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11-51-120
Section 11-51-120 Insurance companies - Fire and marine insurance companies. No license or
privilege tax or other charge for the privilege of doing business shall be imposed by any
municipal corporation upon any fire or marine insurance company doing business in such municipality
except upon a percentage of each $100.00 of gross premiums, less return premiums, on policies
issued during the preceding year on property located in such municipality. Such percentage
shall not exceed four percent on each $100.00 or major fraction thereof of such gross premiums,
and no credit or deduction of any kind shall be allowed or made on account of the cost of
reinsurance by such company in a company not authorized to do business in this state. Any
municipality may charge a flat minimum license at the beginning of each year for new companies
doing business therein on which there shall be an adjustment at the expiration of such year
upon such percentage as may be fixed by said municipality, but such...
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27-13-20
Section 27-13-20 Definitions. For the purposes of this article, unless otherwise stated, the
following terms shall have the meanings respectively ascribed to them by this section. (1)
RATE. The unit charge by which the measure of exposure or the amount of insurance specified
in a policy of insurance or covered thereunder is multiplied to determine the premium. (2)
PREMIUM. The consideration paid, or to be paid, to an insurer for the issuance and delivery
of any binder or policy of insurance. (3) RATE-MAKING. The examination and analysis of every
factor and influence related to, and bearing upon, the hazard and risk made the subject of
insurance, the collection and collation of such factors and influences into rating systems
and the application of such rating systems to individual risks. (4) RATING SYSTEM. Every schedule,
class, classification, rule, guide, standard, manual, table, rating plan, policy, policy form,
or compilation, by whatever name described, containing the rates used by...
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27-13-60
Section 27-13-60 Definitions. For the purposes of this article, unless otherwise stated, the
following terms shall have the meanings respectively ascribed to them by this section: (1)
RATE. The unit charge by which the measure of exposure or the amount of insurance specified
in a policy of insurance or covered thereunder is multiplied to determine the premium. (2)
PREMIUM. The consideration paid or to be paid to an insurer for the issuance and delivery
of any binder or policy of insurance. (3) RATE-MAKING. The examination and analysis of every
factor and influence related to and bearing upon the hazard and risk made the subject of insurance;
the collection and collation of such factors and influences into rating plans; systems; and
the application of such rating systems to individual risks. (4) RATING PLAN. Every schedule,
class, classification, rule, guide, standard, manual, table, rating plan, policy, policy form,
or compilation by whatever name described, containing the rates used...
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27-2-3
Section 27-2-3 Commissioner of Insurance - Oath; bond. Before entering upon the duties of his
office the commissioner shall take and subscribe to the oath prescribed by Article 16, Section
279 of the State Constitution and give bond in favor of the State of Alabama in the penal
sum of $50,000.00. The surety on the bond shall be a corporate surety authorized to transact
such business in this state. The form of the bond and surety shall be subject to the Governor's
approval. The bond and oath shall be filed with the Secretary of State. (Acts 1951, No. 234,
p. 504, §6; Acts 1971, No. 407, p. 707, §18.)...
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27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special surplus.
(a) In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual
and reciprocal insurers) required by Section 27-3-7, special surplus shall be possessed by
insurers hereafter applying for original certificates of authority in this state as follows:
(1) All stock insurers and foreign mutual and foreign reciprocal insurers which have actively
transacted insurance in their states or countries of domicile as an authorized insurer for
less than five years and which do not meet the requirements of paragraphs (2) a or (2) b of
Section 27-3-4, when first authorized to transact insurance in this state shall have a surplus
or additional surplus equal to 150 percent of the paid-up capital stock, if a stock insurer,
or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise required under Section
27-3-7 for the kinds of insurance to be transacted; and (2)...
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27-31-5
Section 27-31-5 Attorneys. (a) "Attorney," as used in this chapter, refers to the
attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm, or corporation.
(b) Contracts of the insurer, including its policies, shall be executed by the attorney, duly
authorized and acting for the subscribers. (c) The attorney of a foreign or alien reciprocal
insurer, which insurer is duly authorized to transact insurance in this state, shall not,
by virtue of discharge of its duties as such attorney with respect to the insurer's transactions
in this state, be thereby deemed to be doing business in this state within the meaning of
any laws of this state applying to foreign firms or corporations. (Acts 1915, No. 280, p.
315; Acts 1971, No. 407, p. 707, §595.)...
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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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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-35-8
Section 27-35-8 Conversion into stock or mutual life insurance company - Completion; effect.
(a) When a fraternal benefit society has complied with the provisions of this chapter and
with the laws of this state relating to domestic stock life insurers or domestic mutual life
insurers, as the case may be, and has received from the commissioner a certificate of authority
to transact business in this state, its reorganization and conversion into such stock insurer
or mutual insurer shall be complete. (b) The reorganized and converted corporation shall be
deemed in law to be a continuation of the fraternal benefit society, whether the reorganization
and conversion shall have been accomplished by the formation of a new corporation or by the
amendment of the certificate of incorporation of the former society; and such reorganized
and converted corporation shall succeed to, and become invested with, all and singular, the
rights, privileges, franchises, and all property, real, personal, or...
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27-9A-2
Section 27-9A-2 Definitions. For purposes of this chapter, the following terms shall have the
meanings respectively ascribed to them by this section: (1) APPRENTICE INDEPENDENT ADJUSTER.
As defined in Section 27-9A-11. (2) BUSINESS ENTITY. A corporation, association, partnership,
limited liability company, limited liability partnership, or other legal entity. (3) COMMISSIONER.
The Alabama Commissioner of Insurance. (4) HOME STATE. The District of Columbia and any state
or territory of the United States in which an independent adjuster maintains the principal
place of residence or business of the adjuster and in which the adjuster is licensed to act
as a resident independent adjuster. In the case of a resident of a Canadian province, or if
the resident state or territory does not license independent adjusters for the line of authority
sought, the home state of the independent adjuster shall be any state in which the independent
adjuster is licensed and in good standing, as designated by...
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