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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,...
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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...
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27-2B-11
Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation
of property. (a) Any foreign insurer shall, upon the written request of the commissioner,
submit to the commissioner an RBC report, as of the end of the calendar year just ended, the
later of either: (1) The date an RBC report would be required to be filed by a domestic insurer
under this chapter. (2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to
the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any
other state. (b) In the event of a company action level event, regulatory action level event,
or authorized control level event with respect to any foreign insurer, as determined under
the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, pursuant to this chapter, or if the insurance...
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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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27-40-1
Section 27-40-1 Definitions. For the purposes of this chapter, the following words and phrases
shall have the following meanings: (1) INSURANCE PREMIUM FINANCE COMPANY. A person engaged
in the business of entering into premium finance agreements. (2) PREMIUM FINANCE AGREEMENT.
An agreement by which an insured or prospective insured promises to pay to a premium finance
company the amount advanced or to be advanced under the agreement to an insurer or to an insurance
agent or broker in payment of premiums on an insurance contract together with a service charge,
as authorized and limited by this chapter, and charges for wind mitigation construction financing,
as approved by the commissioner. (3) LICENSEE. A premium finance company holding a license
issued under this chapter. (4) PERSON. An individual, partnership, association, business corporation,
nonprofit corporation, common law trust, joint-stock company, or any other group of individuals
however organized. (5) INSURANCE CONTRACT. The...
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27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance of its
obligations in the event of insolvency, each corporation authorized under Section 27-43-8
shall, through the commissioner, deposit and maintain with the Treasurer of the State securities
of the type eligible for deposit by insurers under Section 27-6-3, which securities shall
have at all times a market value as follows: (1) An insurer which has transacted no legal
expense insurance in this state prior to January 1, 1982, shall, prior to the issuance of
its certificate of authority and before receiving any premiums, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer transacting
a legal expense insurance business in this state prior to January 1, 1982, and having in force
in this state less than $300,000.00 of gross written premiums, membership fees, or similar
charges shall place in trust with the Treasurer of the State,...
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27-5B-15
Section 27-5B-15 Qualified U.S. financial institutions. (a) For purposes of subdivision (3)
of Section 27-5B-14, a qualified U.S. financial institution means an institution that meets
all of the following: (1) Is organized or, in the case of a U.S. office of a foreign banking
organization, licensed, under the laws of the United States or any state thereof. (2) Is regulated,
supervised, and examined by U.S. federal or state authorities having regulatory authority
over banks and trust companies. (3) Has been determined by either the commissioner or the
Securities Valuation Office of the National Association of Insurance Commissioners to meet
such standards of financial condition and standing as are considered necessary and appropriate
to regulate the quality of financial institutions whose letters of credit will be acceptable
to the commissioner. (b) A qualified U.S. financial institution means, for purposes of those
provisions of this law specifying those institutions that are eligible...
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11-50A-18
Section 11-50A-18 Revenues of authority; rates; assignment to trustee; use of revenues. (a)
For the purpose of earning sufficient revenues to make possible the payment of all ownership
costs of the authority relating to any project, the authority is authorized, empowered and
directed to fix and revise rates and collect fees, tolls, and other charges with respect to
each project which it shall cause to be acquired or constructed. Such rates, fees, tolls,
and other charges to be paid for the output, capacity, use or service of each project and
other resources of the authority shall be so fixed and adjusted from time to time as to provide
funds at least sufficient with other revenues, if any, of the authority and of each of its
projects: (1) To pay the costs of operating, maintaining, leasing, repairing, and disposing
of projects, including reserves for insurance and extraordinary repairs, reserves for renewals
and replacements, reserves for fuel, reserves for working capital, reserves...
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16-33B-1
Section 16-33B-1 Definitions. As used in this chapter, unless the context clearly requires
a different meaning, the following words shall have the following meanings: (1) ACHE. The
Alabama Commission on Higher Education. (2) APPROVED LENDER. Any eligible institution, or
any bank, trust company, savings and loan association, credit union, pension fund, or insurance
company, whose primary consumer credit function is not the making of insured student loans
and which is examined and supervised by the appropriate state or federal regulatory agency
or any other institution or agency defined as an eligible lender in accordance with the Federal
Student Loan Law. (3) ELIGIBLE INSTITUTION. Any postsecondary educational institution which
is approved by the Alabama Commission on Higher Education for the purposes of this program.
However, an institution offering exclusively correspondence, independent study, or home study
courses is not an eligible institution. (4) FEDERAL STUDENT LOAN LAW. Title...
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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this
section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term
care insurance policy, the person who seeks to contract for benefits. b. A group long-term
care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued
under a group long-term care insurance policy, which policy has been delivered or issued for
delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP
LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for
delivery in this state and issued to any of the following: a. One or more employers or labor
organizations, or to a trust or to the trustees of a fund established by one or more employers
or labor organizations, or a combination thereof, for employees or former employees or a combination
thereof, or for members or former members or a...
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