27-2B-9
Section 27-2B-9 Confidentiality of reports and plans; information sharing agreements; publication of RBC levels prohibited; use of reports and plans by commissioner. (a) All RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC plans, including the results or report of any examination or analysis of an insurer performed pursuant hereto and any corrective order issued by the commissioner pursuant to examination or analysis, with respect to any domestic insurer or foreign insurer which are filed with the commissioner constitute information that may be damaging to the insurer if made available to its competitors and therefore shall be kept confidential by the commissioner. This information shall not be made public or be subject to subpoena, other than by the commissioner, and then only for the purpose of enforcement actions taken by the commissioner pursuant to this chapter or any other provision of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2B-9.htm - 5K - Match Info - Similar pages
5-3A-4
Section 5-3A-4 Expenses of special examinations. The expenses incidental to any special examination of banks, bank holding companies, or their affiliates shall be borne by the bank or bank holding company so examined, and such bank or bank holding company shall, on the call of the superintendent, pay into the Treasury of Alabama, earmarked for the use of the Banking Department, within 10 days after said examination, an amount not exceeding the actual expenses of such examination, including per diem, travel expenses and the pro rata portion of the salaries of the state employees engaged in making such examination. (Acts 1980, No. 80-658, §5-3-4; Act 2011-589, p. 1306, §1.)...
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5-13B-92
Section 5-13B-92 Representative office - Permissible activities. (a) A foreign bank which is licensed to establish and maintain an Alabama representative office may, subject to such regulations as the superintendent may prescribe, engage in the following activities: (1) Solicitation for loans and in connection therewith the assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans including making recommendations with respect to action thereon, solicitation of investors to purchase loans from the foreign bank, and the search for such investors to contract with the foreign bank for servicing of such loans; (2) The solicitation of new business; (3) The conduct of research; and (4) Back office administrative functions as may be more specifically defined in regulations issued by the superintendent. Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-92.htm - 2K - Match Info - Similar pages
27-42-13
Section 27-42-13 Prevention of insolvencies; examinations of insurers; reports. (a) To aid in the detection and prevention of insurer insolvencies, it shall be the duty of the board of directors, upon majority vote, to notify the commissioner of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the public. (b) The board of directors may, upon majority vote, request that the commissioner order an examination of any member insurer which the board in good faith believes may be in a financial condition hazardous to the policyholders or the public. Within 30 days of the receipt of such request, the commissioner shall begin such examination. The examination may be conducted as a National Association of Insurance Commissioners' examination or may be conducted by such persons as the commissioner designates. The cost of such examination shall be paid by the association and the examination report shall be treated as are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-42-13.htm - 2K - Match Info - Similar pages
5-2A-41
Section 5-2A-41 Meetings of board - Notice; executive session; confidentiality. (a) A meeting of the Banking Board may be held on call of the superintendent or any three members of the Banking Board. The superintendent shall give to each member of the Banking Board at least three days' notice of the time and place of any meeting of the Banking Board unless such notice is waived by all the members of the Banking Board. (b) At any meeting, the Banking Board may go into executive session in order to do any of the following: (1) Protect the confidentiality of reports or information under Sections 5-3A-3, 5-3A-11, and 5-13B-105 and other provisions of this title. (2) Review information concerning the condition and affairs of any proposed bank or trust company, any bank or trust company, any subsidiary or affiliate of a bank or trust company, or several banks or trust companies or their subsidiaries, or to review personal or financial information of individuals. (3) Accomplish any other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-2A-41.htm - 1K - Match Info - Similar pages
7-4A-204
Section 7-4A-204 Refund of payment and duty of customer to report with respect to unauthorized payment order. (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under Section 7-4A-202, or (ii) not enforceable, in whole or in part, against the customer under Section 7-4A-203, the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund. However, the customer is not entitled to interest from the bank on the amount to be refunded if the customer fails to exercise ordinary care to determine that the order was not authorized by the customer and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the date the customer received...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-204.htm - 1K - Match Info - Similar pages
8-19-7
Section 8-19-7 Exemptions. Nothing in this chapter shall apply to: (1) Acts done by the publisher, owner, agent or employee of a newspaper, periodical, radio, or television station or telephone company in the publication or dissemination of an advertisement, which the owner, agent, or employee did not have knowledge of the false, misleading or deceptive character of the advertisement; (2) Any seller of goods or services who meets all the following requirements: a. Has disseminated advertisement or promotional material from a manufacturer, packer, distributor, or other seller, from whom he has purchased the goods or services, unless the seller knew the advertisement or promotional material to be false or misleading; and b. On the request of the Attorney General or district attorney, provides the name and address of the manufacturer, packer, distributor or other seller from whom he has purchased the goods or services; and c. On the request of the Attorney General or district attorney,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-19-7.htm - 2K - Match Info - Similar pages
27-44-12
Section 27-44-12 Duties of commissioner and board with regard to detection and prevention of insolvencies or impairment. To aid in the detection and prevention of insurer insolvencies or impairment: (1) It shall be the duty of the commissioner: a. To notify the commissioners of those states, territories of the United States and the District of Columbia where such member company is licensed when he takes any of the following actions against a member insurer: 1. Revocation of license; 2. Suspension of license; 3. Makes any formal order that such company restrict its premium writing or obtain additional contributions to capital or surplus. Such notice shall be mailed to all commissioners within 30 days following the action taken or the date on which such action occurs. b. To report to the board of directors when he has taken any of the actions set forth in paragraph a. of this subdivision or has received a report from any other commissioner indicating that any such action has been taken...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-12.htm - 4K - Match Info - Similar pages
34-27-66
Section 34-27-66 Examination and license requirements; issuance and renewal of license; inactive status; change of address. (a) Any person desiring to act as a seller of vacation time-sharing plans shall file with the commission a written application upon such form as the commission shall designate and shall pass to the satisfaction of the commission the examination hereinafter prescribed. (b) Prerequisites for taking the vacation time-sharing sales examination are as follows: (1) Evidence satisfactory to the commission that the applicant bears a good reputation for honesty and truthfulness. (2) The applicant should not have been convicted of any criminal offense involving moral turpitude or of any felony in this or any other state. (3) The applicant shall be at least 19 years of age. (4) The applicant shall be a citizen of the United States or, if not a citizen of the United States, a person who is legally present in the United States with appropriate documentation from the federal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-66.htm - 8K - Match Info - Similar pages
27-2B-5
Section 27-2B-5 Regulatory action level event; commissioner's duties; determination of corrective actions; retention of consultants. (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC. (2) The notification by the commissioner to an insurer of an adjusted RBC report that indicates the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted RBC report that indicates the event in subdivision (1), the notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge. (4) The failure of the insurer to file an RBC report by the filing date, unless...
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