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
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-7.htm - 1K - Match Info - Similar pages
27-6-8
Section 27-6-8 Securities and assets - Authority to sell; exception. The commissioner shall exercise the power granted by the power of attorney provided for in Section 27-6-7 or otherwise sell any security or asset under any assignment, transfer or conveyance pursuant to Section 27-6-6, only pursuant to, and in accordance with, an order of a court of competent jurisdiction in a proper proceeding or action to which the insurer owning such securities or assets is a party. This section shall not apply as to the special deposits of surety insurers which are subject to Section 27-6-13. (Acts 1953, No. 727, p. 981, §2; Acts 1971, No. 407, p. 707, §104.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-8.htm - 965 bytes - Match Info - Similar pages
27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: (1) Cash in the possession of the insurer or in transit under its control, and including the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities, properties, and loans acquired, or held, in accordance with this title and in connection therewith the following items: a. Interest due or accrued on any bond or evidence of indebtedness which is not in default and which is not valued on a basis including accrued interest; b. Declared and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust companies, and interest due or accrued on other assets,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-1.htm - 4K - Match Info - Similar pages
27-5B-14
Section 27-5B-14 Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Sections 27-5B-3 through 27-5B-13. An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 27-5B-3, 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, 27-5B-9, 27-5B-10, 27-5B-11, 27-5B-12, or 27-5B-13 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified U.S. financial institution, as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-37-5.htm - 1K - Match Info - Similar pages
27-33-13
Section 27-33-13 Trusteed assets - Withdrawal. (a) The trust agreement shall provide, in substance, that no withdrawals of trusteed assets shall be made by the insurer or permitted by the trustee without the written authorization or approval of the commissioner in advance thereof except as follows: (1) Any or all income, earnings, dividends, or interest accumulations of the trusteed assets may be paid over to the United States manager of the insurer upon request of the insurer or the manager; (2) For substitution, coincidentally with such withdrawal, of other securities or assets of value at least equal in amount to those being withdrawn, if such substituted securities or assets are likewise such as are eligible for investment of the funds of like domestic insurers and if such withdrawal is requested in writing by the insurer's United States manager pursuant to general or specific written authority previously given or delegated by the insurer's board of directors, or other similar...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-13.htm - 3K - Match Info - Similar pages
27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance or annuities and benefits incidental thereto. A life insurer organized under the laws of this state may, by or pursuant to a resolution of its board of directors, establish one or more separate accounts and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts or both, subject to the following: (1) The income, gains, and losses, realized or unrealized, from assets allocated to a separate account shall be credited to, or charged against, the account, without regard to other income, gains, or losses of the insurer; (2) Except as provided in this section, amounts allocated to any separate account, and accumulations thereon, may be invested and reinvested without regard to any requirements or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-1.htm - 6K - 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
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and other distributions. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management shall include such provisions as required by rule and regulation issued by the commissioner. (3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied. (5) The books, accounts, and records of each party to all such transactions shall be so maintained as to clearly and accurately disclose the nature and details of the transactions including such accounting information as is necessary to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
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