27-14-15
Section 27-14-15 Underwriters' and combination policies. (a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters' policy bearing their names. Any one insurer may issue policies in the name of an underwriter's department, and such policy shall plainly show the true name of the insurer. (b) Two or more insurers may issue a combination policy which shall contain provisions substantially as follows: (1) That the insurers executing the policy shall be severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance under the policy; and (2) That service of process, or of any notice or proof of loss required by such policy, upon any of the insurers executing the policy, shall constitute service upon all such insurers. (c) This section shall not apply to cosurety obligations. (Acts 1971, No. 407, p. 707, ยง328.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-15.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-6.htm - 3K - Match Info - Similar pages
27-44-11
Section 27-44-11 Duties and powers of commissioner; appeal and review; notification. In addition to the duties and powers enumerated elsewhere in this chapter: (1) The commissioner shall: a. Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states for each member insurer. b. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this chapter. c. In any liquidation or rehabilitation proceeding involving a domestic insurer, petition the court of competent jurisdiction to have the chief of the receivership division appointed as the liquidator or rehabilitator. If a foreign or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-11.htm - 2K - Match Info - Similar pages
27-25-3
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall have the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments of public record of whatever kind or nature which in any manner affect title to a specified parcel of real property. (2) BUSINESS ENTITY. A domestic entity properly formed and existing under Title 10A. (3) COMMISSIONER. The Commissioner of the Alabama Department of Insurance. (4) INDIVIDUAL. A natural person. (5) NAIC. The National Association of Insurance Commissioners, its subsidiaries and affiliates, and any successor thereof. (6) OPINION OF TITLE. A written expression of the status of title, including, but not limited to, the validity or invalidity thereof, based upon an examination by an attorney at law, who is licensed to practice law in this state, of instruments of public record or an abstract thereof affecting title to a specified parcel of real property to ascertain the history and present...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-3.htm - 5K - Match Info - Similar pages
27-27-21
Section 27-27-21 Domestic mutual insurers - Membership. (a) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. (b) Any individual, or firm or any public or private corporation, board, or association in this state, or elsewhere, may make application, enter into agreements for, and hold policies in any such mutual insurer. Any officer, stockholder, trustee, or local representative of any such corporation, board, association, or estate may be recognized as acting for, or on its behalf for, the purpose of such membership, but shall not be personally liable upon such contract of insurance by reason of acting in such representative capacity. The right of any corporation organized under the laws of this state to participate as a member of any such insurer is declared to be incidental to the purpose for which the corporation is organized and as much...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-21.htm - 1K - Match Info - Similar pages
27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific person, and shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (2) COMMISSIONER. The Commissioner of Insurance, his or her deputies, or the Insurance Department as appropriate. (3) CONTROL. The term shall include controlling, controlled by, or under common control with and shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-1.htm - 5K - Match Info - Similar pages
27-32-30
Section 27-32-30 Claims upon liquidation of insurer - Allowance. (a) No contingent and unliquidated claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to this chapter; except, that such claim shall be considered, if properly presented, and may be allowed to share where: (1) Such claim becomes absolute against the insurer on or before the last day for filing claims against the assets of such insurer; or (2) There is a surplus and the liquidation is thereafter conducted upon the basis that such insurer is solvent. (b) Where an insurer has been so adjudicated to be insolvent, any person who has a cause of action against an insured of such insurer under a liability insurance policy issued by such insurer shall have the right to file a claim in the liquidation proceeding, regardless of the fact that such claim may be contingent, and such claim may be allowed: (1) If it may be reasonably inferred from the proof...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-30.htm - 2K - Match Info - Similar pages
25-5-11
Section 25-5-11 Actions against third parties jointly liable with employers for injuries or death; actions for injury or death resulting from willful conduct; attorney's fees in settlements with third parties. (a) If the injury or death for which compensation is payable under Articles 3 or 4 of this chapter was caused under circumstances also creating a legal liability for damages on the part of any party other than the employer, whether or not the party is subject to this chapter, the employee, or his or her dependents in case of death, may proceed against the employer to recover compensation under this chapter or may agree with the employer upon the compensation payable under this chapter, and at the same time, may bring an action against the other party to recover damages for the injury or death, and the amount of the damages shall be ascertained and determined without regard to this chapter. If a party, other than the employer, is a workers' compensation insurance carrier of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-11.htm - 9K - Match Info - Similar pages
27-1-24.1
Section 27-1-24.1 Incentives for homeowners insurance policies with wind coverage in certain areas. (a) Insurance carriers providing full property and casualty coverage, to specifically include wind and hail coverage, to property owners within the areas defined in Section 27-1-24, including any portion of the area as it may be expanded from time to time pursuant to Section 27-1-27, but only on properties that as of the time of writing are insured for wind coverage through the Alabama Insurance Underwriting Association, may claim as a nonrefundable credit against the insurance premium tax imposed by Chapter 4A of this title, in an amount equal to 20 percent of the insurance premium tax otherwise due on the premium written for the property owners for the taxable year in Zones B4, B5, M4, M5, or successor zones; and 35 percent of the insurance premium tax otherwise due on the premium written for the property owners for the taxable year in Zones Gulf Front, B1, B2, B3, M1, M2, M3, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-24.1.htm - 3K - Match Info - Similar pages
27-5B-11
Section 27-5B-11 Reinsurer not licensed, accredited, or certified - Additional trust agreement requirements. If the assuming insurer does not meet the requirements of Section 27-5B-4, 27-5B-5, or 27-5B-6, the credit permitted by Section 27-5B-7 or 27-5B-8 shall not be allowed unless the assuming insurer agrees in the trust agreements to the following conditions: (1) Notwithstanding any other provisions in the trust instrument, if the trust fund is inadequate because it contains an amount less than the amount required by subsection (c) of Section 27-5B-7, or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of its state or country of domicile, the trustee shall comply with an order of the commissioner with regulatory oversight over the trust or with an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner with regulatory oversight all of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-11.htm - 2K - Match Info - Similar pages
|