39-7-22
Section 39-7-22 Powers generally; consent of Department of Finance required for issuance or sale of bonds or other evidence of indebtedness by authority. (a) Subject only to the Constitution of the State of Alabama, each authority incorporated under this chapter shall have power: (1) To sue and be sued; (2) To have a seal and alter the same at pleasure; (3) To acquire, by purchase, gift, devise, lease or exercise of the power of eminent domain or other mode of acquisition, hold and dispose of property real and personal, tangible and intangible, and interests therein in its own name, subject to mortgages or other liens or otherwise, and to pay therefor in cash or on credit and to secure and procure payment of all or any part of the purchase price thereof on such terms and conditions as it shall determine; (4) To make and enter into contracts, indentures of trust, leases and bonds; (5) To borrow money and to issue negotiable bonds and provide for the rights of the holders thereof; (6) To...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/39-7-22.htm - 4K - Match Info - Similar pages
41-15-2
Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance Fund. The Department of Finance is hereby constituted and designated as the agency through which this chapter shall be administered, and the director of said department is empowered with such authority as may be necessary to carry out its purposes. The director of said department, with the approval of the Governor, may appoint a risk manager, as administrator of the State Insurance Fund, who is familiar with insurance customs and practices and is otherwise qualified by actual experience in the underwriting of risks and adjustment of losses, to assist the director of said department in carrying out the purpose of this chapter. The said risk manager shall install and keep an accurate system of accounting and statistical records and shall adjust losses, make appraisals of insured properties for insurance purposes, when necessary, and shall handle or supervise the handling of all other details...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-2.htm - 2K - Match Info - Similar pages
10A-20-6.16
Section 10A-20-6.16 Applicability of insurance laws. (a) No statute of this state applying to insurance companies shall be applicable to any corporation organized under this article and amendments thereto or to any contract made by the corporation; except the corporation shall be subject to the following: (1) The provisions regarding annual premium tax to be paid by insurers on insurance premiums. (2) Chapter 55 of Title 27. (3) Article 2 and Article 3 of Chapter 19 of Title 27. (4) Section 27-1-17. (5) Chapter 56 of Title 27. (6) Rules promulgated by the Commissioner of Insurance pursuant to Sections 27-7-43 and 27-7-44. (7) Chapter 54 of Title 27. (8) Chapter 57 of Title 27. (9) Chapter 58 of Title 27. (10) Chapter 59 of Title 27. (11) Chapter 54A of Title 27. (12) Chapter 12A of Title 27. (13) Chapter 2B of Title 27. (14) Chapter 29 of Title 27. (15) Chapter 62 of Title 27. (b) The provisions in subsection (a) that require specific types of coverage to be offered or provided shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.16.htm - 2K - Match Info - Similar pages
25-5-318
Section 25-5-318 One-time discount to small employers. (a) For purposes of this article, "small employer" means an employer who is not experienced-rated for workers' compensation insurance purposes and whose annual workers' compensation premium is less than $5,000.00. (b) The Department of Insurance shall promulgate a plan by which all insurance companies writing workers' compensation insurance in this state shall grant a one-time discount to small employers who qualify under this article and by which surcharges are assessed against small employers who experience two or more employee on-the-job injuries resulting in payment of indemnity or medical payments during a one-year period. (c) A small employer who has not experienced an employee on-the-job injury resulting in payment of indemnity or medical payments during the most recent one-year period for which statistics are available shall receive a one-time discount of 10 percent on the amount of the employer's workers' compensation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-318.htm - 3K - Match Info - Similar pages
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)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-8.htm - 2K - Match Info - Similar pages
27-40-3
Section 27-40-3 Licenses - Required; fees; information to be furnished commissioner. (a) No person shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of financing insurance premiums in this state without first having obtained a license as provided herein shall be guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than $1,000.00 or by imprisonment for not more than one year, or both. (b) The annual license fee shall be $200.00; provided, that an insurance agency which finances its own business of less than $150,000.00 in premiums annually shall pay a fee of $50.00. The fee for said license shall be paid into the Insurance Department Examination Revolving Fund and the same is hereby appropriated for that use. (c) The person to whom the license or the renewal thereof may be issued shall file sworn...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-3.htm - 1K - Match Info - Similar pages
27-7-42
Section 27-7-42 Relation to other laws. Any law of this state remaining in force after January 1, 2002, which refers to an insurance agent or broker required prior to January 1, 2002, to be licensed in accordance with Chapter 7 or Chapter 8 of this title shall be deemed a reference to an insurance producer required to be licensed in accordance with Act 2001-702. (Act 2001-702, p. 1509, ยง19.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-42.htm - 700 bytes - Match Info - Similar pages
5-5A-23
Section 5-5A-23 Investments and loans with respect to housing. (a) Banks, insurance companies and savings and loan associations are authorized: (1) To make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance and to obtain such insurance; and (2) To make such loans secured by real property or leasehold as the Federal Housing Administrator insures or makes a commitment to insure and to obtain such insurance. (b) It shall be lawful for banks, insurance companies or savings and loan associations to purchase, invest in and dispose of bonds or notes secured by mortgages issued by the Federal Housing Administrator and in securities issued by national mortgage associations. (c) No law of this state requiring security upon which loans or investments may be made, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the period for which loans or investments may be made...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-23.htm - 2K - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-210.htm - 2K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and other distributions. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management shall include such provisions as required by rule and regulation issued by the commissioner. (3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied. (5) The books, accounts, and records of each party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions including such accounting information as is necessary to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
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