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27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as a state
of entry to transact insurance in the United States by making and maintaining in this state
a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States
for the same purpose, shall be in amount not less than the deposits required of an alien insurer
under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment
of the funds of like domestic insurers. (c) Such a deposit may be referred to as "trusteed
assets." (Acts 1971, No. 407, p. 707, §657.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-2.htm - 1K - Match Info - Similar pages
10A-20-6.13
Section 10A-20-6.13 Deposit of securities with State Treasurer. Every health care service corporation
shall deposit with, and thereafter maintain on deposit with, the Treasurer of the State of
Alabama bonds of the United States government or of the State of Alabama, or of any subdivision
thereof, or first mortgages on real estate situated in Alabama securing an indebtedness not
in excess of 50 percent of the appraised value thereof, subject to the approval of the Commissioner
of Insurance, in an amount to be determined as of the first day of January of each year as
follows: (1) Every company whose gross annual premium receipts from business done within this
state for the preceding year ending December 31 are less than fifty thousand dollars ($50,000)
shall so deposit and maintain securities of par and market value not less than five thousand
dollars ($5,000); (2) Every company whose gross annual premium receipts so computed are in
excess of fifty thousand dollars ($50,000) and less...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.13.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
32-7-27
Section 32-7-27 Money or securities as proof. (a) Proof of financial responsibility may be
evidenced by the certificate of the State Treasurer that the person named in the certificate
has deposited with him or her $50,000 in cash, or securities that may legally be purchased
by savings banks or for trust funds of a market value of $50,000. The State Treasurer shall
not accept the deposit and issue a certificate pursuant to this section and the director shall
not accept the certificate unless accompanied by evidence that there are no unsatisfied judgments
of any character against the depositor in the county where the depositor resides. (b) The
deposit shall be held by the State Treasurer to satisfy, in accordance with the provisions
of this chapter, any execution on a judgment issued against the person making the deposit,
for damages, including damages for care and loss of services, because of bodily injury to
or death of any person, or for damages because of injury to or destruction of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-27.htm - 1K - Match Info - Similar pages
5-11A-6
Section 5-11A-6 Deposit of security for a operation of trust business - State Treasurer to
decline certain bonds or securities. The State Treasurer shall decline to receive bonds or
other securities of a market value less than par and may, in his discretion, decline to receive
any bonds or other securities that he considers unsafe or unsuitable for the purpose. (Acts
1980, No. 80-658, §5-11-6.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-11A-6.htm - 703 bytes - Match Info - Similar pages
11-81-169
Section 11-81-169 Revenue bonds - Disposition of proceeds from sale - Generally. The governing
body, where practicable, shall require that the proceeds of the sale of bonds issued under
the provisions of this article be deposited in a special account or accounts in a bank or
banks which are members of the federal reserve system and shall require, insofar as practicable,
that each such deposit be secured by United States government securities having an aggregate
market value at least equal to the sum at the time on deposit, or, in any event, the proceeds
shall be deposited in some bank or other depository either within or without the state which
will secure such deposit satisfactorily to said governing body. (Acts 1933, Ex. Sess., No.
102, p. 88; Code 1940, T. 37, §320.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-169.htm - 1K - Match Info - Similar pages
27-31-12
Section 27-31-12 Bond of attorney of domestic insurer - Deposit in lieu thereof. In lieu of
the bond required under Section 27-31-11, the attorney may maintain on deposit with the State
Treasurer, through the office of the commissioner, a like amount in cash or in value of securities
qualified for deposit under Section 27-6-3, and subject to the same conditions as the bond.
(Acts 1971, No. 407, p. 707, §602.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-12.htm - 719 bytes - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-3.1.htm - 12K - Match Info - Similar pages
27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-3-12
Section 27-3-12 Deposit requirements - Special deposit - Surety insurers. (a) In addition to
the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and
maintain deposited with the Treasurer of this state in trust for the benefit of holders, resident
in this state, of the obligations of the insurer cash or securities eligible under Section
27-6-3 having a value at all times of at least $50,000.00; except, that a domestic surety
insurer may take credit for the amount of such special deposit against the deposit otherwise
required of it under Section 27-3-11, and except that a foreign insurer showing a deposit
pursuant to subsection (c) of Section 27-3-11 in the amount of $200,000.00 shall not be required
to comply with this section. (b) Such deposits shall be subject to the applicable provisions
of Chapter 6 of this title. (Acts 1909, No. 43, p. 29; Acts 1971, No. 407, p. 707, §57.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-12.htm - 1K - Match Info - Similar pages
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