15-22-1.1
by the Interstate Commission, but shall not be a member. (c) Corporate records of the Interstate Commission. The Interstate Commission shall maintain its corporate books and records in accordance with the bylaws. (d) Qualified immunity, defense and indemnification. (1) The members, officers, executive director, and employees of the Interstate Commission shall be immune from suit and liability, either personally or in their official capacity, for any claim for damage to or loss of property or personal injury or other civil liability caused or arising out of any actual or alleged act, error or omission that occurred within the scope of Interstate Commission employment, duties or responsibilities; provided, that nothing in this paragraph shall be construed to protect any such person from suit and/or liability for any damage, loss, injury or liability caused by the intentional or willful and wanton misconduct of any such person. (2) The Interstate Commission shall defend the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/15-22-1.1.htm - 43K - Match Info - Similar pages
22-18-50
or procedures related to specific employees or other matters related to the Commission's internal personnel practices and procedures; c. Current, threatened, or reasonably anticipated litigation; d. Negotiation of contracts for the purchase or sale of goods, services, or real estate; e. Accusing any person of a crime or formally censuring any person; f. Disclosure of trade secrets or commercial or financial information that is privileged or confidential; g. Disclosure of information of a personal nature where disclosure would constitute a clearly unwarranted invasion of personal privacy; h. Disclosure of investigatory records compiled for law enforcement purposes; i. Disclosure of information related to any investigatory reports prepared by or on behalf of or for use of the Commission or other committee charged with responsibility of investigation or determination of compliance issues pursuant to the Compact; or j. Matters specifically exempted from disclosure by federal or member...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-18-50.htm - 41K - Match Info - Similar pages
27-5A-6
Section 27-5A-6 Duties of insurers utilizing the services of a reinsurance intermediary-broker. (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by subsection (a) of Section 27-5A-3. (b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to Chapter 29, Title 27. (c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business. (Acts 1993, No. 93-673, p. 1215, §6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-6.htm - 1K - Match Info - Similar pages
27-5A-10
Section 27-5A-10 Examination authority. (a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary-manager may be examined as if it were the reinsurer. (Acts 1993, No. 93-673, p. 1215, §10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-10.htm - 709 bytes - Match Info - Similar pages
27-5A-2
Section 27-5A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of the reinsurance intermediary. (4) INSURER. Any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer. (5) LICENSED PRODUCER. An insurance producer or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law. (6) QUALIFIED U.S. FINANCIAL INSTITUTION. An institution that: a. Is organized or, in the case of a U.S. office of a foreign banking organization, licensed,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-2.htm - 4K - Match Info - Similar pages
27-5A-11
Section 27-5A-11 Penalties and liabilities. (a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 27-2-28, to be in violation of this chapter, shall: (1) For each separate violation, pay a penalty in an amount not exceeding $5,000. (2) Be subject to revocation or suspension of its license. (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation. (b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to Section 27-2-32. (c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law. (d) Nothing contained in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-11.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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-8.htm - 9K - Match Info - Similar pages
27-5B-12
Section 27-5B-12 Accredited or certified reinsurer ceasing to meet requirements. (a) If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the commissioner may suspend or revoke the reinsurer's accreditation or certification. (b) The commissioner must give the reinsurer notice and opportunity for hearing. The suspension or revocation may not take effect until after the commissioner's order on hearing, unless any of the following occurs: (1) The reinsurer waives its right to hearing. (2) The commissioner's order is based on regulatory action by the reinsurer's domiciliary jurisdiction or the voluntary surrender or termination of the reinsurer's eligibility to transact insurance or reinsurance business in its domiciliary jurisdiction or in the primary certifying state of the reinsurer under subsection (f) of Section 27-5B-8. (3) The commissioner finds that an emergency requires immediate action and a court of competent jurisdiction...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-12.htm - 1K - Match Info - Similar pages
41-28-9
Section 41-28-9 Transfer of powers, duties, personnel, equipment, funds, etc., to Office of Information Technology. (a) Effective on the date specified in accordance with subsection (d), the Information Services Division of the Department of Finance, which was established on March 19, 1997, by the Director of Finance with the approval of the Governor pursuant to Section 41-4-37, and which thereby assumed the authority, powers, and duties of, and succeeded to, the divisions of Data Systems Management and Telecommunications of the Department of Finance, is abolished. On such date, all powers, authority, and duties of the Information Services Division, including, but not limited to, those authorities currently established in Articles 8 and 11 of Chapter 4 of this title, shall be transferred to the Office of Information Technology. All references in any law or rule to the Division of Data Systems Management, the Telecommunications Division, or the Information Services Division of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-28-9.htm - 2K - Match Info - Similar pages
27-2A-4
Section 27-2A-4 Nonrenewals, cancellations, or revisions of ceded reinsurance agreements. (a) Materiality and scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to Section 27-2A-2 if the nonrenewals, cancellations, or revisions are not material. For purposes of this section, a material nonrenewal, cancellation, or revision is one that affects: a. As respects property and casualty business, including accident and health business written by a property and casualty insurer: 1. More than 50 percent of the insurer's total ceded written premium. 2. More than 50 percent of the insurer's total ceded indemnity and loss adjustment reserves. b. As respects life, annuity, and accident and health business: More than 50 percent of the total reserve credit taken for business ceded, on an annualized basis, as indicated in the insurer's most recent annual statement. c. As respects either property and casualty or life, annuity, and accident...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2A-4.htm - 3K - Match Info - Similar pages
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