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27-1-24
Section 27-1-24 Alabama Insurance Underwriting Association. (a) Every insurer authorized to
write and engaged in writing, on a direct basis, fire and extended coverage insurance in Alabama
shall be and remain a member of the Alabama Insurance Underwriting Association, an unincorporated
nonprofit joint underwriting association organized in 1970 and in continuous existence from
1970 through November 1, 2008. Every such insurer shall be and remain a member of the association
so long as the association is in existence as a condition of such insurer's authority to continue
to transact the business of insurance in Alabama. An insurer that ceases to be a member of
the association due to withdrawal from the business of insurance in Alabama or its withdrawal
from writing fire and extended coverage insurance in Alabama remains liable to the association
as to contracts entered into during the insurer's membership in the association to the same
extent and effect as if the insurer's membership in...
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27-8A-4
Section 27-8A-4 Advisory committee generally. The commissioner shall appoint an advisory committee
to advise him or her on continuing education and other insurance matters to consist of the
following members: One representative of a statewide association of life and health insurance
producers, one representative of a statewide association of property and casualty insurance
producers, one representative of an association of Alabama-based life insurance companies,
one representative of a property and casualty insurance company, one representative of a statewide
association representing health insurance producers, one member of the Alabama Senate, and
one member of the Alabama House of Representatives. Members of this committee shall be appointed
for terms concurrent with the term of office of the Governor of the State of Alabama and shall
be entitled to a per diem allowance equal to the per diem allowance paid to state employees
in the amount current at the time of the meeting. (Acts...
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27-44-2
Section 27-44-2 Purpose of chapter. (a) The purpose of this chapter is to protect, subject
to certain limitations, the persons specified in Section 27-44-3(a) against failure in the
performance of contractual obligations, under life and disability insurance policies and annuity
contracts specified in Section 27-44-3(b), because of the impairment or insolvency of the
member insurer that issued the policies or contracts. (b) To provide this protection, an association
of insurers is created to pay benefits and to continue coverages as limited by this chapter,
and members of the association are subject to assessment to provide funds to carry out the
purpose of this chapter. (Acts 1982, No. 82-561, p. 922, §2; Act 2012-319, p. 724, §1.)...
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2-10-26
Section 2-10-26 Temporary permit pending appeal. In the event an association desires to do
business pending the appeal provided for in Section 2-10-25, it may be issued a temporary
permit to do so upon paying $1.00 and filing bond with the commissioner in such sum as the
commissioner may fix, conditioned to protect all persons dealing with the association from
injury or loss. Said bond shall be in a reasonable amount, approved by the commissioner, and
made in some bonding company authorized to do business in Alabama. Before such association
shall be permitted to file bond as authorized in this section, there shall be filed with the
Department of Agriculture and Industries, on blanks prescribed by the State Board of Agriculture
and Industries, an application for such temporary permit, accompanied by a full list of the
members of such association and their addresses. Immediately upon the filing of such application,
the commissioner shall call a meeting, by mailing notice to each member...
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27-29A-5
Section 27-29A-5 ORSA Summary Report. (a) Upon the commissioner's request, and no more than
once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any
combination of reports that together contain the information described in the ORSA Guidance
Manual, applicable to the insurer or the insurance group of which it is a member, or both.
Notwithstanding any request from the commissioner, if the insurer is a member of an insurance
group, the insurer shall submit the report or reports required by this subsection if the commissioner
is the lead state commissioner of the insurance group as determined by the procedures within
the Financial Analysis Handbook adopted by the NAIC. (b) The report or reports shall include
a signature of the insurer or insurance group's chief risk officer or other executive having
responsibility for the oversight of the insurer's enterprise risk management process attesting
to the best of his or her belief and knowledge that the insurer...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall be issued
a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus
as follows: (1) In the case of a pure captive insurance company, not less than two hundred
fifty thousand dollars ($250,000) or such other amount determined by the commissioner and
actuarially supported by a feasibility study. (2) In the case of an association captive insurance
company or risk retention group, not less than five hundred thousand dollars ($500,000) or
such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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27-31B-8
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive
insurance company or a protected cell captive insurance company shall be formed as a stock
or mutual insurer, or as a nonprofit or limited liability company with its capital divided
into units and held by the stockholders, members, or other equivalent as allowed by law. (b)
An association captive insurance company, an industrial insured captive insurance company,
or a risk retention group may be formed in any of the following ways: (1) Organized as a stock
insurer with its capital divided into share units and held by the stockholders, members, or
other equivalent as allowed by law. (2) Organized as a mutual insurer without capital stock,
the governing body of which is elected by the member organizations of its association. (3)
Organized as a reciprocal insurer in accordance with Chapter 31 of this title. (4) Organized
as a manager-managed limited liability company. (c) A captive insurance...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-44-13
Section 27-44-13 Credits for assessments paid. (a) A member insurer may offset against its
premium tax liability to this state an assessment described in Section 27-44-9(h) to the extent
of 20 percent of the amount of such assessment for each of the five calendar years following
the year in which such assessment was paid. (b) Any sums acquired by refund, pursuant to Section
27-44-9(f), from the association which have theretofore been written off by contributing insurers
and offset against premium taxes as provided in subsection (a) above, and are not then needed
for purposes of this chapter, shall be paid by the association to the commissioner and by
him deposited with the State Treasurer for credit to the General Fund of this state. (Acts
1982, No. 82-561, p. 922, §13; Act 2014-346, p. 1289, §1(b)(6).)...
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2-8-291
Section 2-8-291 Penalty for failure to deduct and pay over assessment; inspection of books
and records; injunctions. (a) Any dealer, handler, processor, buyers or other distributors
of catfish feed who willfully fails or refuses to deduct and pay to the Commissioner of Agriculture
and Industries any assessment required to be so deducted and remitted to the commissioner
shall be guilty of a misdemeanor and, upon conviction thereof, in addition to other penalty
provided by law, shall be fined in an amount equal to three times the amount of the assessment
he failed or refused to collect and remit as required under this article. Any distributor
of catfish feed who fails or refuses to allow the Commissioner of Agriculture and Industries
or his authorized agents and employees to inspect and review his books and records which disclose
his distributed or manufactured tonnage of catfish feed for the purpose of ascertaining the
accuracy of amounts deducted and remitted as required under this...
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