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27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-21.htm - 5K - Match Info - Similar pages
27-31B-7
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of, or other
distribution with respect to, capital or surplus, in excess of the limitations set forth in
subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval
of an ongoing plan for the payment of dividends or other distributions shall be conditioned
upon the retention, at the time of each payment, of capital or surplus in excess of amounts
specified by, or determined in accordance with formulas approved by, the commissioner. (Act
2006-509, p. 1153, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-7.htm - 884 bytes - Match Info - Similar pages
27-14-7
Section 27-14-7 Application for policy - Representations and misrepresentations, etc. (a) All
statements and descriptions in any application for an insurance policy or annuity contract,
or in negotiations therefor, by, or in behalf of, the insured or annuitant shall be deemed
to be representations and not warranties. Misrepresentations, omissions, concealment of facts
and incorrect statements shall not prevent a recovery under the policy or contract unless
either: (1) Fraudulent; (2) Material either to the acceptance of the risk or to the hazard
assumed by the insurer; or (3) The insurer in good faith would either not have issued the
policy or contract, or would not have issued a policy or contract at the premium rate as applied
for, or would not have issued a policy or contract in as large an amount or would not have
provided coverage with respect to the hazard resulting in the loss if the true facts had been
made known to the insurer as required either by the application for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-7.htm - 1K - Match Info - Similar pages
41-15-2
Section 41-15-2 Department of Finance to administer chapter; administrator of State Insurance
Fund. The Department of Finance is hereby constituted and designated as the agency through
which this chapter shall be administered, and the director of said department is empowered
with such authority as may be necessary to carry out its purposes. The director of said department,
with the approval of the Governor, may appoint a risk manager, as administrator of the State
Insurance Fund, who is familiar with insurance customs and practices and is otherwise qualified
by actual experience in the underwriting of risks and adjustment of losses, to assist the
director of said department in carrying out the purpose of this chapter. The said risk manager
shall install and keep an accurate system of accounting and statistical records and shall
adjust losses, make appraisals of insured properties for insurance purposes, when necessary,
and shall handle or supervise the handling of all other details...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15-2.htm - 2K - Match Info - Similar pages
27-14-11
Section 27-14-11 Contents of policies - Generally. (a) Every policy shall specify: (1) The
names of the parties to the contract; (2) The subject of the insurance; (3) The risks insured
against; (4) The time when the insurance thereunder takes effect and the period during which
the insurance is to continue; (5) The premium; and (6) The conditions pertaining to the insurance.
(b) If under the policy the exact amount of premium is determinable only at stated intervals
or termination of the contract, a statement of the basis and rates upon which the premium
is to be determined and paid shall be included. (c) This section shall not apply as to surety
contracts or to group insurance policies. (Acts 1971, No. 407, p. 707, §324.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-11.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29A-5.htm - 2K - Match Info - Similar pages
27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether domestic,
foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's," whereby
each underwriter is liable for the proportionate part assumed by him of the whole amount so
insured by a policy issued by such underwriters, may be authorized to transact any kind, or
kinds, of insurance in this state other than life or title insurances if the insurer is otherwise
in compliance with this title, subject to the following conditions: (1) If a foreign or alien
insurer, it must have successfully been in business as an authorized insurer in the state
or country of domicile for at least 10 years. (2) If a domestic insurer, it must file with
the commissioner evidence, satisfactory to him, that it has been soundly organized and that
its insurance operations will, at all times, be competently conducted by individuals having
the necessary experience in insurance underwriting and management to do so,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-16.htm - 2K - Match Info - Similar pages
27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to
the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent
on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars,
two-tenths of one percent on the next 20 million dollars, seventy-five thousandths of one
percent on each dollar thereafter on the direct premiums collected or contracted for on policies
or contracts of insurance written by the captive insurance company during the year ending
December 31 next preceding, after deducting from the direct premiums subject to the tax the
amounts paid to policyholders as return premiums which shall include dividends on unabsorbed
premiums or premium deposits returned or credited to policyholders. Notwithstanding the foregoing,
no tax shall be due or payable as to considerations received for annuity contracts. (b) Each
captive insurance company shall pay to the commissioner by March 1 of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-16.htm - 6K - Match Info - Similar pages
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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27-53-1
Section 27-53-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) GENETIC CHARACTERISTICS. A scientifically or medically identifiable gene or
chromosome, or alteration thereof, that is known to be a cause of a disease or disorder, or
determined to be associated with a statistically increased risk of development of a disease
or disorder. (2) GENETIC TEST. A pre-symptomatic laboratory test which is generally accepted
in the scientific and medical communities for the determination of the presence or absence
of the genetic characteristics that cause or are associated with risk of a disease or disorder.
(3) HEALTH BENEFIT PLAN. A health insurance policy, including a self-insured health plan,
that covers hospital, medical, or surgical expenses, health maintenance organizations, preferred
provider organizations, medical service organizations, physician-hospital organizations, or
any other person, firm, corporation, joint venture, or other similar...
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