27-25-4.8
Section 27-25-4.8 Implementation. (a) The commissioner, by rule pursuant to Chapter 2, may provide for the implementation of the requirements of this chapter. (b) Each title insurance agent certificate of authority in force prior to January 1, 2013, shall be issued a replacement title insurance agent license and appointment upon payment of the annual fee in the amount set forth in Section 27-25-4 prior to January 1, 2013. A replacement title insurance agent shall be authorized to continue to issue title insurance policies in the same manner as permitted in Section 27-25-4 prior to January 1, 2013. (c) A replacement title insurance agent license issued in accordance with subsection (b) shall be valid for six months, during which time the person shall satisfy the requirements for a title insurance agent license pursuant to Sections 27-25-4.1 and 27-25-4.3 or the replacement license shall thereupon expire and be canceled. The appointment issued in accordance with subsection (b) shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-25-4.8.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-18.htm - 1K - Match Info - Similar pages
27-35-2
Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion; approval or disapproval thereof. (a) The proposed plan for the conversion of the society into a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms and conditions thereof. After approval of the plan by the society's board of directors, the society shall file the plan of conversion with the commissioner. (b) If, upon examination thereof, the commissioner is of the opinion that the plan is complete, is in compliance with the law, is fair and equitable to the certificate holders and interests of the society and that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise, the commissioner shall disapprove the plan. If not disapproved and written notice thereof given the society within 30 days after the date of filing with the commissioner, the plan shall be deemed to have been approved as of the expiration of such 30 days'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-2.htm - 1K - Match Info - Similar pages
40-14B-1
Section 40-14B-1 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) AFFILIATE. An affiliate of another person shall include any of the following: a. A person who directly or indirectly either: 1. Beneficially owns 15 percent or more of the outstanding voting securities or other voting ownership interests of the other person, whether through rights, options, convertible interests, or otherwise; or 2. Controls or holds power to vote 15 percent or more of the outstanding voting securities or other voting ownership interests of the other person. b. A person owning 15 percent or more of the outstanding voting securities or other voting ownership interests of which are directly or indirectly either: 1. Beneficially owned by the other person, whether through rights, options, convertible interests, or otherwise; or 2. Controlled or held with power to vote by the other person. c. A partnership or limited liability company in which the other person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14B-1.htm - 7K - Match Info - Similar pages
8-33-6
Section 8-33-6 Conditions for policies. No warranty reimbursement insurance policy shall be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) The policy states that the issuer of the policy will reimburse or pay on behalf of the vehicle protection product warrantor all covered sums which the warrantor is legally obligated to pay or will provide all service that the warrantor is legally obligated to perform according to the warrantor's contractual obligations under the provisions of the insured warranties sold by the warrantor. (2) The policy states that in the event payment due under the terms of the warranty is not provided by the warrantor within 60 days after proof of loss has been filed according to the terms of the warranty by the warranty holder, the warranty holder may file directly with the warranty reimbursement insurance company for reimbursement. (3) The policy provides that a warranty reimbursement insurance company that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-33-6.htm - 2K - Match Info - Similar pages
2-28-8
Section 2-28-8 Regulation of performance of structural pest control work generally. (a) Conduct of business generally; operation and supervision of main offices, branches, and suboffices. Every person who engages in structural pest control work shall conduct the work from an established location or place of business, and the person or another individual as a full-time resident employee of the person who has been certified by the commissioner as being qualified for a permit as a certified operator shall be in charge of and responsible for the person's structural pest control work. The residence of the owner or an employee from which structural pest control work is conducted may be considered an established location. Where a person has more than one separate place of business or location, the person shall obtain a permit for each separate location or place of business, and each separate location from which structural pest control work is conducted, including a branch office but not...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-28-8.htm - 4K - Match Info - Similar pages
27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity contracts issued after June 30, 2006, or by election under this section until June 30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This section shall not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - Match Info - Similar pages
27-15-8.1
Section 27-15-8.1 Life insurance policy provisions - Maximum rates of interest on policy loans. (a) For purposes of this section the "published monthly average" means: (1) The Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's Investors Service, Inc., or any successor thereto; or (2) In the event that the Monthly Average of the Composite Yield on Seasoned Corporate Bonds is no longer published, a substantially similar average, established by regulation issued by the commissioner. (b)(1) Policies issued on or after May 15, 1981, shall provide for policy loan interest rates as follows: a. A provision permitting a maximum interest rate of not more than eight percent per annum; or b. A provision permitting an adjustable maximum interest rate established from time to time by the life insurer as permitted by law. (2) The rate of interest charged on a policy loan made under subdivision (1) of this subsection shall not exceed the higher of the following:...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-8.1.htm - 4K - Match Info - Similar pages
27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term care insurance policy, the person who seeks to contract for benefits. b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued under a group long-term care insurance policy, which policy has been delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for delivery in this state and issued to any of the following: a. One or more employers or labor organizations, or to a trust or to the trustees of a fund established by one or more employers or labor organizations, or a combination thereof, for employees or former employees or a combination thereof, or for members or former members or a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-103.htm - 9K - Match Info - Similar pages
27-7-5
Section 27-7-5 Licenses - Qualifications. (a) An individual applying for a resident insurance producer license shall make application to the commissioner on the Uniform Application, and an individual applying for a service representative license shall make application to the commissioner on the application prescribed by the commissioner, each declaring under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual has satisfied all of the following: (1) The individual is at least 18 years of age. (2) The individual has not committed any act that is a ground for denial, suspension, or revocation set forth in Section 27-7-19. (3) The individual has completed a prelicensing course of study for the lines of authority for which the person has applied, consisting of 20 classroom...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-7-5.htm - 6K - Match Info - Similar pages
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