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27-29B-5
Section 27-29B-5 Contents of Corporate Governance Annual Disclosure. (a) The insurer or insurance
group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall
contain the material information necessary to permit the commissioner to gain an understanding
of the insurer's or insurance group's corporate governance structure, policies, and practices.
The commissioner may request additional information that the commissioner deems material and
necessary to provide the commissioner with a clear understanding of the corporate governance
policies or the reporting or information system or controls implementing those policies. (b)
Notwithstanding subsection (a), the CGAD shall be prepared consistent with rules adopted by
the commissioner which shall be substantially similar to the Corporate Governance Annual Disclosure
Model Regulation developed by the NAIC. Documentation and supporting information shall be
maintained and made available upon examination or upon...
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27-7-30
Section 27-7-30 Appointment of producer - Generally. (a) Each insurer appointing a producer
in this state shall file with the commissioner, in a format approved by the commissioner,
a notice of appointment within 15 days from the date the agency contract is executed or the
first insurance application is submitted, whichever occurs first. An insurer may also elect
to appoint a producer to all or some insurers within the insurer's holding company system
or group by the filing of a single appointment request. (b) Upon receipt of the notice of
appointment, the commissioner shall verify within 30 days that the insurance producer is eligible
for appointment. If the insurance producer is determined to be ineligible for appointment,
the commissioner shall notify the insurer within five days of the commissioner's determination.
(c) An insurer shall pay an appointment fee as set forth in Section 27-4-2 for each insurance
producer appointed by the insurer. (d) An insurer shall remit, in a manner...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-30.htm - 3K - Match Info - Similar pages
27-29B-3
Section 27-29B-3 Disclosure requirement. (a) Not later than June 1 of each calendar year, an
insurer or the insurance group of which the insurer is a member, shall submit to the commissioner
a Corporate Governance Annual Disclosure that contains the information described in Section
27-29B-5. Notwithstanding any request from the commissioner made pursuant to subsection (c),
if the insurer is a member of an insurance group, the insurer shall submit the report required
by this section to the commissioner of the lead state for the insurance group in accordance
with the laws of the lead state as determined by the procedures outlined in the most recent
Financial Analysis Handbook adopted by the NAIC. (b) The CGAD shall include a signature of
the insurer or insurance group's chief executive officer or corporate secretary attesting
to the best of that individual's belief and knowledge that the insurer has implemented the
corporate governance practices and that a copy of the disclosure has been...
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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business
in this state and which is a member of an insurance holding company system shall register
with the commissioner, except a foreign insurer subject to registration requirements and standards
adopted by statute or regulation in the jurisdiction of its domicile which are substantially
similar to those contained in this section and both of the following: a. Subdivision (1) of
subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either
subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after
the end of the month in which it learns of each change or addition. (2) Any insurer which
is subject to registration under this section shall register within 15...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-4.htm - 8K - Match Info - Similar pages
27-29B-7
Section 27-29B-7 NAIC and third-party consultants. (a) The commissioner, at the insurer's expense,
may retain third-party consultants, including attorneys, actuaries, accountants, and other
experts not otherwise a part of the staff of the commissioner as may be reasonably necessary
to assist the commissioner in reviewing the CGAD and related information or the insurer's
compliance with this chapter. (b) Any persons retained under subsection (a) shall be under
the direction and control of the commissioner and shall act in a purely advisory capacity.
(c) The NAIC and third-party consultants shall be subject to the same confidentiality standards
and requirements as the commissioner. (d) As part of the retention process, a third-party
consultant shall verify to the commissioner, with notice to the insurer, that it is free of
a conflict of interest and that it has internal procedures in place to monitor compliance
with a conflict and to comply with the confidentiality standards and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29B-7.htm - 3K - Match Info - Similar pages
5-26-15
Section 5-26-15 Confidentiality. In order to promote more effective regulation and reduce regulatory
burden through supervisory information sharing: (1) PROTECTIONS. Except as otherwise provided
in Public Law 110-289, Section 1512, the requirements under any federal law regarding the
privacy or confidentiality of any information or material provided to the Nationwide Mortgage
Licensing System and Registry, and any privilege arising under federal or state law, including
the rules of any federal or state court, with respect to such information or material, shall
continue to apply to such information or material after the information or material has been
disclosed to the Nationwide Mortgage Licensing System and Registry. Such information and material
may be shared with all state and federal regulatory officials with mortgage industry oversight
authority without the loss of privilege or the loss of confidentiality protections provided
by federal or state law. (2) AGREEMENTS AND SHARING...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-26-15.htm - 3K - Match Info - Similar pages
27-3-21
Section 27-3-21 Suspension or revocation of certificates - Additional grounds; notice and hearing.
(a) The commissioner may, in his discretion, suspend or revoke an insurer's certificate of
authority if, after a hearing thereon, he finds that the insurer has willfully violated any
material provision of this title other than those for which suspension or revocation is mandatory
or has failed to pay applicable taxes with respect to a preceding calendar year as required
by this title. (b) The commissioner shall, after a hearing thereon, suspend or revoke an insurer's
certificate of authority if he finds that the insurer: (1) Is in unsound condition, or is
in such condition or is using such methods and practices in the conduct of its business as
to render its further transaction of insurance in this state hazardous to its policyholders
or to the public; (2) Has refused to be examined or to produce its accounts, records, and
files for examination or if any of its officers or agents have...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-21.htm - 3K - Match Info - Similar pages
27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer
shall have on file an independent financial examination, in a form acceptable to the commissioner,
of each managing general agent with which it has done business. (2) If a managing general
agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary
attesting to the adequacy of loss reserves established for losses incurred and outstanding
on business produced by the managing general agent. This is in addition to any other required
loss reserve certification. (3) The insurer shall periodically, and at least semi-annually,
conduct an onsite review of the underwriting and claims processing operations of the managing
general agent. (4) Binding authority for all reinsurance contracts or participation in insurance
or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated
with the managing general agent. (5) Within 30 days of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-5.htm - 2K - Match Info - Similar pages
27-55-3
designated as a beneficiary of the policy, and if: (1) The applicant or prospective owner of
the policy lacks an insurable interest in the prospective insured. (2) The applicant or prospective
owner of the policy is known on the basis of medical, police, or court records to have committed
an act of abuse against the prospective insured. (3) The insured or prospective insured is
a subject of abuse, and that person, or a person who has assumed the care of that person,
if a minor or incapacitated, has objected to the issuance of the policy on the ground that
the policy would be issued to or for the direct or indirect benefit of the abuser. (h) An
insurer shall not be held civilly or criminally liable for the death of or injury to
an insured resulting from any action taken in a good faith effort to comply with the requirements
of this chapter. This subsection does not prevent an action by the commissioner to investigate
or enforce a violation of this chapter. (Act 2000-595, p. 1185, ยง3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-55-3.htm - 8K - Match Info - Similar pages
27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
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