|
27-38-3
Section 27-38-3 Variable contracts - Licensing of insurer. (a) No insurer shall deliver, or
issue for delivery, within this state variable contracts unless it is licensed to do a life
insurance or annuity business in this state and the commissioner is satisfied that its condition
or method of operation in connection with the issuance of such contracts will not render its
operation hazardous to the public or its policyholders in this state. In this connection,
the commissioner shall consider among other things: (1) The history and financial condition
of the insurer; (2) The character, responsibility, and fitness of the officers and directors
of the insurer; and (3) The law and regulation under which the insurer is authorized in the
state of domicile to issue variable contracts. (b) If the company is a subsidiary of an admitted
life insurer or affiliated with such insurer through common management or ownership, it may
be deemed to have met the provisions of the section if either it or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-3.htm - 1K - Match Info - Similar pages
27-11-5
Section 27-11-5 Secretary of State as agent for service of process on insurer; service of process;
attachment of jurisdiction; fees for service. (a) Any insurer not qualified under the laws
of this state to transact the business of insurance as evidenced by a license or certificate
of authority from the Commissioner of Insurance which shall transact, or attempt to transact,
the business of insurance in this state or which shall do, or attempt to do, any of the acts
and occurrences set out in Section 27-11-3 shall, by the doing of such business or the performing
or attempting to perform any of such acts, be deemed to have appointed the Secretary of State,
or his successor or successors in office, to be the true and lawful attorney or agent of such
insurer whom process may be served in any action accrued or accruing from the transacting
of such business or the performing of such act by any such insurer, or by its agent, servant,
or employee. Service of such process shall be made by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-5.htm - 4K - Match Info - Similar pages
27-44-6
Section 27-44-6 Creation of association; membership; accounts; supervision. (a) There is created
a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance
Guaranty Association. All member insurers 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 the plan of operation established and approved under Section 27-44-10
and shall exercise its powers through a board of directors established under Section 27-44-7.
For purposes of administration and assessment the association shall maintain three accounts:
(1) The disability insurance account; (2) The life insurance account; and (3) The annuity
account. (b) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state. (Acts
1982, No. 82-561, p. 922, §6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-6.htm - 1K - Match Info - Similar pages
27-40-2
Section 27-40-2 Exemptions from chapter. The provisions of this chapter shall not apply with
respect to any of the following: (1) Any insurance company licensed to do business in this
state. (2) Any banking or other financial institution regulated by the state, or savings and
loan association, or credit union authorized to do business in this state, or any national
banking institution or federal savings and loan association incorporated under the laws of
the United States and located within this state. (3) A charge for insurance in connection
with an installment sale of a motor vehicle or boat or mobile home. (4) The financing of insurance
premiums in this state in accordance with the provisions of this title relating to rates of
insurance. (5) Any insurance agent or agency licensed in Alabama that charges a collection
fee on unpaid balances for insurance premiums under Section 27-12-17 or under the Alabama
Consumer Credit Act. (Acts 1975, No. 1042, p. 2088, §1; Acts 1994, No. 94-118,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-2.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31A-4.htm - 8K - Match Info - Similar pages
19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages
27-34-7
Section 27-34-7 License - Foreign or alien societies - Application; qualifications. (a) No
foreign or alien society shall transact business in this state without a license issued by
the commissioner. Any such society may be licensed to transact business in this state upon
filing with the commissioner: (1) A duly certified copy of its charter or articles of incorporation;
(2) A copy of its constitution and laws, certified by its secretary or corresponding officer;
(3) A power of attorney to the commissioner as prescribed in Section 27-34-47; (4) A statement
of its business under oath of its president and secretary, or corresponding officers, in a
form prescribed by the commissioner, duly verified by an examination made by the supervising
insurance official of its home state or other state, territory, province, or country satisfactory
to the commissioner; (5) A certificate from the proper official of its home state, territory,
province, or country that the society is legally incorporated...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-7.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-32.htm - 2K - 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
5-13B-81
Section 5-13B-81 Branches and agencies of foreign banks - Necessity of licensure. (a) No foreign
bank shall transact business in this state except at an Alabama state branch or Alabama state
agency which it is licensed to establish and maintain pursuant to, and at which it conducts
such activities as are permitted by, this article. (b) Subsection (a) shall not be deemed
to prohibit: (1) Any foreign bank which maintains a federal agency or federal branch in this
state from transacting at such federal agency or federal branch such business as it may be
authorized to transact under applicable federal laws and regulations; or (2) Any foreign bank
which does not maintain an Alabama state branch or Alabama state agency from making in this
state loans secured by liens on real property located in this state; or (3) Any foreign bank
which maintains an Alabama branch or agency from transacting business as agent for an affiliated
depository or other institution in accordance with provisions of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-81.htm - 2K - Match Info - Similar pages
|