|
27-27-50
Section 27-27-50 Extinguishment and nullification of domestic insurers' corporate charter.
(a) The corporate charter of any corporation formed under the laws of this state more than
three years prior to January 1, 1972, for the purpose of becoming an insurer and which corporation
within such three-year period has not actively engaged in business as a domestic insurer under
a certificate of authority issued to it by the commissioner under laws then in force is hereby
extinguished and nullified. (b) The corporate charter of any other corporation formed under
the laws of this state for the purpose of becoming an insurer and which corporation during
any period of 36 consecutive months after January 1, 1972, is not actively engaged in business
as a domestic insurer under a certificate of authority issued to it by the commissioner under
laws currently in force is automatically hereby extinguished and nullified at the expiration
of such 36-month period. (c) The period during which any such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-50.htm - 1K - Match Info - Similar pages
37-4-16
Section 37-4-16 Validity of securities issued without authorization; penalty for violation.
Securities issued and obligations and liabilities assumed by a utility, for which under the
provisions of this chapter the authorization of the commission is required, shall not be invalidated
because issued or assumed without such authorization therefor having first been obtained,
or because issued or assumed contrary to any term or condition of such order of authorization
as modified by any order supplemental thereto entered prior to such issuance or assumption.
Securities issued or obligations or liabilities assumed in accordance with all the terms and
conditions of the order of authorization therefor shall not be affected by a failure to comply
with any provision of this chapter or rule or regulation of the commission relating to procedure
and other matters preceding the entry of such order of authorization or order supplemental
thereto. A copy of any order made and entered by the commission...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-4-16.htm - 2K - Match Info - Similar pages
40-9B-4
Section 40-9B-4 Authorization of abatement. (a) Noneducational ad valorem taxes, construction
related transaction taxes, except those local construction related transaction taxes levied
for educational purposes or for capital improvements for education, and mortgage and recording
taxes, or payments required to be made in lieu thereof, and in the case of a qualifying industrial
or research enterprise described in Section 40-9B-3(a)(10)e. which is owned by an entity organized
under Chapter 6 of Title 37, or by an authority both organized and existing pursuant to Chapter
50A of Title 11, and subject to the payments required to be made in lieu of ad valorem, sales,
use, license, and severance taxes imposed by Section 11-50A-7, in addition to the foregoing,
all other ad valorem taxes, or payments required to be made in lieu thereof, imposed by the
state, counties, municipalities, and other taxing jurisdictions of Alabama, may be abated
with respect to private use industrial property and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9B-4.htm - 15K - 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, ยง57.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-12.htm - 1K - Match Info - Similar pages
27-27-15
Section 27-27-15 Domestic mutual insurers - Authorization to transact insurance. (a) When newly
organized, a domestic mutual insurer may be authorized to transact any one of the kinds of
insurance listed in the schedule contained in subsection (b) of this section. (b) When applying
for an original certificate of authority, the insurer must be otherwise qualified therefor
under this title and must have received and accepted bona fide applications as to substantial
insurable subjects for insurance coverage of a substantial character of the kind of insurance
proposed to be transacted, must have collected in cash the full premium therefor at a rate
not less than that usually charged by other insurers for comparable coverages, must have surplus
funds on hand and deposited as of the date such insurance coverages are to become effective
or, in lieu of such applications, premiums and surplus and may deposit surplus, all in accordance
with that part of the following schedule which applies to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-15.htm - 3K - Match Info - Similar pages
27-27-18
Section 27-27-18 Domestic mutual insurers - Deposit in trust of premiums or fees on qualifying
applications. (a) All sums collected by a domestic mutual corporation as premiums or fees
on qualifying applications for insurance therein shall be deposited in trust in a bank or
trust company in this state under a written trust agreement approved by the commissioner and
consistent with this section and with subdivision (c) (3) of Section 27-27-17. The corporation
shall file an executed copy of such trust agreement with the commissioner. (b) Upon issuance
to the corporation of a certificate of authority as an insurer for the kind of insurance for
which such applications were solicited, all funds so held in trust shall become the funds
of the insurer, and the insurer shall, thereafter in due course, issue and deliver its policies
for which premiums had been paid and accepted. The insurance provided by such policies shall
be effective as of the date of the certificate of authority or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-18.htm - 1K - 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
27-30-18
Section 27-30-18 Deposit - Amounts; purpose; kind. (a) Each mutual aid association shall, prior
to issuance of its certificate of authority, deposit and thereafter maintain on deposit with
the Treasurer of the State of Alabama securities of the kind authorized under subsection (d)
of this section, in the amount of not less than $5,000.00. If in any calendar year the gross
premium receipts of the association from business done within this state exceed $50,000.00,
the association shall, not later than the March 30 next following such calendar year, increase
the amount of its deposit so made and maintained in accordance with the following schedule:
Gross premium receipts during calendar year Amount of deposit required More than $50,000 but
less than $150,000 $10,000 Equal to 150,000 but less than 250,000 15,000 Equal to 250,000
but less than 350,000 20,000 Equal to 350,000 but less than 500,000 25,000 Equal to 500,000
but less than 750,000 50,000 Equal to 750,000 but less than 1,000,000...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-18.htm - 2K - Match Info - Similar pages
27-4A-2
Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless
the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS.
All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State
of Alabama. (4) DOMESTIC INSURER. Any insurer organized under the laws of the State of Alabama
which maintains its principal office and chief place of business in the State of Alabama.
(5) FOREIGN INSURER. Any insurer organized under the laws of any country or of any state of
the United States other than the State of Alabama and any insurer organized under the laws
of Alabama which maintains its principal office or chief place of business outside the State
of Alabama. (6) INSURER. Every insurer as defined in Section 27-1-2, and every other insurance
company or association charging a premium for contracts entered...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-2.htm - 3K - Match Info - Similar pages
10A-20-6.16
Section 10A-20-6.16 Applicability of insurance laws. (a) No statute of this state applying
to insurance companies shall be applicable to any corporation organized under this article
and amendments thereto or to any contract made by the corporation; except the corporation
shall be subject to the following: (1) The provisions regarding annual premium tax to be paid
by insurers on insurance premiums. (2) Chapter 55 of Title 27. (3) Article 2 and Article 3
of Chapter 19 of Title 27. (4) Section 27-1-17. (5) Chapter 56 of Title 27. (6) Rules promulgated
by the Commissioner of Insurance pursuant to Sections 27-7-43 and 27-7-44. (7) Chapter 54
of Title 27. (8) Chapter 57 of Title 27. (9) Chapter 58 of Title 27. (10) Chapter 59 of Title
27. (11) Chapter 54A of Title 27. (12) Chapter 12A of Title 27. (13) Chapter 2B of Title 27.
(14) Chapter 29 of Title 27. (15) Chapter 62 of Title 27. (b) The provisions in subsection
(a) that require specific types of coverage to be offered or provided shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.16.htm - 2K - Match Info - Similar pages
|