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27-3-12
Section 27-3-12 Deposit requirements - Special deposit - Surety insurers. (a) In addition to
the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and
maintain deposited with the Treasurer of this state in trust for the benefit of holders, resident
in this state, of the obligations of the insurer cash or securities eligible under Section
27-6-3 having a value at all times of at least $50,000.00; except, that a domestic surety
insurer may take credit for the amount of such special deposit against the deposit otherwise
required of it under Section 27-3-11, and except that a foreign insurer showing a deposit
pursuant to subsection (c) of Section 27-3-11 in the amount of $200,000.00 shall not be required
to comply with this section. (b) Such deposits shall be subject to the applicable provisions
of Chapter 6 of this title. (Acts 1909, No. 43, p. 29; Acts 1971, No. 407, p. 707, §57.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-12.htm - 1K - Match Info - Similar pages
27-10-35
Section 27-10-35 Report of, and tax on, independently procured coverages; exceptions. (a) Anyone
who may desire to place his insurance in a foreign insurer not authorized to do business in
this state may place such insurance, and any insured who in this state procures, or causes
to be procured, or continues or renews insurance in an unauthorized foreign insurer or any
self-insurer who in this state so procures or continues excess loss, catastrophe, or other
insurance, upon a subject of insurance resident, located or to be performed within this state,
other than insurance procured through a surplus line broker pursuant to the surplus lines
law of this state or exempted from such law under Section 27-10-34 shall, within 90 days after
the date such insurance was so procured, continued, or renewed, file a written report of the
same with the commissioner on forms designated by the commissioner and furnished to such an
insured upon request. The report shall show the name and address of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-35.htm - 3K - Match Info - Similar pages
27-31-6
Section 27-31-6 Surplus funds of domestic insurer. (a) A domestic reciprocal insurer formed
under this chapter, if it has otherwise complied with the applicable provisions of this title,
may be authorized to transact insurance if it has, and thereafter maintains, surplus funds
as follows: (1) To transact property insurance, surplus funds of not less than $200,000.00;
and (2) To transact casualty insurance, surplus funds of not less than $300,000.00. (b) In
addition to surplus required to be maintained under subsection (a) of this section, the insurer
shall have, when first so authorized, expendable surplus in amount as required of a like foreign
reciprocal insurer under Section 27-3-8. (c) A domestic reciprocal insurer may be authorized
to transact additional kinds of insurance if it has otherwise complied with the provisions
of this title therefor and possesses and so maintains surplus funds in amount equal to the
minimum capital stock required of a stock insurer for authority to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-6.htm - 1K - Match Info - Similar pages
27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business
in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following
definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement
or arrangement the consummation of which results in a person acquiring directly or indirectly
the control of another person, and includes, but is not limited to, the acquisition of voting
securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER.
Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or
acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this
section applies to any acquisition in which there is a change in control of an insurer authorized
to do business in this state. (2) This section shall not apply to the following: a. A purchase
of securities solely for investment purposes so long as the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.1.htm - 12K - Match Info - Similar pages
27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
27-3-29
Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements.
(a) The purpose of this section is to aid in the protection of insurers formed under the laws
of Alabama and transacting insurance in other states or countries against discriminatory or
onerous requirements under the laws of such states or countries or the administration thereof.
(b) When by or pursuant to the laws of any other state or foreign country, any taxes, licenses,
and other fees, in the aggregate, and any fines, penalties, deposit requirements, or other
material obligations, prohibitions, or restrictions are, or would be, imposed upon Alabama
insurers, or upon the agents or representatives of such insurers, which are in excess of such
taxes, licenses, and other fees, in the aggregate, or which are in excess of the fines, penalties,
deposit requirements, or other obligations, prohibitions, or restrictions directly imposed
upon similar insurers, or upon the agents or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-29.htm - 3K - Match Info - Similar pages
27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-21.htm - 5K - Match Info - Similar pages
27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance of its
obligations in the event of insolvency, each corporation authorized under Section 27-43-8
shall, through the commissioner, deposit and maintain with the Treasurer of the State securities
of the type eligible for deposit by insurers under Section 27-6-3, which securities shall
have at all times a market value as follows: (1) An insurer which has transacted no legal
expense insurance in this state prior to January 1, 1982, shall, prior to the issuance of
its certificate of authority and before receiving any premiums, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer transacting
a legal expense insurance business in this state prior to January 1, 1982, and having in force
in this state less than $300,000.00 of gross written premiums, membership fees, or similar
charges shall place in trust with the Treasurer of the State,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-43-9.htm - 4K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections
27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist
of certified checks, or certificates of deposit or any combination of securities, the market
value of which is readily ascertainable, and, if negotiable by delivery or assignment, of
the kinds described below: (1) United States government obligations; (2) State, county, municipal,
and school obligations; (3) Public improvement obligations; (4) Housing authority obligations;
(5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations;
(7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10)
Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic
insurer pursuant to the laws of another state, province, or country shall be comprised of
securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
10A-10-1.15
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words shall have
the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A real
estate investment trust organized in compliance with the provisions of this chapter. (2) BUSINESS
TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated trust or association,
including an Alabama real estate investment trust, a common-law trust, or a Massachusetts
trust, which is engaged in business and in which property is acquired, held, managed, administered,
controlled, invested, or disposed of for the benefit and profit of any person who may become
a holder of a transferable unit of beneficial interest in the trust. (3) DOMESTIC LIMITED
LIABILITY COMPANY. A limited liability company as defined under the Alabama Limited Liability
Company Law. (4) DOMESTIC LIMITED PARTNERSHIP. A limited partnership as defined under the
Alabama Limited Partnership Law. (5) FOREIGN BUSINESS TRUST. A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.15.htm - 10K - Match Info - Similar pages
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