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27-27-20
Section 27-27-20 Domestic mutual insurers - Authorization to transact additional kinds of insurance.
A domestic mutual insurer, after being authorized to transact one kind of insurance, may be
authorized by the commissioner to transact such additional kinds of insurance as are permitted
under Section 27-3-6, while otherwise in compliance with this title and while maintaining
unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required
of a domestic stock insurer transacting like kinds of insurance, subject further to the additional
expendable surplus requirements of Section 27-3-8 applicable to such a stock insurer. (Acts
1971, No. 407, p. 707, §516.)...
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27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
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27-40-12
Section 27-40-12 Return of gross unearned premiums upon cancellation of contract. (a) Whenever
a financed insurance contract is cancelled, the insurer shall return whatever gross unearned
premiums are due under the insurance contract to the premium finance company, either directly
or via the agent or surplus lines broker placing the insurance, for the account of the insured
or insureds as soon as reasonably possible, but in any event no later than 30 days after the
effective date of cancellation. (b) In the event that the crediting of return premiums to
the account of the insured results in a surplus over the amount due from the insured, the
premium finance company shall refund the excess to the insured or the agent or surplus lines
broker, within 30 days after receipt by the premium finance company with the check or draft
made payable to the agent or surplus lines broker and to the insured, provided that no refund
shall be required if it amounts to less than one dollar ($1). (Acts...
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27-41-35
Section 27-41-35 Miscellaneous investments. (a) An insurer may make investments not otherwise
expressly permitted by this chapter which may be counted as admitted assets, except as expressly
prohibited under Section 27-41-36, provided that: (1) The aggregate of all such investments
shall not exceed 10 percent of the insurer's admitted assets; (2) The insurer's capital and
surplus shall not be less than twice the total capital and surplus required of the insurer
to transact insurance under Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code; and
(3) Such investments are sound investments. (b) No investment shall be an eligible investment
under this section if the investment is in an asset not allowed under the provisions of Section
27-37-2 of the Alabama Insurance Code or is otherwise expressly prohibited or is eligible
under any other provision of this chapter; except, that an insurer may invest in common stocks
up to the limits imposed by this section in excess of the limits...
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36-17-18
Section 36-17-18 Investment of surplus state funds in obligations of United States and State
of Israel. (a) The State Treasurer is authorized and empowered, in his or her discretion,
with the written approval of the Governor, to invest funds held in the State Treasury in direct
obligation of the United States of America and in direct obligations backed by the full faith
and credit of the State of Israel whenever and to the extent that the amount of any such funds
exceeds the amount which the State Treasurer finds, with the written approval of the Governor,
cannot be applied either immediately or within a short time to any purpose for which such
funds are held. (b) For the purpose of making investments under the provisions of this section,
the State Treasurer, with the written approval of the Governor, is authorized to make purchases
and sales of direct obligations of the United States of America and the State of Israel, and
the State Treasurer shall be the custodian thereof. (c) All...
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45-49A-63.101
Section 45-49A-63.101 Insurance premiums. (a) On or before the first day of March of each year,
each insurance company writing fire insurance on property within the city limits and its police
jurisdiction shall pay to the city an amount equal to four percent of its gross premiums,
including all renewal premiums, less return premiums, collected by the company on such policies
in effect during the preceding year in the city and its police jurisdiction. The city shall
credit one-half of this amount to the fund within 30 days of its receipt by the city. The
remaining one-half shall be retained by the city and credited against the insurance companies'
business license obligations. (b) Each such insurance company, on or before the due date of
such payment, shall file with the city finance director a sworn, written statement showing
the gross amount of premiums, including all renewal premiums, less return premiums, received
on such policies during the preceding year. Any insurance company...
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27-10-31
Section 27-10-31 Annual tax of surplus line brokers. (a) On or before the first day of March
each year, the surplus line broker shall remit to the State Treasurer through the commissioner,
as a tax imposed for the privilege of transacting business as a surplus line broker in this
state, a tax of six percent on the direct premiums, less return premiums and exclusive of
sums collected to cover state or federal taxes, on surplus line insurance subject to tax transacted
by the broker during the preceding calendar year as shown by the annual statement filed with
the commissioner. (b) The tax under the provisions of this section shall be subject to deduction
of the full amount of all expenses of examination of the surplus line broker by the commissioner
in the same manner as that allowed for domestic insurers for examination expenses under the
provisions of subdivision (5) of subsection (c) of Section 27-4A-3. All taxes collected under
this section shall be deposited in the State Treasury to...
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27-31E-3
Section 27-31E-3 Eligibility; use of grants; confidentiality. (a) To be eligible for a grant,
residential property owners applying for a grant must have an insurable property that has
been granted a homestead exemption and must be able to meet the eligibility requirements as
set forth by the department for each grant type. (b) Grants to residential property owners
must be used to retrofit an insurable property as defined in Section 27-31D-3, to resist loss
due to hurricane, tornado, or other catastrophic windstorm events as prescribed in subsection
(b) of Section 27-31D-2. (c) Documents, materials, and other information submitted to the
department by property owners or insurance companies in support of a grant application shall
be subject to the confidentiality provisions of subsection (g) of Section 27-2-24, provided
that the amount of any grant awarded and the name of the recipient of the grant awarded shall
be available for public disclosure. (Act 2011-643, p. 1638, §3; Act...
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19-3-123
Section 19-3-123 Mortgages insured by secretary of housing and urban development - Investment.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries
to invest their funds and the moneys in their custody or possession eligible for investment
in mortgages which have been accepted for insurance by the secretary of housing and urban
development or his predecessor officer pursuant to Title 2 of the National Housing Act. No
law of this state requiring security upon which loans or investments may be made or prescribing
the nature, amount or form of such security or prescribing or limiting the period for which
loans or investments may be made shall be deemed to apply to loans or investments made pursuant
to the foregoing paragraph. (Acts 1935, No. 53, p. 124; Code 1940, T. 58, §50.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-123.htm - 1K - Match Info - Similar pages
27-10-29
Section 27-10-29 Records of surplus line brokers. (a) Each surplus line broker shall keep in
his office in this state a full and true record of each surplus line contract procured by
him, including a copy of the policy, certificate, cover note or other confirmation of insurance
and of the daily report, if any, and showing such of the following items as may be applicable:
(1) Amount of the insurance and risks insured against; (2) Gross premium charged; (3) Return
premium paid, if any; (4) Rate of premium charged upon the several items of property; (5)
Effective date of the contract and the terms thereof; (6) Name and address of the insurer;
(7) Name and address of the insured; (8) Brief general description of property insured and
where located; (9) Amount of tax and other sums collected from the insured; and (10) Other
information as may be required by the commissioner. (b) The record shall at all times be open
to examination by the commissioner and shall be kept available and open to...
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