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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...
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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...
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27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original
certificate of authority an insurer shall file with the commissioner its application therefor,
accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location
of its home office or, if an alien insurer, principal office in the United States, kinds of
insurance to be transacted, state or country of domicile and such additional information as
the commissioner may reasonably require, together with the following documents, as applicable:
(1) A copy of its corporate charter, articles of incorporation or other charter documents
with all amendments thereto, certified by the public officer with whom the originals are on
file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as
amended, certified by its secretary or other officer having custody thereof; (3) If a foreign
reciprocal insurer, copies of the power of attorney of its...
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27-31-17
Section 27-31-17 Determination of financial condition. In determining the financial condition
of a reciprocal insurer, the commissioner shall apply the following rules: (1) He shall charge
as liabilities the same reserves as are required of incorporated insurers issuing nonassessable
policies on a reserve basis; (2) The surplus deposits of subscribers shall be allowed as assets,
except that any premium deposits delinquent for 90 days shall first be charged against such
surplus deposit; (3) The surplus deposits of subscribers shall not be charged as a liability;
(4) All premium deposits delinquent less than 90 days shall be allowed as assets; (5) An assessment
levied upon subscribers and not collected shall not be allowed as an asset; (6) The contingent
liability of subscribers shall not be allowed as an asset; and (7) The computation of reserves
shall be based upon premium deposits, other than membership fees, and without any deduction
for expenses and the compensation of the attorney....
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7-8-102
Section 7-8-102 Definitions. (a) In this article: (1) "Adverse claim" means a claim
that a claimant has a property interest in a financial asset and that it is a violation of
the rights of the claimant for another person to hold, transfer, or deal with the financial
asset. (2) "Bearer form," as applied to a certificated security, means a form in
which the security is payable to the bearer of the security certificate according to its terms
but not by reason of an indorsement. (3) "Broker" means a person defined as a broker
or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
(4) "Certificated security" means a security that is represented by a certificate.
(5) "Clearing corporation" means: (i) a person that is registered as a "clearing
agency" under the federal securities laws; (ii) a federal reserve bank; or (iii) any
other person that provides clearance or settlement services with respect to financial assets
that would require it to...
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10A-3-7.11
Section 10A-3-7.11 Procedure in liquidation of corporation by court. (a) In proceedings to
liquidate the assets and affairs of a nonprofit corporation, the court shall have the power
to issue restraining orders or injunctions, to appoint a receiver or receivers pendente lite,
with the powers and duties as the court, from time to time, may direct, and to take other
proceedings as may be requisite to preserve the corporate assets wherever situated, and carry
on the affairs of the nonprofit corporation until a full hearing can be had. (b) After a hearing
had upon the notice as the court may direct to be given to all parties to the proceedings
and to any other parties in interest designated by the court, the court may appoint a liquidating
receiver or receivers with authority to collect the assets of the nonprofit corporation. The
liquidating receiver or receivers shall have authority, subject to the order of the court,
to sell, convey, and dispose of all or any part of the assets of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-3-7.11.htm - 4K - Match Info - Similar pages
11-48-83
Section 11-48-83 Issuance of bonds payable solely out of proceeds from assessments to pay cost
of improvements. Each such city shall also have the power to finance the construction of public
improvements in the police jurisdiction of such city by the issuance of its bonds payable
solely out of the proceeds from assessments then made or to be thereafter made against the
properties specially benefited by such improvements. Any such bonds shall not be general obligations
of such city, and such city shall not be in any way liable to the holders of such bonds in
the event of the failure to collect any of the assessments out of the proceeds from which
such securities may be payable. Any such bonds shall pledge, convey and transfer to the holders
thereof all of the issuing city's right, title and interest in and to such assessments and
the city's liens securing such assessments, together with the right to enforce the collection
of such assessments by foreclosure of such liens in any court of...
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27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated, the following
terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE.
The term shall include an affiliate of, or person affiliated with, a specific person, and
shall mean a person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the person specified. (2) COMMISSIONER.
The Commissioner of Insurance, his or her deputies, or the Insurance Department as appropriate.
(3) CONTROL. The term shall include controlling, controlled by, or under common control with
and shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a person, whether through the ownership of voting securities,
by contract other than a commercial contract for goods or nonmanagement services, or otherwise,
unless the power is the result of an official...
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8-9A-1
Section 8-9A-1 Definitions. As used in this chapter: (1) AFFILIATE. a. A person who directly
or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding
voting securities of the debtor, other than a person who holds the securities, 1. As a fiduciary
or agent without sole discretionary power to vote the securities; or 2. Solely to secure a
debt, if the person has not exercised the power to vote; b. A corporation 20 percent or more
of whose outstanding voting securities are directly or indirectly owned, controlled, or held
with power to vote, by the debtor or a person who directly or indirectly owns, controls, or
holds, with power to vote, 20 percent or more of the outstanding voting securities of the
debtor, other than a person who holds the securities, 1. As a fiduciary or agent without sole
power to vote the securities; or 2. Solely to secure a debt, if the person has not in fact
exercised the power to vote; c. A person whose business is operated...
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26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
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