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...
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27-6-4
Section 27-6-4 Deposits of insurers - State Treasurer as custodian. (a) Deposits made
in this state under Sections 27-3-11, 27-3-12, and 27-3-14, together with deposit of reserves
of domestic life insurers under registered policies heretofore issued, shall be made through
the commissioner with the Treasurer of the State of Alabama. (b) The State Treasurer, in his
official capacity, shall take receipt for and hold deposits made under this title as provided
in subsection (a) of this section, subject to the provisions of this chapter. (c) The
State Treasurer shall hold all such deposits in safekeeping in the vaults located in his offices
or, if space in such vaults is not reasonably adequate and safe for all securities and property
otherwise to be contained therein, the Treasurer may keep such securities in safe deposit
boxes rented by him for the purpose and under his control in established safe deposit institutions
located in the City of Montgomery, Alabama. (d) The Treasurer shall be...
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27-6-16
Section 27-6-16 Release of deposit - Filing of statement; authorization of release.
(a) Before authorizing the release of any deposit or excess portion thereof to the insurer,
as provided in Section 27-6-15, the commissioner shall require the insurer to file
with him a statement under its seal and the oath of its chief executive officer, or of its
United States manager in the case of an alien insurer, setting forth the facts upon which
it bases its entitlement to such release. (b) If release of the deposit is claimed by the
insurer upon the ground that its liabilities in this state, as to which the deposit was originally
made and is held, have been assumed by another insurer authorized to transact insurance in
this state, the insurer shall file with the commissioner a copy of the contract or agreement
of such reinsurance. (c) Upon being satisfied by such statement and such other information
and evidence as he may reasonably require and by such examination, if any, of the affairs
of the...
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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.)...
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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...
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27-6-2
Section 27-6-2 Deposits of insurers - Purposes for which held. Such deposits shall be
held for purposes as follows: (1) Deposits made in this state under Sections 27-3-11, 27-3-12,
and 27-3-14 of this title shall be held for the purposes stated in the respective sections;
(2) A deposit made in this state by a domestic insurer transacting insurance in another state,
province or country and as required by the laws of such state, province, or country shall
be held for the protection of the insurer's policyholders or policyholders and creditors;
(3) Deposits of reserves made by domestic life insurers under laws heretofore in force shall
be held for the purpose or purposes specified in such laws or in the policies or contracts
by which such deposit was required or declared; and (4) Deposits required pursuant to the
retaliatory provision, Section 27-3-29, shall be held for such purposes as are required
by such laws and as specified by the commissioner's order by which the deposit is...
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27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before
soliciting any applications for insurance required under Section 27-27-15, as qualification
for the original certificate of authority, the incorporators of the proposed mutual insurer
shall file with the commissioner a corporate surety bond in the penalty of $15,000.00 in favor
of the State of Alabama and for the use and benefit of the state and of applicant members
and creditors of the corporation. The bond shall be conditioned as follows: (1) Upon payment
of any loss suffered by applicants who have cancelled or lapsed existing insurance policies
due to misrepresentation by the incorporators or by persons soliciting such applications under
authorization by the corporation, to the effect that the making of such application for insurance
and prepayment of premiums in such proposed insurer provides insurance protection prior to
issuance of a certificate of authority to such insurer by the...
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27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under
Sections 27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall
consist of certified checks, or certificates of deposit or any combination of securities,
the market value of which is readily ascertainable, and, if negotiable by delivery or assignment,
of the kinds described below: (1) United States government obligations; (2) State, county,
municipal, and school obligations; (3) Public improvement obligations; (4) Housing authority
obligations; (5) Obligations, stock of certain federal agencies; (6) Canadian governmental
obligations; (7) International banks; (8) Corporate obligations; (9) Equipment trust obligations;
and (10) Railroad leased lines, terminal obligations. (b) All such deposits required of a
domestic insurer pursuant to the laws of another state, province, or country shall be comprised
of securities, if negotiable by delivery or assignment, of the kind,...
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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...
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27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether
domestic, foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's,"
whereby each underwriter is liable for the proportionate part assumed by him of the whole
amount so insured by a policy issued by such underwriters, may be authorized to transact any
kind, or kinds, of insurance in this state other than life or title insurances if the insurer
is otherwise in compliance with this title, subject to the following conditions: (1) If a
foreign or alien insurer, it must have successfully been in business as an authorized insurer
in the state or country of domicile for at least 10 years. (2) If a domestic insurer, it must
file with the commissioner evidence, satisfactory to him, that it has been soundly organized
and that its insurance operations will, at all times, be competently conducted by individuals
having the necessary experience in insurance underwriting and management to do so,...
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