27-41-9
Section 27-41-9 Particular investments - Bonds, etc., of states or counties, municipalities,
school districts, etc., therein generally. An insurer may invest in bonds or other evidences
of indebtedness which are general obligations of or are adequately secured as to both principal
and interest by irrevocable pledge of specific revenues by this state or any other state of
the United States or any county, incorporated city or town, or duly organized school district
or other civil division, governmental unit, or public instrumentality of any such state. Obligations
payable solely out of special assessments on properties benefited by local improvements shall
not be eligible under this section. (Acts 1977, No. 408, p. 530, §9.)...
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27-5-11
Section 27-5-11 Limits of risk. (a) No insurer shall retain any risk on any one subject of
insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding
10 percent of its surplus to policyholders. (b) A "subject of insurance," for the
purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake,
and other catastrophic hazards, includes all properties insured by the same insurer which
are customarily considered by underwriters to be subject to loss or damage from the same fire
or the same occurrence of such other hazard insured against. (c) Reinsurance ceded as authorized
by Section 27-5-12 shall be deducted in determining risk retained. As to surety risks, deduction
shall also be made of the amount assumed by any established incorporated cosurety and the
value of any security deposited, pledged or held subject to the surety's consent and for the
surety's protection. (d) As to alien insurers, this section shall...
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27-5B-10
Section 27-5B-10 Reinsurer not licensed, accredited or certified - Additional reinsurance agreement
requirements. (a) If the assuming insurer is not licensed, accredited or certified to transact
insurance or reinsurance in this state, the credit permitted by Sections 27-5B-6 and 27-5B-7
shall not be allowed unless the assuming insurer agrees in the reinsurance agreements: (1)
That in the event of the failure of the assuming insurer to perform its obligations under
the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding
insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state
of the United States, will comply with all requirements necessary to give the court jurisdiction,
and will abide by the final decision of the court or of any appellate court in the event of
an appeal. (2) To designate the commissioner or a designated attorney as its true and lawful
attorney upon whom may be served any lawful process in any...
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27-14-23
Section 27-14-23 Effect of war on contracts of foreign insurer. No insurance contract issued
to a citizen of this state by an insurer organized under the laws of a foreign country shall
be invalidated by the occurrence of hostilities between such foreign country and the United
States of America. (Code 1940, T. 28, §8; Acts 1971, No. 407, p. 707, §336.)...
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27-41-11
Section 27-41-11 Particular investments - Bonds, etc., of local public housing authorities.
An insurer may invest in bonds, debentures, or other evidences of indebtedness of local public
housing authorities existing under the laws of the United States or of any state if such obligations
are: (1) Secured by a pledge of annual contributions unconditionally payable under the annual
contributions contract between the Department of Housing and Urban Development and the local
agencies issuing the bonds; (2) Unconditionally guaranteed by the state, municipality, or
political subdivision creating the authority, if the tax supported obligations of such state,
municipality, or political subdivision so guaranteeing would be eligible for investment under
this chapter; or (3) Secured by payments to be made sufficient to pay principal and interest
on the bonds under an "assistance contract" between the local authority and the
state, municipality, or other political subdivision creating the...
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27-41-36
Section 27-41-36 Prohibited investments; underwriting, etc., of offerings of securities or
property. (a) After January 1, 1978, an insurer shall not invest in nor lend its funds upon
the security of any note or other evidence of indebtedness of any director, officer, or controlling
stockholder of the insurer, except as to policy loans authorized under Section 27-41-25 and
except as provided in Sections 27-1-2, 27-27-26, and 27-37-2 of the Alabama Insurance Code.
(b) No insurer shall underwrite or participate in the underwriting of an offering of securities
or property by any other person; provided, that nothing in this subsection shall prevent an
insurer from purchasing securities or property directly from any person so long as the purchase
is made for investment purposes and not for the purpose of resale through public distribution.
(Acts 1977, No. 408, p. 530, §39.)...
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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...
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36-26-14
Section 36-26-14 Deferred compensation plans for certain employees. (a) The personnel board
may adopt, establish, and maintain a deferred compensation plan or plans, except under Internal
Revenue Code Section 403 (b), for the employees of the State of Alabama or any city, town,
county, or public entity or corporation organized pursuant to the laws of this state. Notwithstanding
the foregoing, prior to the employees of a county or political subdivision of the county participating
in a plan, the employing county or political subdivision of the county shall approve participation
in the plan. The personnel board may include in any such plan any provision that does not
cause the plan to fail to qualify for its tax-favored treatment under the United States Internal
Revenue Code, including, but not limited to, participant loans, unforeseeable emergency or
hardship distributions, Roth deferrals, rollovers, transfers to purchase service credit, and
distributions to purchase a retired public...
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27-22-45
Section 27-22-45 Violations and penalties. The failure of an insurance company writing homeowners
personal lines residential property coverage insurance policies in this state to comply with
the material provisions of this article shall be a violation of the Unfair Trade Practices
Act as set forth in Section 27-12-1 et seq. of the Alabama Insurance Code. Violation of the
Unfair Trade Practices Act may subject the insurance company to the suspension or revocation
of the Insurer's Certificate of Authority or the imposition of an administrative fine, or
both. (Act 2012-510, p. 1521, §6.)...
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27-29-6.2
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group. (a)(1)
The commissioner may act as the group-wide supervisor for any internationally active insurance
group in accordance with this section. The commissioner may otherwise acknowledge another
regulatory official as the group-wide supervisor where the internationally active insurance
group meets any of the following: a. Does not have substantial insurance operations in the
United States. b. Has substantial insurance operations in the United States, but not in this
state. c. Has substantial insurance operations in the United States and this state, but the
commissioner has determined pursuant to the factors set forth in subsections (b) and (f) that
the other regulatory official is the appropriate group-wide supervisor. (2) An insurance holding
company system that does not otherwise qualify as an internationally active insurance group
may request that the commissioner make a determination or acknowledgment...
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