity, and disability insurance - Exceptions to discrimination, rebates, or special inducements. Nothing in Sections 27-12-11 and 27-12-12 shall be construed as including within the definition of discrimination, rebates, or special inducements any of the following practices: (1) In the case of any contract of life insurance or annuity, paying bonuses to policyholders or otherwise abating their premiums in whole or in part out of surplus accumulated from nonparticipating insurance, provided, that any such bonuses or abatement of premiums is fair and equitable to policyholders and for the best interests of the insurer and its policyholders; (2) In the case of life or disability insurance policies issued on the industrial debit or weekly premium plan, making allowance to policyholders who have continuously for a specified period made premium payments directly to an office of the insurer in an amount which fairly represents the saving in collection expense; (3)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-13.htm - 2K - Match Info - Similar pages
27-21-2
Section 27-21-2 Offering of insurance. Any insurer authorized and licensed to engage in the business of health insurance in this state may join with one or more other such insurers to offer to any resident of this state, who meets the qualifications established by the commissioner, insurance against major financial loss from accident or disease. Such insurance may be offered by such insurers in their own names or in the name of a voluntary unincorporated association or other organization formed by such insurers solely for the purpose of this plan. The forms of applications, certifications, and policies of such insurance, the applicable premium rates, annual statement, and all other information required by the department under Alabama law for organizations in the business of health insurance shall be filed with the commissioner for his approval. Any other information which the commissioner deems necessary for the efficient operation of the plan may also be required. (Acts 1971, No. 501,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21-2.htm - 1K - Match Info - Similar pages
27-21A-15
Section 27-21A-15 Powers of insurers and health care service plans. (a) An insurance company licensed in this state, or a health care service plan authorized to do business in this state, may either directly or through a subsidiary or affiliate organize and operate a health maintenance organization under the provisions of this chapter. Notwithstanding any other law which may be inconsistent herewith, any two or more such insurance companies, health care service plans, or subsidiaries or affiliates thereof, may jointly organize and operate a health maintenance organization. The business of insurance is deemed to include the providing of health care by a health maintenance organization owned or operated by an insurer or a subsidiary thereof. (b) Notwithstanding any provision of insurance and health care service plan laws, Title 10, Chapter 4, Article 6 and Title 27, an insurer or a health care service plan may contract with a health maintenance organization to provide insurance or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-15.htm - 1K - Match Info - Similar pages
27-36A-3
Section 27-36A-3 Reserve valuation. (a) Policies and contracts issued prior to the operative date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after January 1, 1972, and prior to the operative date of the valuation manual. In calculating reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of any foreign or alien insurer, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when valuation complies with the minimum standard provided in this chapter. (2) The provisions set forth in Sections 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-3.htm - 2K - Match Info - Similar pages
27-5B-10
Section 27-5B-10 Reinsurer not licensed, accredited or certified - Additional reinsurance agreement requirements. (a) If the assuming insurer is not licensed, accredited or certified to transact insurance or reinsurance in this state, the credit permitted by Sections 27-5B-6 and 27-5B-7 shall not be allowed unless the assuming insurer agrees in the reinsurance agreements: (1) That in the event of the failure of the assuming insurer to perform its obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, will comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or of any appellate court in the event of an appeal. (2) To designate the commissioner or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-10.htm - 1K - Match Info - Similar pages
8-6-3
Section 8-6-3 Registration and bonds of dealers, agents, investment advisers, etc. (a) It is unlawful for any person to transact business in this state as a dealer or agent for securities unless he or she is registered under this article. It is unlawful for any dealer or issuer to employ an agent unless the agent is registered. (b) It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless: (1) He or she is so registered under this article; (2) His or her only clients in this state are investment companies as defined in the Investment Company Act of 1940, other investment advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or other institutional investors as are designated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-3.htm - 12K - Match Info - Similar pages
10A-1-7.02
Section 10A-1-7.02 Foreign entities not required to register. (a) A foreign entity not described by Section 10A-1-7.01 (c) may transact business in this state without registering under this chapter. (b) Subsection (a) does not relieve a foreign entity from the duty to comply with applicable requirements under other law to file or register. (c) A foreign entity is not required to register under this chapter if other law of this state or of federal law authorizes the foreign entity to transact the particular business authorized by law in this state. (d) A foreign unincorporated nonprofit association is not required to register under this chapter. (e) A foreign entity which is exempt from the requirements of Chapter 46 of Title 16, is not required to register under this chapter. (Act 2009-513, p. 967, §56; Act 2014-330, p. 1221, §1; Act 2018-125, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-7.02.htm - 1K - Match Info - Similar pages
27-10-25
Section 27-10-25 Acceptance and placement of surplus line business from agents or brokers. A licensed surplus line broker may accept and place surplus line business for any insurance producer licensed in this state for the kind and class of insurance involved and may compensate the producer therefor. No producer shall knowingly misrepresent to the broker any material fact involved in any insurance or in the eligibility thereof for placement with an unauthorized insurer. (Acts 1963, No. 521, p. 1112, §12; Acts 1971, No. 407, p. 707, §200; Act 2001-702, p. 1509, §15.)...
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27-3-31
Section 27-3-31 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. Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to this state if qualified as a foreign insurer. The Commissioner of Insurance shall approve any such proposed transfer unless he shall determine such transfer is not in the interest of the policyholders of this state. (Acts 1991, No. 91-446, p. 816, §2.)...
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