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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-14-32
Section 27-14-32 Exemption from debt of proceeds - Annuity contracts. (a) The benefits, rights,
privileges, and options which under any annuity contract, heretofore or hereafter issued,
are due or prospectively due the annuitant shall not be subject to execution, nor shall the
annuitant be compelled to exercise any such rights, powers, or options, nor shall creditors
be allowed to interfere with or terminate the contract, except: (1) As to amounts paid for
or as premium on any such annuity with intent to defraud creditors, with interest thereon,
and of which the creditor has given the insurer written notice at its home office prior to
the making of the payments to the annuitant out of which the creditor seeks to recover. Any
such notice shall specify the amount claimed, or such facts as will enable the insurer to
ascertain such amount, and shall set forth such facts as will enable the insurer to ascertain
the insurance or annuity contract, the person insured or annuitant and the...
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27-34-25
Section 27-34-25 Paid-up nonforfeiture benefits, cash surrender values, and certificate loans,
etc. (a) A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate
loans, and such other options as its laws may permit. As to certificates issued on and after
January 1, 1972, a society shall grant at least one paid-up nonforfeiture benefit, except
in the case of pure endowment, annuity or reversionary annuity contracts reducing term insurance
contracts or contracts of term insurance of uniform amount of 15 years or less expiring before
age 66. (b) In the case of certificates other than those for which reserves are computed on
the commissioners 1958 Standard Ordinary Mortality Table or the 1961 Standard Industrial Table,
the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value,
loan or other option granted shall not be less than the excess, if any, of subdivision (1)
over subdivision (2) of this subsection, as follows: (1) The...
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27-15-22
Section 27-15-22 Annuity and pure endowment contract provisions - Reinstatement. In an annuity
or pure endowment contract, other than a reversionary, survivorship, or group annuity, there
shall be a provision that the contract may be reinstated at any time within one year from
the default in making stipulated payments to the insurer unless the cash surrender value has
been paid, but all overdue stipulated payments and any indebtedness to the insurer on the
contract shall be paid or reinstated with interest thereon at a rate to be specified in the
contract, but not exceeding six percent per annum payable annually, and, in cases where applicable,
the insurer may also include a requirement of evidence of insurability satisfactory to the
insurer. (Acts 1971, No. 407, p. 707, §367.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-22.htm - 1K - Match Info - Similar pages
45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE.
Except as otherwise provided herein, the provisions of this section shall apply for purposes
of determining required minimum distributions for calendar years beginning on and after January
1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required
under this section shall be determined and made in accordance with § 401(a)(9), Internal
Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the
regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements
of the plan, the requirements of this section shall take precedence over any inconsistent
provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE.
The member's entire interest shall be distributed, or begin to be distributed, to the member
no later than the member's required beginning date. (2) DEATH OF MEMBER...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.106.htm - 23K - Match Info - Similar pages
27-36A-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a) This section
shall apply to all annuity and pure endowment contracts other than group annuity and pure
endowment contracts purchased under a retirement plan or plan of deferred compensation, established
or maintained by an employer, including a partnership or sole proprietorship, or by an employee
organization, or by both, other than a plan providing individual retirement accounts or individual
retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended.
(b) Reserves according to the commissioner's annuity reserves method for benefits under annuity
or pure endowment contracts, excluding any disability and accidental death benefits in the
contracts, shall be the greatest of the respective excesses of the present values, at the
date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits,
provided for by the contracts at the end of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-9.htm - 1K - Match Info - Similar pages
26-1A-210
Section 26-1A-210 Insurance and annuities. Unless the power of attorney otherwise provides,
language in a power of attorney granting general authority with respect to insurance and annuities
authorizes the agent to: (1) continue, pay the premium or make a contribution on, modify,
exchange, rescind, release, or terminate a contract procured by or on behalf of the principal
which insures or provides an annuity to either the principal or another person, whether or
not the principal is a beneficiary under the contract; (2) procure new, different, and additional
contracts of insurance and annuities for the principal and the principal's spouse, children,
and other dependents, and select the amount, type of insurance or annuity, and mode of payment;
(3) pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate
a contract of insurance or annuity procured by the agent; (4) apply for and receive a loan
secured by a contract of insurance or annuity; (5) surrender...
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27-15-23
Section 27-15-23 Standard provisions in contracts for reversionary annuities. (a) Except as
stated in this section, no contract for a reversionary annuity shall be delivered or issued
for delivery in this state unless it contains in substance each of the following provisions:
(1) Any such reversionary annuity contract shall contain the provisions specified in Sections
27-15-17 through 27-15-21 except that under Section 27-15-20 the insurer may at its option
provide for an equitable reduction of the amount of the annuity payments in settlement of
an overdue or deferred payment in lieu of providing for deduction of such payments from an
amount payable upon settlement under the contract; and (2) In such reversionary annuity contracts,
there shall be a provision that the contract may be reinstated at any time within three years
from the date of default in making stipulated payments to the insurer upon production of evidence
of insurability satisfactory to the insurer and upon condition...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-23.htm - 1K - Match Info - Similar pages
27-30-17
Section 27-30-17 Contracts - Annual valuation - Benefits, aid, or services other than cash.
(a) The commissioner shall each year cause all outstanding contracts or policies of every
mutual aid association to be carefully valued as of December 31 of the preceding year at 40
percent of the retail value of the benefits, aid, or services provided under the terms of
its contracts or policies or at the average wholesale cost of the funeral supplies, benefits,
aid, and services so provided for, whichever amount is the greater, as shown by the number
of contracts or policies in force according to the books and records of the association, and
shall at the time compute the net value of all such outstanding contracts or policies of every
such association in the following manner: (1) On all outstanding contracts or policies issued
prior to September 16, 1953, the commissioner shall compute the net value thereof by the two
following separate methods: a. Method No. 1: On the basis of $1.50 for each...
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27-15-17
Section 27-15-17 Annuity and pure endowment contract provisions - Grace period. In an annuity
or pure endowment contract, other than a reversionary, survivorship or group annuity, there
shall be a provision that there shall be a period of grace of one month, but not less than
30 days, within which any stipulated payment to the insurer falling due after the first may
be made, subject at the option of the insurer to an interest charge thereon at a rate to be
specified in the contract but not exceeding six percent per annum for the number of days of
grace elapsing before such payment, during which period of grace the contract shall continue
in full force; but in case a claim arises under the contract on account of death prior to
expiration of the period of grace before the overdue payment to the insurer or the deferred
payments of the current contract year, if any, are made, the amount of such payments, with
interest on any overdue payments, may be deducted from any amount payable under...
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