22-21-318
Section 22-21-318 Powers of authority. (a) In addition to all other powers granted elsewhere in this article, and subject to the express provisions of its certificate of incorporation, an authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate name for the duration of time, which may be in perpetuity, specified in its certificate of incorporation or until dissolved as provided in Section 22-21-339; (2) To sue and be sued in its own name in civil suits and actions, and to defend suits and actions against it, including suits and actions ex delicto and ex contractu, subject, however, to the provisions of Chapter 93 of Title 11, which chapter is hereby made applicable to the authority; (3) To adopt and make use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter, amend and repeal bylaws, regulations and rules, not inconsistent with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-318.htm - 12K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-5.htm - 1K - Match Info - Similar pages
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-6.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-10.htm - 1K - Match Info - Similar pages
27-5B-3
Section 27-5B-3 Credit allowed a domestic ceding insurer. Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of Section 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, or 27-5B-9. Credit shall be allowed under Sections 27-5B-4, 27-5B-5, or 27-B5-6 only as respects cessions of those kinds or classes of business which the assuming insurer is licensed or otherwise permitted to write or assume in its state of domicile or, in the case of a U.S. branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance. Credit shall be allowed under Section 27-5B-6 or 27-5B-7 only if the applicable requirements of Section 27-5B-10 have been satisfied. (Act 2013-209, p. 463, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-3.htm - 1K - 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
45-37-73.01
Section 45-37-73.01 Regulation of credit card payments. (a) This section shall apply to any subject county of the State of Alabama having a population of 500,000 or more according to the last or any subsequent federal census, and to no other county. (b)(1) Notwithstanding any other provision of law to the contrary, any officer or unit of the county government required or authorized to receive or collect any payments to state or county government may, but is not required to, accept a credit card payment of the amount. (2) This section shall be broadly construed to authorize acceptance of credit card payments by: a. All departments, agencies, boards, bureaus, commissions, authorities and other units of county government. b. All officers, officials, employees, and agents of the county units of county government. (3) This section shall be broadly construed to authorize acceptance of credit card payments of all types of amounts payable, including, but not limited to, taxes, license and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-73.01.htm - 4K - Match Info - Similar pages
27-31B-10
Section 27-31B-10 Examinations and investigations. (a) At least once in three years, and whenever the commissioner determines it to be prudent, the commissioner shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with this chapter. The commissioner, upon application, may enlarge the three-year period to five years, provided the captive insurance company is subject to a comprehensive annual audit during that period of a scope satisfactory to the commissioner by independent auditors approved by the commissioner. The expenses and charges of the examination shall be in accordance with Section 27-2-25. (b) All examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies thereof produced by, obtained by, or disclosed to the commissioner or any other person in the course of an examination...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-10.htm - 3K - Match Info - Similar pages
16-25-11.8
Section 16-25-11.8 Purchase of credit for time on leave from service without pay due to adoption requirements. (a) Any provisions of Chapter 25 of this title, to the contrary notwithstanding, active and contributing members of the Teachers' Retirement System may purchase service credit in the system not to exceed one year for any period of time that they were required to be on leave from service without pay to comply with any state adoption law or regulation requiring a prospective adopting parent to stay home from work until the adoption process was finalized. The Board of Control of the Teachers' Retirement System shall adopt rules and regulations for the administration of this section including verification of the service that the member desires to purchase credit for in the system. The member shall receive credit for the service when he or she remits to the system the contributions required by subsection (b). Notwithstanding the foregoing language, no member of the Teachers'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-11.8.htm - 2K - Match Info - Similar pages
11-86A-16
Section 11-86A-16 Application of proceeds from the sale of bonds; source of payment; pledge of county's or municipality's credit; negotiability; exemption from taxation; pledge as security for funds belonging to a public person; investment in bonds by fiduciaries; no public hearing required; investment in bonds by Teachers' Retirement System of Alabama, the Employees' Retirement System of Alabama, and the State Insurance Fund; investment in bonds by public persons. (a) The proceeds from the sale of any bonds shall be applied as provided in the proceedings in which the bonds are authorized to be issued, including, without limitation, the payment of all legal, fiscal, and recording fees and expenses incurred in connection with the authorization, sale, and issuance of the bonds and, if provided in the proceedings authorizing their issuance, interest on the bonds (or if only a part of any issue of bonds is issued for acquisition purposes, interest on that portion of the bonds of that issue...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-86A-16.htm - 3K - Match Info - Similar pages
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