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27-32-20
Section 27-32-20 Claims in delinquency proceedings - Priorities. (a) In a delinquency proceeding
against an insurer domiciled in this state, claims owing to residents of ancillary states
shall be preferred claims if like claims are preferred under the laws of this state. All such
claims owing to residents or nonresidents shall be given equal priority of payment from general
assets regardless of where such assets are located. (b) In a delinquency proceeding against
an insurer domiciled in a reciprocal state, claims owing to residents of this state shall
be preferred if like claims are preferred by the laws of that state. (c) The owners of special
deposit claims against an insurer for which a receiver is appointed in this or any other state
shall be given priority against their several special deposits in accordance with the provisions
of the statutes governing the creation and maintenance of such deposits. If there is a deficiency
in any such deposit so that the claims secured thereby...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-20.htm - 2K - Match Info - Similar pages
27-37-6
Section 27-37-6 Valuation - Other securities; preferred or guaranteed stocks or shares. (a)
Securities, other than those referred to in Section 27-37-5, held by an insurer shall be valued,
in the discretion of the commissioner, at their market value, or at their appraised value
or at prices determined by him as representing their fair market value. (b) Preferred or guaranteed
stocks or shares, while paying full dividends, may be carried at a fixed value in lieu of
market value, at the discretion of the commissioner and in accordance with such method of
valuation as he may approve. (c) No valuation under this section shall be inconsistent with
any applicable valuation or method currently accepted and in use among insurers in general.
(Acts 1971, No. 407, p. 707, §750.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-6.htm - 1K - Match Info - Similar pages
27-6-7
Section 27-6-7 Securities and assets - Power of attorney to sell, etc. In lieu of the assignment,
transfer, or conveyance of securities and assets to the commissioner as provided for in subsection
(a) of Section 27-6-6 and at all events in connection with any deposit heretofore or hereafter
made through the commissioner, the commissioner may require or permit the depositing insurer
to deliver to him a power of attorney, executed by the lawful owner of such securities or
assets, authorizing the commissioner to transfer, sell, or exchange the same for the purposes
of the law under which the same are deposited or held on deposit. The power of attorney shall
specifically describe each of the securities and assets covered thereby and shall not be a
general power of attorney covering all securities and assets on deposit or thereafter deposited.
(Acts 1953, No. 727, p. 981, §1; Acts 1971, No. 407, p. 707, §103.)...
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27-6-6
Section 27-6-6 Securities and assets - Assignment and reassignment, etc.; appraisal or valuation.
(a) All securities not negotiable by delivery and deposited by an insurer shall be duly assigned
to the commissioner and his successors in office. All other assets so deposited shall be duly
transferred or conveyed to the commissioner. Upon release of any such security or asset to
the insurer, the commissioner shall reassign, or transfer or reconvey the same to the insurer.
(b) The commissioner may, in his discretion, prior to acceptance for deposit of any security
or asset or at any time thereafter while so deposited, have the same appraised or valued by
competent appraisers. The reasonable costs of any such appraisal or valuation shall be borne
by the insurer. (Acts 1971, No. 407, p. 707, §102.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-6.htm - 1K - Match Info - Similar pages
2-6-101
Section 2-6-101 Definitions. For the purposes of this article, the following words shall have
the following meanings: (1) ALABAMA AGRICULTURAL CENTER BOARD or AACB. The Alabama Agricultural
Center Board established by Section 2-6-1, as amended by this article. (2) BOARD OF DIRECTORS
or BOARD. The board of directors of the Garrett Coliseum Redevelopment Corporation, the public
corporation created pursuant to this article. (3) BONDS. Includes refunding bonds unless the
context clearly indicates otherwise. (4) GARRETT COLISEUM or COLISEUM. The Alabama Agricultural
Center, the Garrett Coliseum, and all related properties located in Montgomery, Alabama. (5)
GARRETT COLISEUM REDEVELOPMENT CORPORATION or CORPORATION. The public corporation created
pursuant to this article. (6) GOVERNMENT SECURITIES. Any bonds or other obligations which,
as to principal and interest, constitute direct obligations of, or are unconditionally guaranteed
by, the United States of America, including obligations of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-101.htm - 3K - Match Info - Similar pages
27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy of assessments.
(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and
the minimum amount of surplus required to be maintained by it under this title for authority
to transact the kinds of insurance being transacted and the deficiency is not cured from other
sources, its directors shall levy an assessment only upon its members who held policies providing
for contingent liability at any time within the 12 months preceding the date notice of such
assessment was mailed to them, and such members shall be liable to the insurer for the amount
so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency
and to provide a reasonable amount of working funds above such minimum amount of surplus,
but such working funds so provided shall not exceed five percent of the insurer's liabilities
as of the date as of which the amount of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-32.htm - 2K - Match Info - Similar pages
27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
27-29-2
Section 27-29-2 Subsidiaries and affiliates of domestic insurers. (a) Authorization. A domestic
insurer, either by itself or in cooperation with one or more persons, may organize or acquire
one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses
and their authority to do so shall not be limited by reason of the fact that they are subsidiaries
or affiliates of a domestic insurer. (b) Additional investment authority. In addition to investments
in common stock, preferred stock, debt obligations, and other securities permitted under all
other sections of this title, a domestic insurer may also: (1) Invest, in common stock, preferred
stock, debt obligations, and other securities of one or more subsidiaries, amounts which do
not exceed the lesser of 10 percent of such insurer's assets or 50 percent of the insurer's
surplus as regards policyholders, provided that after such investments, the insurer's surplus
as regards policyholders will be reasonable in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-2.htm - 4K - Match Info - Similar pages
27-3-14
Section 27-3-14 Deposit requirements - Alien insurers - Generally. (a) An alien insurer shall
not have authority to transact insurance in this state unless it has and maintains within
the United States as deposits with trustees, public depositaries or in trust institutions
approved by the commissioner under Section 27-3-15 assets available for discharge of its United
States insurance obligations, which assets shall be in amount not less than the outstanding
liabilities of the insurer arising out of its insurance transactions in the United States
together with the greater of the following sums: (1) The largest deposit required by Section
27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00.
(b) Of the amount deposited by an alien insurer, an amount not less than that required under
subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit
in cash or securities eligible for deposit under Section 27-6-3 with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-14.htm - 2K - Match Info - Similar pages
27-37-5
Section 27-37-5 Valuation - Bonds and other evidences of debt. (a) All bonds or other evidences
of debt having a fixed term and rate of interest held by an insurer shall, if amply secured
and not in default as to principal or interest, be valued as follows: (1) If purchased at
par, at the par value; (2) If purchased above or below par, on the basis of the purchase price
adjusted so as to bring the value to par at maturity and so as to yield in the meantime the
effective rate of interest at which the purchase was made or, in lieu of such method, according
to such accepted method of valuation as is approved by the commissioner; (3) Purchase price
shall in no case be taken at a higher figure than the actual market value at the time of purchase,
plus actual brokerage, transfer, postage, or express charges paid in the acquisition of such
securities; and (4) Unless otherwise provided by valuation established or approved by the
commissioner, no such security shall be carried at above the call...
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