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27-31C-3
Section 27-31C-3 License to provide homeowners insurance; exemptions; powers and duties. (a)
An Alabama Coastal Captive Insurance Company, if permitted by its articles of incorporation
or organization, operating agreements, or charter, may apply to the commissioner for a license
to write homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined
and limited in the standard real property and contents insurance forms as approved by the
commissioner. (b) An Alabama Coastal Captive Insurance Company that qualified as an association
captive under the provisions of Section 27-31B-8 is exempt from the requirement that the association
be in existence for one year so long as the association is in good standing as an entity before
becoming an owner of an Alabama Coastal Captive Insurance Company. (c) An Alabama Coastal
Captive Insurance Company may write homeowners insurance coverage as limited in Section 27-31B-3(a)(4)
and as limited to perils described in subsection (a)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31C-3.htm - 6K - 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
27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its articles
of association, charter, or other organizational document, may apply to the commissioner for
a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5, in subdivisions
(1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of subsection (a)
of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10, and to grant annuity contracts
as defined in Section 27-5-3, subject, however, to all of the following: (1) No pure captive
insurance company may insure any risks other than those of its parent and affiliated companies
or controlled unaffiliated business. (2) No association captive insurance company may insure
any risks other than those of the member organizations of its association, and their affiliated
companies. (3) No industrial insured captive insurance company may insure any risks other
than those of the industrial insureds that comprise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-3.htm - 11K - 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
27-21A-18
Section 27-21A-18 Rehabilitation, liquidation, or conservation of a health maintenance organization.
(a) Any rehabilitation, liquidation, or conservation of a health maintenance organization
shall be deemed to be the rehabilitation, liquidation, or conservation of an insurance company
and shall be conducted under the supervision of the commissioner pursuant to the law governing
the rehabilitation, liquidation, or conservation of insurance companies. The commissioner
may apply for an order directing him to rehabilitate, liquidate, or conserve a health maintenance
organization upon any one or more grounds set out in Section 27-32-6, or when in his opinion
the continued operation of the health maintenance organization would be hazardous either to
the enrollees or to the people of this state. Enrollees shall have the same priority in the
event of liquidation or rehabilitation as the law provides to policyholders of an insurer.
(b) A claim by a health care provider for an uncovered...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-18.htm - 1K - Match Info - Similar pages
27-29-5
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and
other distributions. (a) Transactions within an insurance holding company system to which
an insurer subject to registration is a party shall be subject to all of the following standards:
(1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and management
shall include such provisions as required by rule and regulation issued by the commissioner.
(3) Charges or fees for services performed shall be reasonable. (4) Expenses incurred and
payment received shall be allocated to the insurer in conformity with customary insurance
accounting practices consistently applied. (5) The books, accounts, and records of each party
to all such transactions shall be so maintained as to clearly and accurately disclose the
nature and details of the transactions including such accounting information as is necessary
to support the reasonableness of the charges or fees to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-5.htm - 11K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
27-21A-7
Section 27-21A-7 Evidence of coverage and charges for health care services. (a)(1) Every enrollee
residing in this state is entitled to an evidence of coverage. If the enrollee obtains such
coverage through an insurance policy or a contract issued by a health care service plan, the
insurer or the health care service plan shall issue the evidence of coverage. Otherwise, the
health maintenance organization shall issue the evidence of coverage. (2) No evidence of coverage,
or amendment thereto, shall be issued or delivered to any person in this state until a copy
of the basic form of the evidence of coverage, or amendment thereto, has been filed with the
commissioner and the State Health Officer, and approved by the commissioner. (3) An evidence
of coverage shall contain: a. No provisions or statements which encourage misrepresentation,
or which are untrue, misleading, or deceptive as defined in subsection (a) of Section 27-21A-13;
and b. A clear and concise statement, if a contract, or a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-7.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-5.htm - 5K - Match Info - Similar pages
27-29-1
Section 27-29-1 Definitions. For purposes of this chapter, unless otherwise stated, the following
terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE.
The term shall include an affiliate of, or person affiliated with, a specific person, and
shall mean a person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the person specified. (2) COMMISSIONER.
The Commissioner of Insurance, his or her deputies, or the Insurance Department as appropriate.
(3) CONTROL. The term shall include controlling, controlled by, or under common control with
and shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a person, whether through the ownership of voting securities,
by contract other than a commercial contract for goods or nonmanagement services, or otherwise,
unless the power is the result of an official...
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