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27-36A-6
Section 27-36A-6 Computation of minimum standard for annuities. (a) Except as provided
in Section 27-36A-7, the minimum standard of valuation for individual and group annuity
and pure endowment contracts issued on or after May 28, 1996, shall be the commissioners reserve
valuation methods defined in Sections 27-36A-8 and 27-36A-9 and the following tables and interest
rates: (1) For individual annuity and pure endowment contracts issued prior to July 30, 1979,
excluding any disability and accidental death benefits in the contracts: The 1971 Individual
Annuity Mortality Table, or any modification of this table approved by the commissioner, and
six percent interest for single premium immediate annuity contracts and four percent interest
for all other individual annuity and pure endowment contracts. (2) For individual single premium
immediate annuity contracts issued on or after July 30, 1979, excluding any disability and
accidental death benefits in the contracts: The 1971 Individual...
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27-17-1
Section 27-17-1 Applicability of chapter; "burial insurance" defined. (a)
This chapter applies only to burial insurance policies. (b) For the purposes of this title,
"burial insurance" is that form of life insurance under which: (1) Benefits are
provided in the form of merchandise and services incident to the burial of the insured or
the furnishing of a monument to the insured; (2) The specified retail value of such merchandise
and services does not exceed $1,500.00; and (3) The words "burial policy," "vault
policy," "monument policy," or words of similar import are printed on the policy
as a part of its description. (Acts 1971, No. 407, p. 707, ยง392.)...
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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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27-18-11
Section 27-18-11 Policy provisions - Conversion - Termination of eligibility. The group
life insurance policy shall contain a provision that if the insurance, or any portion of it,
on a person covered under the policy ceases because of termination of employment or of membership
in the class, or classes, eligible for coverage under the policy, such person shall be entitled
to have issued to him by the insurer, without evidence of insurability, an individual policy
of life insurance without disability or other supplementary benefits, provided application
for the individual policy shall be made and the first premium paid to the insurer within 31
days after such termination and provided, further, that: (1) The individual policy shall,
at the option of such person, be on any one of the forms, except term insurance, then customarily
issued by the insurer at the age and for the amount applied for; (2) The individual policy
shall be in an amount not in excess of the amount of life insurance...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
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27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue
or deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such
violating insurer or person if such authority or license is already outstanding. (b) No person
shall issue or deliver, or permit its agents, officers, or employees to issue or deliver,
in this state, any life insurance policy or contract of annuity in which are used such words
as "investment plan," "expansion plan," "profit-sharing," "charter
plan," "founders'...
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27-30-6.1
Section 27-30-6.1 Authority to increase paid-in capital stock and paid-in surplus; contracts
or policies on any one life and accidental death benefits. (a) All mutual aid associations
which have held valid certificates of authority under Sections 27-30-1 through 27-30-33 for
a period of five years prior to June 8, 1984, are hereby authorized to increase the paid-in
capital stock and paid-in surplus of the association. Any association maintaining a minimum
surplus of $100,000.00 is authorized to provide contracts or policies on any one life not
to exceed five percent of the capital of such association, and to provide accidental death
benefits on any one life so insured not to exceed the amount of life insurance provided. (b)
The provisions of subsection (a) of this section shall additionally apply to all mutual
aid associations, after said associations have completed five years of operations and are
in compliance with the Insurance Code of Alabama. (Acts 1984, 1st Ex. Sess., No. 84-729,...
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27-15-77
Section 27-15-77 Calculation of adjusted premiums - Industrial policies. (a) This section
shall not apply to industrial policies to be issued on or after the operative date of Section
27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in
this article for all policies of industrial insurance shall be calculated on the basis of
the Commissioners 1961 Standard Industrial Mortality Table. All calculations shall be made
on the basis of the rate of interest specified in the policy for calculating cash surrender
values and paid-up nonforfeiture benefits; provided, that such rate of interest shall not
exceed three and one-half percent per annum; provided further, that a rate of interest not
exceeding four percent per annum may be used for policies issued on or after August 23, 1976,
and prior to July 30, 1979, and a rate of interest not exceeding five and one-half percent
per annum may be used for policies issued on or after July 30, 1979; provided, however,...
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27-15-80
Section 27-15-80 Proration of values; net value of paid-up additions. Any cash surrender
value and any paid-up nonforfeiture benefit available under the policy in the event of default
in a premium payment due at any time other than on the policy anniversary shall be calculated
with allowance for the lapse of time and the payment of fractional premiums beyond the last
preceding policy anniversary. All values referred to in Sections 27-15-73, 27-15-74, 27-15-75,
27-15-76, 27-15-77, and 27-15-78 may be calculated on the assumption that any death benefit
is payable at the end of the policy year of death. The net value of any paid-up additions,
other than paid-up term additions, shall not be less than the amounts used to provide such
additions. Notwithstanding the provisions of Section 27-15-73, additional benefits
payable as follows shall be disregarded in ascertaining cash surrender values and nonforfeiture
benefits required by this article, and no such additional benefits shall be...
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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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