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2-15-61
market. (4) The kind of livestock the applicant proposes to handle at the livestock market
and the day or days of the week the applicant proposes to conduct sales. (5) A financial statement
of the applicant prepared by a financial institution, certified public accountant, or tax
professional, showing the gross amount of business done by applicant during the preceding
year, October 1 through September 30, and such statement shall show applicant's assets and
liabilities. (6) An annual animal health inspection of the site performed by the State
Veterinarian or his or her duly authorized agent. (7) Such other pertinent information as
the commissioner may require relating to the bond and insurance, as required by this division,
together with such information as may be required relating to the physical facilities of the
livestock market and its record-keeping system for the identity of livestock received and
handled. (c) A permit shall be issued when the commissioner finds all of...
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22-21-260
Section 22-21-260 Definitions. As used in this article, the following words and terms, and
the plurals thereof, shall have the meanings ascribed to them in this section, unless otherwise
required by their respective context: (1) ACQUISITION. Obtaining the legal equitable title
to a freehold or leasehold estate or otherwise obtaining the substantial benefit of such titles
or estates, whether by purchase, lease, loan or suffrage, gift, devise, legacy, settlement
of a trust or means whatever, and shall include any act of acquisition. The term "acquisition"
shall not mean or include any conveyance, or creation of any lien or security interest by
mortgage, deed of trust, security agreement, or similar financing instrument, nor shall it
mean or include any transfer of title or rights as a result of the foreclosure, or conveyance
or transfer in lieu of the foreclosure, of any such mortgage, deed of trust, security agreement,
or similar financing instrument, nor shall it mean or include any...
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27-17A-43
Section 27-17A-43 Cancellation of contract; withdrawal from trust fund. (a) Upon cancellation
of a preneed contract by mutual agreement between the seller and purchaser, or upon unilateral
cancellation of a preneed contract by the seller by reason of default on the part of the purchaser,
or other valid cancellation by reason of transfers to another seller or otherwise, the seller
may, upon submission of a certification under oath by a responsible officer of the seller
to the trustee, withdraw from the Cemetery Merchandise and Services Trust Fund and retain
an amount equal to the amount of all funds contributed to the trust fund with respect to the
preneed contract. Any trustee accepting preneed contract proceeds under this article may rely
on the seller's certification under oath as required herein to be made, and shall not be liable
to anyone for such reliance. (b) At such time as the seller undertakes to perform its obligations
under a preneed contract by delivery or installation, or...
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27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers - Generally.
(a) If a stock insurer's capital, as represented by the aggregated par value of its outstanding
capital stock, becomes impaired or the assets of a mutual insurer are less than its liabilities
and the minimum amount of surplus required to be maintained by it under Sections 27-27-15
or 27-27-20 for authority to transact the kinds of insurance being transacted, the commissioner
shall, at once, determine the amount of deficiency and serve notice upon the insurer to make
good the deficiency within 60 days after service of such notice. (b) The deficiency may be
made good in cash or in assets eligible for the investment of the insurer's funds, or, if
a stock insurer, by reduction of the insurer's capital to an amount not below the minimum
required for the kinds of insurance thereafter to be transacted or, if a mutual insurer, by
amendment of its certificate of authority to cover only such kind...
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27-31C-4
Section 27-31C-4 Issuance of license - Requirements. (a)(1) The commissioner may not issue
a license to an Alabama Coastal Captive Insurance Company unless the company possesses and
maintains unimpaired paid-in capital of not less than one million dollars ($1,000,000); however,
in the case of an Alabama Coastal Captive Insurance Company formed as a sponsored captive
insurance company that does not assume any risk, where the risks insured by the protected
cells are homogenous, the commissioner may reduce this amount to an amount not less than five
hundred thousand dollars ($500,000). (2) a. Except for an Alabama Coastal Captive Insurance
Company formed as a sponsored captive insurance company that does not assume any risk, the
capital must be in the form of cash, cash equivalent, or an irrevocable letter of credit issued
by a bank chartered by this state or a member bank of the Federal Reserve System with a branch
office in this state or as approved by the commissioner. b. For an...
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27-42-20
Section 27-42-20 Access to assets of insolvent insurer; application for court approval of plan
to disburse assets; notice of application. (a) Within 120 days of a final determination of
insolvency of an insurance company by a court of competent jurisdiction the receiver shall
make application to the said court for approval of a proposal to disburse assets out of such
company's marshalled assets, from time to time as such assets become available, to the Alabama
Insurance Guaranty Association and to any entity or person performing a similar function in
another state. (The Alabama Insurance Guaranty Association and any entity or person performing
a similar function in other states shall hereinafter be referred to collectively as the associations.)
(b) Such proposal shall at least include provisions for: (1) Reserving amounts for the payment
of expenses of administration and claims falling within the priorities established in the
Alabama Uniform Insurers Liquidation Act but only with...
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27-12A-40
Section 27-12A-40 Creation of Insurance Fraud Unit. (a) There is hereby established within
the department the Insurance Fraud Unit. The commissioner shall appoint the necessary full-time
supervisory and investigative personnel of the unit who shall be qualified by training and
experience to perform the duties of their positions. The commissioner shall furnish offices,
equipment, operating expenses, and necessary personnel to maintain and operate the unit. (b)
The unit shall perform all of the following duties: (1) Initiate independent inquiries and
conduct independent investigations when the unit has cause to believe that any insurance fraud
may be, is being, or has been, committed. (2) Review reports or complaints of alleged insurance
fraud from federal, state, and local law enforcement and regulatory agencies, persons engaged
in the business of insurance, and the public to determine whether the reports or complaints
require further investigation and, if so, to conduct these...
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27-3-20
Section 27-3-20 Suspension or revocation of certificates - Mandatory grounds; notice and hearing.
(a) The commissioner shall suspend or revoke an insurer's certificate of authority: (1) If
such action is required by any provision of this title; (2) If the insurer no longer meets
the requirements for the authority originally granted on account of deficiency of assets or
otherwise; or (3) If the insurer's authority to transact insurance is suspended or revoked
by its state of domicile or state of entry into the United States if an alien insurer. (b)
Except in cases of insolvency or impairment of required capital or surplus or suspension or
revocation by another state as referred to in subdivision (a) (3) of this section, the commissioner
shall give the insurer at least 10 days' notice in advance of any such suspension or revocation
under this section and of the particulars of the reasons therefor. If the insurer requests
a hearing thereon within such 10 days, such request shall...
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27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties. (a)
An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined
and limited in the standard real property and contents insurance forms as approved by the
commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an association
captive under the provisions of Section 27-31B-8 is exempt from the requirement that the association
be in existence for one year so long as the association is in good standing as an entity before
becoming an owner of an Alabama Coastal Captive Insurance Company. (c) An Alabama Coastal
Captive Insurance Company may write homeowners insurance coverage as limited in Section 27-31B-3(a)(4)
and as limited to perils described in subsection (a)...
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27-44-21
Section 27-44-21 Immediate access of associations in this and other states to assets of insolvent
insurer; application to court; contents of proposal; notice. (a) Within 120 days of a final
determination of insolvency of an insurance company by a court of competent jurisdiction the
receiver shall make application to the said court for approval of a proposal to disburse assets
out of such company's marshalled assets, from time to time as such assets become available,
to the Alabama Life and Disability Insurance Guaranty Association and to any entity or person
performing a similar function in another state. (The Alabama Life and Disability Insurance
Guaranty Association and any entity or person performing a similar function in other states
shall hereinafter be referred to collectively as associations.) (b) Such proposal shall at
least include provisions for: (1) Reserving amounts for the payment of expenses of administration
and claims falling within the priorities established in the...
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