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27-36A-11
Section 27-36A-11 Optional reserve calculation. (a) Reserves for policies and contracts issued
prior to January 1, 1972, may be calculated, at the option of the company, according to any
standards which produce greater aggregate reserves for all policies and contracts than the
minimum reserves required by the laws in effect immediately prior to that date. (b) Reserves
for any category of policies, contracts, or benefits issued on or after January 1, 1972, may
be calculated, at the option of the company, according to any standards which produce greater
aggregate reserves for the category than those calculated according to the minimum standard
provided in this chapter, but the rate or rates of interest used for policies and contracts,
other than annuity and pure endowment contracts, shall not be higher than the corresponding
rate or rates of interest used in calculating any nonforfeiture benefits provided for therein.
(c) A company which at any time shall have adopted any standard of...
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27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections 27-36A-6,
27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies and contracts
issued prior to May 28, 1996, shall be that provided by the laws in effect immediately prior
to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and 27-36A-14,
the minimum standard for the valuation of all policies and contracts issued on or after May
28, 1996, shall be the commissioners reserve valuation method defined in Sections 27-36A-8,
27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in the case of
life insurance policies and contracts, other than annuity and pure endowment contracts, issued
on or after August 23, 1976, four percent interest for the policies issued prior to July 30,
1979, and five and one-half percent interest for single premium life insurance policies and
four and one-half percent interest for all other policies...
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27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part of
the annual statement required under Section 27-34-36, each society shall, on or before March
1, file with the commissioner a valuation of its certificates in force on December 31 last
preceding; provided, however, that the commissioner may, in his discretion for cause shown,
extend the time for filing such valuation for not more than two calendar months. Such report
of valuation shall show, as reserve liabilities, the difference between the present midyear
value of the promised benefits provided in the certificates of such society in force and the
present midyear value of the future net premiums as the same are in practice actually collected,
not including therein any value for the right to make extra assessments and not including
any amount by which the present midyear value of future net premiums exceeds the present midyear
value of promised benefits on individual certificates. At the option of...
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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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27-44-9
Section 27-44-9 Assessments. (a) For the purpose of providing the funds necessary to carry
out the powers and duties of the association, the board of directors shall assess the member
insurers, separately for each account, at such time and for such amounts as the board finds
necessary. Assessments shall be due not less than 30 days after prior written notice to the
member insurers and shall accrue interest at six percent per annum on and after the due date.
(b) There shall be two classes of assessments, as follows: (1) Class A assessments shall be
authorized and called for the purpose of meeting administrative and legal costs and other
expenses. Class A assessment may be authorized and called whether or not related to a particular
impaired or insolvent insurer. (2) Class B assessments shall be authorized and called to the
extent necessary to carry out the powers and duties of the association under Section 27-44-8
with regard to an impaired or insolvent insurer. (c)(1) The amount of a...
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25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks.
An employer subject to this chapter may secure the payment of compensation under this chapter
by insuring and keeping insured his or her liability in some insurance corporation, association,
organization, insurance association, corporation, or association formed of employers and workers
or formed by a group of employers to insure the risks under this chapter, operating by mutual
assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association,
organization, or corporation shall have first had its contract and plan of business approved
in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized
by the Department of Insurance to transact the business of workers' compensation insurance
in this state and under the plan. Notwithstanding any other provision of the law to the contrary,
the obligations of employers under law for...
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27-36A-10
Section 27-36A-10 Minimum reserves. (a) In no event shall a company's aggregate reserves for
all life insurance policies, excluding disability and accidental death benefits, issued on
or after January 1, 1972, be less than the aggregate reserves calculated in accordance with
the methods set forth in Sections 27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-13 and the mortality
table or tables and rate or rates of interest used in calculating nonforfeiture benefits for
the policies. (b) In no event shall the aggregate reserves for all policies, contracts, and
benefits be less than the aggregate reserves determined by the qualified actuary to be necessary
to render the opinion required by Section 27-36A-4. (Act 2016-411, ยง2.)...
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27-17-16
Section 27-17-16 Valuation of life insurance reserve liabilities for burial insurance policies;
increase in amount of insurance; minimum standards for valuation; notice to commissioner as
to change in valuation standards; increase in retail value, nonforfeiture value, and cash
surrender value; construction with other laws. (a) Except as hereinafter provided, any authorized
insurer who issues or has heretofore issued "burial insurance" in this state shall
value the life insurance reserve liabilities for such policies (hereinafter "burial reserves")
in accordance with the provisions of Section 27-36-7. (b) An insurer shall increase the amount
of insurance on which its burial reserves are based, not to exceed the retail value of such
benefits as stated in the policies, when appropriate to reflect an increase in the costs to
the insurer of providing the policy benefits. When an insurer shall increase the amount of
insurance for this purpose, it shall be permitted to change the assumed...
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22-18-50
Section 22-18-50 Enactment and text of Emergency Medical Services Personnel Licensure Interstate
Compact. The Emergency Medical Services Personnel Licensure Interstate Compact is hereby enacted
into law and entered into with all other jurisdictions legally joining therein in form substantially
as follows: SECTION 1. PURPOSE In order to protect the public through verification of competency
and ensure accountability for patient care related activities all states license emergency
medical services (EMS) personnel, such as emergency medical technicians (EMTs), advanced EMTs
and paramedics. This Compact is intended to facilitate the day to day movement of EMS personnel
across state boundaries in the performance of their EMS duties as assigned by an appropriate
authority and authorize state EMS offices to afford immediate legal recognition to EMS personnel
licensed in a member state. This Compact recognizes that states have a vested interest in
protecting the public's health and safety...
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27-36A-3
Section 27-36A-3 Reserve valuation. (a) Policies and contracts issued prior to the operative
date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued,
the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies
and annuity and pure endowment contracts of every life insurance company doing business in
this state issued on or after January 1, 1972, and prior to the operative date of the valuation
manual. In calculating reserves, the commissioner may use group methods and approximate averages
for fractions of a year or otherwise. In lieu of the valuation of the reserves required of
any foreign or alien insurer, the commissioner may accept any valuation made, or caused to
be made, by the insurance supervisory official of any state or other jurisdiction when valuation
complies with the minimum standard provided in this chapter. (2) The provisions set forth
in Sections 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8,...
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