16-33B-1
Section 16-33B-1 Definitions. As used in this chapter, unless the context clearly requires a different meaning, the following words shall have the following meanings: (1) ACHE. The Alabama Commission on Higher Education. (2) APPROVED LENDER. Any eligible institution, or any bank, trust company, savings and loan association, credit union, pension fund, or insurance company, whose primary consumer credit function is not the making of insured student loans and which is examined and supervised by the appropriate state or federal regulatory agency or any other institution or agency defined as an eligible lender in accordance with the Federal Student Loan Law. (3) ELIGIBLE INSTITUTION. Any postsecondary educational institution which is approved by the Alabama Commission on Higher Education for the purposes of this program. However, an institution offering exclusively correspondence, independent study, or home study courses is not an eligible institution. (4) FEDERAL STUDENT LOAN LAW. Title...
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27-27-18
Section 27-27-18 Domestic mutual insurers - Deposit in trust of premiums or fees on qualifying applications. (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement approved by the commissioner and consistent with this section and with subdivision (c) (3) of Section 27-27-17. The corporation shall file an executed copy of such trust agreement with the commissioner. (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall, thereafter in due course, issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effective as of the date of the certificate of authority or...
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27-27-54
Section 27-27-54 Insider trading of domestic stock insurer equity securities - Recovery of certain profits by company. For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to, and be recoverable by, the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. An action to recover such profit may be instituted in any court of competent jurisdiction by the company or by the owner of any security of the company in...
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27-29B-2
Section 27-29B-2 Definitions. For purposes of this chapter, the following definitions apply: (1) COMMISSIONER. The Commissioner of Insurance. (2) CORPORATE GOVERNANCE ANNUAL DISCLOSURE or CGAD. A confidential report filed by an insurer or insurance group in accordance with the requirements of this chapter. (3) INSURANCE GROUP. Insurers and affiliates included within an insurance holding company system as defined in Chapter 29. (4) INSURER. As defined in Section 27-1-2, except the term shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. (5) NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS or NAIC. The National Association of Insurance Commissioners and its affiliates and subsidiaries. (Act 2019-97, §1.)...
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27-36A-19
Section 27-36A-19 Single state exemption. (a) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in the State of Alabama from the requirements of Section 27-36A-15 provided: (1) The commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing. (2) The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by the commissioner and promulgated by regulation. (b) For any company granted an exemption under this section, Sections 27-36A-4(a), 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8, 27-36A-9, 27-36A-10, 27-36A-11, 27-36A-12, 27-36A-13, and 27-36A-14 shall be applicable. With respect to any company applying this exemption, any reference to Section 27-36A-15 found in Sections 27-36A-4(b), 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8, 27-36A-9, 27-36A-10,...
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27-6B-3
Section 27-6B-3 Application of chapter to licensed insurer. This chapter shall apply to any licensed insurer as defined in Section 27-6B-2, either domiciled in this state or domiciled in a state that is not an accredited state but having in effect a substantially similar law. The Alabama Insurance Holding Company System Regulatory Act, Chapter 29 (commencing with Section 27-29-1) of Title 27, to the extent it is not superseded by this chapter, shall continue to apply to all parties within holding company systems subject to this chapter. (Acts 1993, No. 93-675, p. 1240, §16.)...
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5-13B-103
Section 5-13B-103 Supervision and enforcement. (a) The superintendent shall have all of the powers granted to him or her by the laws of this state to the extent appropriate to enable him or her to supervise each Alabama state branch, Alabama state agency, or Alabama representative office. (b) If, after notice and a hearing, the superintendent finds that any person has violated any provision of this article or of any regulation or order issued under this article, he or she may, in addition to any other remedy or action available to the superintendent under the laws of this state, order such person to pay to the superintendent a civil penalty in such a manner and in such an amount as the superintendent shall determine in accordance with the laws of this state and regulations thereunder. (c) In order to carry out the purposes under this article, the superintendent may: (1) Enter into cooperative, coordinating, or information-sharing agreements with any other bank supervisory agency or any...
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5-13B-62
Section 5-13B-62 Citizenship and residency requirements for directors of state banks. Notwithstanding any other provision of the laws and regulations of this state, the citizenship and residency requirements otherwise applicable to members of the board of directors of any Alabama bank may, in the case of an Alabama bank which is a subsidiary or affiliate of a foreign bank, be waived by the superintendent in his or her discretion upon application by the controlling shareholder of the Alabama bank; provided that at least a majority of the directors shall be citizens of the United States and at least 25 percent of the directors shall be residents of this state. (Acts 1995, No. 95-115, p. 134, §27.)...
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5-13B-84
Section 5-13B-84 Application fee. Upon applying to the superintendent under this article for a license to establish and maintain an Alabama state branch or Alabama state agency, a foreign bank shall pay to the superintendent an application fee in such amount and in such manner as the superintendent shall require by regulation. (Acts 1995, No. 95-115, p. 134, §32.)...
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5-13B-93
Section 5-13B-93 Representative office - Revocation of license. The superintendent, after notice and opportunity for a hearing, may revoke a license to establish and maintain an Alabama representative office if he or she finds: (1) The foreign bank has violated any provision of this article or any other law, rule, or regulation of this state; or (2) Any fact or condition exists which, if it had existed at the time of the foreign bank's original application for such license, would have resulted in the superintendent's refusal to issue such license to the foreign bank. (Acts 1995, No. 95-115, p. 134, §41.)...
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