11-65-10
Section 11-65-10 Powers and duties of commission. When authorized by one or more elections
as provided in Section 11-65-4, a commission shall have the powers and duties necessary to
license, regulate, and supervise horse racing and pari-mutuel wagering thereon and greyhound
racing and pari-mutuel wagering thereon within the commission municipal jurisdiction, including,
without limiting the generality of the foregoing, the powers and duties hereinafter set forth
in this section or in other sections of this chapter. (1) A commission shall have succession
in perpetuity, subject only to the provisions of this chapter as it may be amended from time
to time. (2) A commission shall have the power to sue and be sued in its own name in civil
suits and actions and to defend suits against it. (3) A commission shall have the power to
adopt and make use of an official seal and to alter the same at pleasure. (4) A commission
shall have the power to adopt, alter, and repeal bylaws, regulations and...
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32-1-1.1
Section 32-1-1.1 Definitions. The following words and phrases when used in this title, for
the purpose of this title, shall have meanings respectively ascribed to them in this section,
except when the context otherwise requires: (1) ALLEY. A street or highway intended to provide
access to the rear or side of lots or buildings in urban districts and not intended for the
purpose of through vehicular traffic. (2) ARTERIAL STREET. Any United States or state numbered
route, controlled-access highway, or other major radial or circumferential street or highway
designated by local authorities within their respective jurisdictions as part of a major arterial
system of streets or highways. (3) AUTHORIZED EMERGENCY VEHICLE. Such fire department vehicles,
police vehicles, and ambulances as are publicly owned, and such other publicly or privately
owned vehicles as are designated by the Secretary of the Alabama State Law Enforcement Agency
or the chief of police of an incorporated city. (4) BICYCLE....
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27-5B-13
Section 27-5B-13 Concentration risk. (a) A ceding insurer shall take steps to manage its reinsurance
recoverables proportionate to its own book of business. A domestic ceding insurer shall notify
the commissioner within 30 days after reinsurance recoverables from any single assuming insurer,
or group of affiliated assuming insurers, exceeds 50 percent of the domestic ceding insurer's
last reported surplus to policyholders, or after it is determined that reinsurance recoverables
from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed
this limit. The notification shall demonstrate that the exposure is safely managed by the
domestic ceding insurer. (b) A ceding insurer shall take steps to diversify its reinsurance
program. A domestic ceding insurer shall notify the commissioner within 30 days after ceding
to any single assuming insurer, or group of affiliated assuming insurers, more than 20 percent
of the ceding insurer's gross written premium in...
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27-5B-4
Section 27-5B-4 Licensed reinsurer. Credit shall be allowed when the reinsurance is ceded to
an assuming insurer that is licensed to transact insurance or reinsurance in this state. (Act
2013-209, p. 463, §1.)...
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27-5B-6
Section 27-5B-6 Reinsurer domiciled in state with substantially similar law. (a) Credit shall
be allowed when the reinsurance is ceded to an assuming insurer that is domiciled in, or in
the case of a U.S. branch of an alien assuming insurer is entered through, a state that employs
standards regarding credit for reinsurance substantially similar to those applicable under
this chapter and the assuming insurer or U.S. branch of an alien assuming insurer does both
of the following: (1) Maintains a surplus as regards policyholders in an amount not less than
twenty million dollars ($20,000,000). (2) Submits to the authority of this state to examine
its books and records. (b) The requirement of subdivision (1) of subsection (a) does not apply
to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same
holding company system. (Act 2013-209, p. 463, §1.)...
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27-5B-1
Section 27-5B-1 Purpose. The purpose of this chapter is to protect the interest of insureds,
claimants, ceding insurers, assuming insurers, and the public generally. The Legislature declares
its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection
for those to whom they owe obligations. In furtherance of that state interest, the Legislature
provides a mandate that upon the insolvency of a non-U.S. insurer or reinsurer that provides
security to fund its U.S. obligations in accordance with this chapter, the assets representing
the security shall be maintained in the United States and claims shall be filed with and valued
by the Commissioner of Insurance with regulatory oversight, and the assets shall be distributed,
in accordance with the insurance laws of the state in which the trust is domiciled that are
applicable to the liquidation of domestic U.S. insurance companies. The Legislature declares
that the matters contained in this chapter are...
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27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer,
there shall be allowed as assets only such assets as are owned by the insurer and which consist
of: (1) Cash in the possession of the insurer or in transit under its control, and including
the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities,
properties, and loans acquired, or held, in accordance with this title and in connection therewith
the following items: a. Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued interest; b. Declared
and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as
an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one
year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets,...
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27-29-3.1
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business
in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following
definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement
or arrangement the consummation of which results in a person acquiring directly or indirectly
the control of another person, and includes, but is not limited to, the acquisition of voting
securities, the acquisition of assets, bulk reinsurance, and mergers. (2) INVOLVED INSURER.
Includes an insurer which either acquires or is acquired, is affiliated with an acquirer or
acquired, or is the result of a merger. (b)(1) Except as exempted in subdivision (2), this
section applies to any acquisition in which there is a change in control of an insurer authorized
to do business in this state. (2) This section shall not apply to the following: a. A purchase
of securities solely for investment purposes so long as the...
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27-3-29
Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements.
(a) The purpose of this section is to aid in the protection of insurers formed under the laws
of Alabama and transacting insurance in other states or countries against discriminatory or
onerous requirements under the laws of such states or countries or the administration thereof.
(b) When by or pursuant to the laws of any other state or foreign country, any taxes, licenses,
and other fees, in the aggregate, and any fines, penalties, deposit requirements, or other
material obligations, prohibitions, or restrictions are, or would be, imposed upon Alabama
insurers, or upon the agents or representatives of such insurers, which are in excess of such
taxes, licenses, and other fees, in the aggregate, or which are in excess of the fines, penalties,
deposit requirements, or other obligations, prohibitions, or restrictions directly imposed
upon similar insurers, or upon the agents or...
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27-3-30
Section 27-3-30 Foreign insurer may become domestic insurer; method; certificate and license
eligibility; authority and jurisdiction of state; continuation of corporate existence and
date of incorporation. Any insurer which is organized under the laws of any other state and
is admitted to do business in this state for the purpose of writing insurance may become a
domestic insurer by complying with all of the requirements of law relative to the organization
and licensing of a domestic insurer of the same type and by designating its principal place
of business at a place in this state. Said domestic insurer will be entitled to like certificates
and licenses to transact business in this state and shall be subject to the authority and
jurisdiction of this state. Articles of incorporation of such domestic insurer may be amended
to provide that the corporation is a continuation of the corporate existence of the original
foreign corporation through adoption of this state as its corporate...
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