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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...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired
insurer, the association may, in its discretion and subject to any conditions imposed by the
association that do not impair the contractual obligations of the impaired insurer, and that
are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed,
or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such
moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision
(1), and assure payment of the contractual obligations of the impaired insurer pending action
under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall,
in its discretion and subject to the approval of the commissioner, do either of the following:
(1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the
covered policies of the insolvent insurer. b. Assure payment of the...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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41-18-1
Section 41-18-1 Text. Article I. Findings and Purposes. (a) The party states find that
the South has a sense of community based on common social, cultural and economic needs and
fostered by a regional tradition. There are vast potentialities for mutual improvement of
each state in the region by cooperative planning for the development, conservation and efficient
utilization of human and natural resources in a geographic area large enough to afford a high
degree of flexibility in identifying and taking maximum advantage of opportunities for healthy
and beneficial growth. The independence of each state and the special needs of subregions
are recognized and are to be safeguarded. Accordingly, the cooperation resulting from this
agreement is intended to assist the states in meeting their own problems by enhancing their
abilities to recognize and analyze regional opportunities and take account of regional influences
in planning and implementing their public policies. (b) The purposes of...
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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...
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27-5A-9
Section 27-5A-9 Duties of reinsurers utilizing services of reinsurance intermediary-manager.
(a) A reinsurer shall not engage the services of any person, firm, association, or corporation
to act as a reinsurance intermediary-manager on its behalf unless such person is licensed
as required by subsection (b) of Section 27-5A-3. (b) The reinsurer shall annually
obtain a copy of statements of the financial condition of each reinsurance intermediary-manager
which such reinsurer has engaged prepared by an independent certified accountant in a form
acceptable to the commissioner. (c) If a reinsurance intermediary-manager establishes loss
reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy
of loss reserves established for losses incurred and outstanding on business produced by the
reinsurance intermediary-manager. This opinion shall be in addition to any other required
loss reserve certification. (d) Binding authority for all retrocessional...
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27-5B-5
Section 27-5B-5 Accredited reinsurer. Credit shall be allowed when the reinsurance is
ceded to an assuming insurer that is accredited by the commissioner as a reinsurer in this
state. In order to be eligible for accreditation, a reinsurer must do all of the following:
(1) File with the commissioner evidence of its submission to this state's jurisdiction. (2)
Submit to this state's authority to examine its books and records. (3) Be licensed to transact
insurance or reinsurance in at least one state, or in the case of a U.S. branch of an alien
assuming insurer, be entered through and licensed to transact insurance or reinsurance in
at least one state. (4) File annually with the commissioner a copy of its annual statement
filed with the insurance department of its state of domicile and a copy of its most recent
audited financial statement. (5) Demonstrate to the satisfaction of the commissioner that
it has adequate financial capacity to meet its reinsurance obligations and is otherwise...
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27-5A-7
Section 27-5A-7 Required contract provisions; reinsurance intermediary-managers. Transactions
between a reinsurance intermediary-manager and the reinsurer it represents in that capacity
shall only be entered into pursuant to a written contract, specifying the responsibilities
of each party, which shall be approved by the reinsurer's board of directors. At least 30
days before a reinsurer assumes or cedes business through a producer, a true copy of the approved
contract shall be filed with the commissioner for approval. The contract shall, at a minimum,
provide that: (1) The reinsurer may terminate the contract for cause upon written notice to
the reinsurance intermediary-manager. The reinsurer may immediately suspend the authority
of the reinsurance intermediary-manager to assume or cede business during the pendency of
any dispute regarding the cause for termination. (2) The reinsurance intermediary-manager
shall render accounts to the reinsurer accurately detailing all material...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when
the reinsurance is ceded to an assuming insurer that maintains a trust fund in a qualified
U.S. financial institution, as defined in subsection (b) of Section 27-5B-15, for the
payment of the valid claims of its U.S. ceding insurers, their assigns and successors in interest.
To enable the commissioner to determine the sufficiency of the trust fund, the assuming insurer
shall report annually to the commissioner information substantially the same as that required
to be reported on the NAIC Annual Statement form by licensed insurers. The assuming insurer
shall submit to examination of its books and records by the commissioner and bear the expense
of examination. (b)(1) Credit for reinsurance shall not be granted under this section
unless the form of the trust and any amendments to the trust have been approved by either:
a. The commissioner of the state where the trust is domiciled. b. The commissioner of...
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27-5B-10
Section 27-5B-10 Reinsurer not licensed, accredited or certified - Additional reinsurance
agreement requirements. (a) If the assuming insurer is not licensed, accredited or certified
to transact insurance or reinsurance in this state, the credit permitted by Sections 27-5B-6
and 27-5B-7 shall not be allowed unless the assuming insurer agrees in the reinsurance agreements:
(1) That in the event of the failure of the assuming insurer to perform its obligations under
the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding
insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state
of the United States, will comply with all requirements necessary to give the court jurisdiction,
and will abide by the final decision of the court or of any appellate court in the event of
an appeal. (2) To designate the commissioner or a designated attorney as its true and lawful
attorney upon whom may be served any lawful process in any...
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