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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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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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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to
do business in this state and which is a member of an insurance holding company system shall
register with the commissioner, except a foreign insurer subject to registration requirements
and standards adopted by statute or regulation in the jurisdiction of its domicile which are
substantially similar to those contained in this section and both of the following:
a. Subdivision (1) of subsection (a) of Section 27-29-5, and subsections (b) and (d)
of Section 27-29-5. b. Either subdivision (2) of subsection (a) of Section 27-29-5
or a provision such as the following: Each registered insurer shall keep current the information
required to be disclosed in its registration statement by reporting all material changes or
additions within 15 days after the end of the month in which it learns of each change or addition.
(2) Any insurer which is subject to registration under this section shall register
within 15...
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27-44-6
Section 27-44-6 Creation of association; membership; accounts; supervision. (a) There
is created a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability
Insurance Guaranty Association. All member insurers shall be and remain members of the association
as a condition of their authority to transact insurance in this state. The association shall
perform its functions under the plan of operation established and approved under Section
27-44-10 and shall exercise its powers through a board of directors established under Section
27-44-7. For purposes of administration and assessment the association shall maintain three
accounts: (1) The disability insurance account; (2) The life insurance account; and (3) The
annuity account. (b) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state. (Acts
1982, No. 82-561, p. 922, ยง6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-6.htm - 1K - Match Info - Similar pages
27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that is certified by the commissioner as a reinsurer in this
state and secures its obligations in accordance with the requirements of this section.
In order to be eligible for certification, the assuming insurer shall meet all of the following
requirements: (1) The assuming insurer must be domiciled and licensed to transact insurance
or reinsurance in a qualified jurisdiction, as determined by the commissioner pursuant to
subsection (c). (2) The assuming insurer must maintain minimum capital and surplus, or its
equivalent, in an amount to be determined by the commissioner pursuant to regulation. (3)
The assuming insurer must maintain financial strength ratings from two or more rating agencies
deemed acceptable by the commissioner pursuant to regulation. (4) The assuming insurer must
agree to submit to the jurisdiction of this state, appoint the commissioner as its agent...
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27-42-5
Section 27-42-5 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACCOUNT. Any one of the three accounts created by Section 27-42-6. (2) AFFILIATE. A
person who directly, or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with another person on December 31 of the year immediately
preceding the date the insurer becomes an insolvent insurer. (3) ASSOCIATION. The Alabama
Insurance Guaranty Association created under Section 27-42-6. (4) CLAIMANT. Any insured
making a first party claim or any person instituting a liability claim. The term does not
include a person who is an affiliate of an insolvent insurer. (5) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (6) CONTROL. The possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person, whether...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-5.htm - 5K - Match Info - Similar pages
27-42-9
Section 27-42-9 Plan of operation. (a) The association shall submit to the commissioner
a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable,
and equitable administration of the association. The plan of operation and any amendments
thereto shall become effective upon approval in writing by the commissioner. If the association
fails to submit a suitable plan of operation within 90 days following January 1, 1981, or
if at any time thereafter the association fails to submit suitable amendments to the plan,
the commissioner shall, after notice and hearing, adopt and promulgate such reasonable rules
as are necessary or advisable to effectuate the provisions of this chapter. Such rules shall
continue in force until modified by the commissioner or superseded by a plan submitted by
the association and approved by the commissioner. (b) All member insurers shall comply with
the plan of operation. (c) The plan of operation shall: (1) Establish...
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27-44-12
Section 27-44-12 Duties of commissioner and board with regard to detection and prevention
of insolvencies or impairment. To aid in the detection and prevention of insurer insolvencies
or impairment: (1) It shall be the duty of the commissioner: a. To notify the commissioners
of those states, territories of the United States and the District of Columbia where such
member company is licensed when he takes any of the following actions against a member insurer:
1. Revocation of license; 2. Suspension of license; 3. Makes any formal order that such company
restrict its premium writing or obtain additional contributions to capital or surplus. Such
notice shall be mailed to all commissioners within 30 days following the action taken or the
date on which such action occurs. b. To report to the board of directors when he has taken
any of the actions set forth in paragraph a. of this subdivision or has received a report
from any other commissioner indicating that any such action has been taken...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-12.htm - 4K - Match Info - Similar pages
27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life
insurance company doing business in this state shall annually submit the opinion of a qualified
actuary as to whether the reserves and related actuarial items held in support of the policies
and contracts specified by the commissioner by regulation are computed appropriately, are
based on assumptions which satisfy contractual provisions, are consistent with prior reported
amounts, and comply with applicable laws of this state. The commissioner, by regulation, shall
define the specifics of this opinion and add any other items deemed to be necessary to its
scope. (2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-4.htm - 12K - Match Info - Similar pages
27-32-6
Section 27-32-6 Grounds - Rehabilitation of domestic insurers. The commissioner may
apply to the court for an order appointing him as receiver of, and directing him to rehabilitate,
a domestic insurer upon one or more of the following grounds. That the insurer: (1) Is impaired
or insolvent; (2) Has refused to submit any of its books, records, accounts, or affairs to
reasonable examination by the commissioner; (3) Has concealed or removed records or assets
or otherwise violated Section 27-27-29; (4) Has failed to comply with an order of the
commissioner to make good an impairment of capital or surplus, or both; (5) Has transferred,
or attempted to transfer, substantially its entire property or business or has entered into
any transaction the effect of which is to merge substantially its entire property or business
in that of any other insurer without having first obtained the written approval of the commissioner;
(6) Has willfully violated its charter or articles of incorporation or any...
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