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27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to
the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent
on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars,
two-tenths of one percent on the next 20 million dollars, seventy-five thousandths of one
percent on each dollar thereafter on the direct premiums collected or contracted for on policies
or contracts of insurance written by the captive insurance company during the year ending
December 31 next preceding, after deducting from the direct premiums subject to the tax the
amounts paid to policyholders as return premiums which shall include dividends on unabsorbed
premiums or premium deposits returned or credited to policyholders. Notwithstanding the foregoing,
no tax shall be due or payable as to considerations received for annuity contracts. (b) Each
captive insurance company shall pay to the commissioner by March 1 of...
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19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section:
(1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment
at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal
or equitable process. The term includes: (i) any arrangement providing for the payment to
the employer or other sponsor of such plan of benefits that otherwise would be due the participant
under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable,
whereby any person acquires from a participant or beneficiary of such plan a right or interest
enforceable against the plan in, or to, all or any part of a plan benefit which is, or may
become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure,
or the like, or under any form of legal process whatsoever; and (iv) the operation of any
bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
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40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
27-5B-18
Section 27-5B-18 Notice by domiciliary liquidator. The reinsurance agreement may provide that
the domiciliary liquidator of an insolvent ceding insurer shall give written notice to the
assuming insurer of the pendency of a claim against the ceding insurer on the contract within
a reasonable time after the claim is filed in the liquidation proceeding. During the pendency
of the claim, any assuming insurer may investigate the claim and interpose, at its own expense,
in the proceeding where the claim is to be adjudicated any defenses which it deems available
to the ceding insurer, or its liquidator. The expense may be filed as a claim against the
insolvent ceding insurer to the extent of a proportionate share of the benefit which may accrue
to the ceding insurer solely as a result of the defense undertaken by the assuming insurer.
Where two or more assuming insurers are involved in the same claim and a majority in interest
elect to interpose a defense to the claim, the expense shall be...
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27-27-48
Section 27-27-48 Bulk reinsurance - Domestic mutual insurers. (a) A domestic mutual insurer
may reinsure all, or substantially all, its business in force or all, or substantially all,
of a major class thereof with another insurer, stock or mutual, by an agreement of bulk reinsurance
after compliance with this section. No such agreement shall become effective unless filed
with the commissioner and approved by him in writing after a hearing thereon. (b) The commissioner
shall approve such agreement within a reasonable time after filing if he finds it to be fair
and equitable to each domestic insurer involved, and that such reinsurance if effectuated
would not substantially reduce the protection or service to its policyholders. If the commissioner
does not so approve, he shall so notify each insurer involved in writing, specifying his reasons
therefor. (c) The plan and agreement for such reinsurance must be approved by vote of not
less than two-thirds of each domestic mutual insurer's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-48.htm - 2K - Match Info - Similar pages
27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with
the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic
reciprocal insurer shall file with the commissioner a bond in favor of this state for the
benefit of all persons damaged as a result of breach by the attorney of the conditions of
his bond as set forth in subsection (b) of this section. The bond shall be executed by the
attorney and by an authorized corporate surety and shall be subject to the commissioner's
approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned
that the attorney will faithfully account for all moneys and other property of the insurer
coming into his hands and that he will not withdraw or appropriate to his own use from the
funds of the insurer any moneys or property to which he is not entitled under the power of
attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
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27-3-30
Section 27-3-30 Foreign insurer may become domestic insurer; method; certificate and license
eligibility; authority and jurisdiction of state; continuation of corporate existence and
date of incorporation. Any insurer which is organized under the laws of any other state and
is admitted to do business in this state for the purpose of writing insurance may become a
domestic insurer by complying with all of the requirements of law relative to the organization
and licensing of a domestic insurer of the same type and by designating its principal place
of business at a place in this state. Said domestic insurer will be entitled to like certificates
and licenses to transact business in this state and shall be subject to the authority and
jurisdiction of this state. Articles of incorporation of such domestic insurer may be amended
to provide that the corporation is a continuation of the corporate existence of the original
foreign corporation through adoption of this state as its corporate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-30.htm - 1K - Match Info - Similar pages
27-3-32
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as
foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests
of policyholders; effect upon certificates of authority, agents, etc., including outstanding
policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of
details of transfer and file amendments required by law. The certificate of authority, agents
appointments and licenses, rates, and other items which the Commissioner of Insurance allows,
in his discretion, which are in existence at the time any insurer licensed to transact the
business of insurance in this state transfers its corporate domicile to this or any other
state by merger, consolidation or any other lawful method shall continue in full force and
effect upon such transfer if such insurer remains duly qualified to transact the business
of insurance in this state. All outstanding policies of any transferring insurer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-32.htm - 2K - Match Info - Similar pages
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