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27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-29.htm - 5K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
40-18-6
Section 40-18-6 Gain or loss - Basis of property; adjusted basis. (a) Basis (unadjusted) of
property. The basis of property shall be the cost of the property with the following exceptions:
(1) INVENTORY VALUE. If the property should have been included in the last inventory, the
basis shall be the last inventory value thereof. (2) GIFT or TRANSFER IN TRUST. If the property
was acquired by gift or by a transfer in trust the basis shall be determined in accordance
with 26 U.S.C. § 1015. If property was acquired by gift or transfer in trust on or after
December 31, 1932 and prior to March 15, 1985, the basis shall be the fair and reasonable
market value of the property at the time of the acquisition. (3) PROPERTY TRANSMITTED AT DEATH.
If the property was acquired from a decedent, the taxpayer's basis in the property shall be
determined in accordance with 26 U.S.C. § 1014. (4) PROPERTY ACQUIRED UPON LIKE-KIND EXCHANGE.
If the property was acquired upon an exchange described in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-6.htm - 7K - Match Info - Similar pages
8-6-5
Section 8-6-5 Registration of securities - Registration by notification. (a) The following
securities may be registered by notification, whether or not they are also eligible for registration
by coordination under Section 8-6-6: (1) Any security whose issuer and any predecessors have
been in continuous operation for at least five years if: a. There has been no default during
the current fiscal year or within the three preceding fiscal years in the payment of principal,
interest, or dividends on any security of the issuer, or any predecessor, with a fixed maturity
or a fixed interest or dividend provision; and b. The issuer and any predecessors during the
past three fiscal years have had average net earnings determined in accordance with generally
accepted accounting practices which are applicable to all securities without a fixed maturity
or a fixed interest or dividend provision and which: 1. Equal at least five percent of the
amount of securities without a fixed maturity or a fixed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-5.htm - 5K - Match Info - Similar pages
27-17A-42
Section 27-17A-42 Trust contributions; trustee responsibilities; withdrawals; analysis and
certification by seller. (a) The obligation of the seller under a preneed contract shall be
to make contributions into the Cemetery Merchandise and Services Trust Fund in accordance
with the following formulae: (1) With respect to all cemetery merchandise, 110 percent of
wholesale cost. (2) With respect to outer burial containers, 60 percent of the purchase price
specified in the preneed contract. (3) With respect to cemetery services, 60 percent of the
purchase price specified in the preneed contract. (4) With respect to all cash advance items
sold, 100 percent of the purchase price specified for the same in the preneed contract. (5)
With respect to caskets, 75 percent of the purchase price. (b) All contributions shall be
made within 30 days after the end of the calendar month in which the preneed contract is paid
in full, unless, prior to that time, all liabilities of the seller under the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-42.htm - 5K - Match Info - Similar pages
27-32-16
Section 27-32-16 Conduct of delinquency proceedings - Foreign insurers. (a) Whenever under
this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer
not domiciled in this state, the court shall appoint the commissioner as ancillary receiver.
The commissioner shall file a petition requesting the appointment on the grounds set forth
in Section 27-32-10: (1) If he finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver; or (2) If 10 or more persons,
resident in this state, having claims against such insurer, file a petition with the commissioner
requesting the appointment of such ancillary receiver. (b) The domiciliary receiver, for the
purpose of liquidating an insurer domiciled in a reciprocal state, shall be vested by operation
of law with the title to all of the property, contracts, and rights of action and all of the
books and records of the insurer located in this state, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-16.htm - 2K - Match Info - Similar pages
8-7A-4
Section 8-7A-4 Exemptions from licensing. Sections 8-7A-5 to 8-7A-15, inclusive, shall not
apply to any of the following persons: (1) A person that provides clearance or settlement
services pursuant to a registration as a clearing agency or an exemption from such registration
granted under the federal securities laws. (2) An operator of a payment system to the extent
that it provides processing, clearing, or settlement services, between or among persons excluded
by this section, in connection with wire transfers, credit card transactions, debit card transactions,
stored-value transactions, automated clearing house transfers, or similar funds transfers.
(3) A person registered as a securities broker-dealer under federal or state securities laws
to the extent of its operation as such a broker-dealer. (4) Any person collecting, forwarding,
or submitting payments to the state, a state agency, board, or commission, a quasi-governmental
agency, or to persons in state custody, provided the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-7A-4.htm - 2K - Match Info - Similar pages
27-41-24
Section 27-41-24 Particular investments - Loans secured by pledges of securities or pledges
or assignments of life insurance policies. An insurer may invest in loans with a maturity
not in excess of five years from the date thereof which are secured by pledge of securities
eligible for investment under this chapter or by the pledge or assignment of life insurance
policies issued by insurers authorized to transact insurance in this state. On the date made,
no such loan shall exceed in amount 75 percent of the market value of the collateral pledged;
except, that loans upon the pledge of United States government bonds and loans upon the pledge
or assignment of life insurance policies shall not exceed 95 percent of the market value of
the bonds or the cash surrender value of the policies pledged. The amount so loaned shall
be included in the maximum amount of funds permitted under this chapter to be invested in
a single person. (Acts 1977, No. 408, p. 530, §24.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-41-24.htm - 1K - Match Info - Similar pages
27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter set forth,
for the year beginning on January 1, 1995, and for each year thereafter, every insurer shall
pay to the commissioner a premium tax equal to the percentage, as set out in this subsection,
of the premiums received by the insurer for business done in this state, whether the same
was actually received by the insurer in this state or elsewhere: (1) PREMIUM TAX ON LIFE INSURANCE
PREMIUMS. a. Except as hereinafter provided, the rates of taxation on life insurance premiums
shall be those amounts set out in the following schedule: Year Foreign Insurers Domestic Insurers
1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year Thereafter 2.3 2.3 b. Individual
life insurance policies in a face amount of greater than $5,000 and up to and including $25,000,
excluding group life insurance policies, shall be taxed at the rate of one percent per annum.
c. Individual life insurance policies in a face...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-3.htm - 16K - Match Info - Similar pages
36-36-6
Section 36-36-6 Sources of funding; use of assets; distributions; modification and termination
of trusts; taxation; financial statement. (a) The sources of funding to the Alabama Retired
State Employees' Health Care Trust may be: (1) appropriations made by the Legislature; (2)
contributions by employees and retired employees; (3) employer contributions; (4) investment
income; (5) proceeds of any gifts, grants, or contributions; (6) transfers from the State
Employees' Insurance Fund; and (7) all other sources permitted by law. (b) The sources of
funding to the Alabama Retired Education Employees' Health Care Trust may be: (1) appropriations
made by the Legislature; (2) contributions by employees and retired employees; (3) employer
contributions; (4) investment income; (5) proceeds of any gifts, grants, or contributions;
(6) transfers from the Public Education Employees' Health Insurance Fund; and (7) all other
sources permitted by law. (c) The agreements creating the trusts shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-36-6.htm - 5K - Match Info - Similar pages
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