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10A-20-6.13
Section 10A-20-6.13 Deposit of securities with State Treasurer. Every health care service corporation
shall deposit with, and thereafter maintain on deposit with, the Treasurer of the State of
Alabama bonds of the United States government or of the State of Alabama, or of any subdivision
thereof, or first mortgages on real estate situated in Alabama securing an indebtedness not
in excess of 50 percent of the appraised value thereof, subject to the approval of the Commissioner
of Insurance, in an amount to be determined as of the first day of January of each year as
follows: (1) Every company whose gross annual premium receipts from business done within this
state for the preceding year ending December 31 are less than fifty thousand dollars ($50,000)
shall so deposit and maintain securities of par and market value not less than five thousand
dollars ($5,000); (2) Every company whose gross annual premium receipts so computed are in
excess of fifty thousand dollars ($50,000) and less...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-6.13.htm - 2K - Match Info - Similar pages
27-6-14
Section 27-6-14 Curing of deficiency in market value of deposit. (a) If for any reason the
market value of assets and securities of an insurer held on deposit in this state under this
title falls below the amount so required, the insurer shall promptly deposit other or additional
assets or securities eligible for deposit sufficient to cure such deficiency. If the insurer
has failed to cure the deficiency within 30 days after receipt of notice thereof by registered
or certified mail from the commissioner, the commissioner shall revoke the insurer's certificate
of authority. (b) If for any reason the market value of assets and securities of a domestic
life insurer, representing deposit of the reserves of certain of its outstanding registered
policies and registered annuity contracts under laws heretofore in force, falls below the
amount so required and as determined from the insurer's most recent annual statement or most
recent examination of the insurer by the commissioner, the insurer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-14.htm - 1K - Match Info - Similar pages
22-21-361
Section 22-21-361 Definitions. The following terms shall have the meanings respectively ascribed
by this section unless the context clearly indicates otherwise: (1) COMMISSIONER. The commissioner
of insurance of this state. (2) DENTAL SERVICE PLAN or PLAN. Any plan or other arrangement
whereby dental services are provided in whole or in part through a dental service corporation
by dentists participating in the plan to provide dental services to those members of the public
who become subscribers to the plan under a contract with such corporation. The terms "dental
service plan" or "plan" do not include an insurer authorized by the insurance
department to transact insurance in this state or to a nonprofit health insurance plan organized
pursuant to Section 10-4-100, or to any policy of insurance or contract which includes dental
benefits issued by such insurer or nonprofit health insurance plan. (3) DEPARTMENT. The Department
of Insurance. (4) LICENSE. The certificate of authority issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-361.htm - 1K - Match Info - Similar pages
22-21-389
Section 22-21-389 Nonprofit corporations organized prior to May 4, 1982. No nonprofit corporation,
organized under the laws of this state prior to May 4, 1982 to operate a dental service plan
in the state or any of the counties thereof, the charter or certificate of incorporation of
which has been approved or consented to by the insurance commissioner prior to May 4, 1982,
shall be required to incorporate or reincorporate as provided herein. However, every such
corporation desiring to operate such a plan shall file with the insurance commissioner its
acceptance of this article within six months from May 4, 1982, and every such corporation
so accepting this article shall continue, shall have all the powers, authority, and exemptions
of this article, and shall be subject to all the provisions hereof except as otherwise provided
herein. At the time of filing its acceptance, each such corporation must demonstrate to the
satisfaction of the department that it is in compliance with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-389.htm - 1K - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before soliciting
any applications for insurance required under Section 27-27-15, as qualification for the original
certificate of authority, the incorporators of the proposed mutual insurer shall file with
the commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of applicant members and creditors
of the corporation. The bond shall be conditioned as follows: (1) Upon payment of any loss
suffered by applicants who have cancelled or lapsed existing insurance policies due to misrepresentation
by the incorporators or by persons soliciting such applications under authorization by the
corporation, to the effect that the making of such application for insurance and prepayment
of premiums in such proposed insurer provides insurance protection prior to issuance of a
certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
41-14A-5
Section 41-14A-5 Collateral for public deposits; general provisions. (a) Every qualified public
depository shall maintain on deposit with a custodian, to be held subject to the order of
the State Treasurer or the State Treasurer's designee (which may be a financial institution
designated by the State Treasurer), eligible collateral having a market value equal to or
in excess of the amount of collateral required under this section. (b) Each qualified public
depository shall be required to pledge collateral, in accordance with procedures established
by the board of directors, equal to or exceeding the greater of the following: (1) The generally
applicable pledging requirement; and (2) the applicable percentage of the qualified public
depository's net average daily balance of public deposits established under rules or orders
adopted pursuant to subsection (c) or subsection (d) below. (c) The State Treasurer may, from
time to time, in his or her discretion require that certain qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-5.htm - 7K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this
title shall be held on deposit as long as there is outstanding any liability of the insurer
with respect to which the deposit was made. (b) Any such deposit shall be released and returned:
(1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact
such insurance in this state, or otherwise, of all liability of the insurer for the security
of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit
is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction,
to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other
properly designated official, or officials, who succeed to the management and control of the
insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon
written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
27-6-3
Section 27-6-3 Deposits of insurers - Composition. (a) All such deposits required under Sections
27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist
of certified checks, or certificates of deposit or any combination of securities, the market
value of which is readily ascertainable, and, if negotiable by delivery or assignment, of
the kinds described below: (1) United States government obligations; (2) State, county, municipal,
and school obligations; (3) Public improvement obligations; (4) Housing authority obligations;
(5) Obligations, stock of certain federal agencies; (6) Canadian governmental obligations;
(7) International banks; (8) Corporate obligations; (9) Equipment trust obligations; and (10)
Railroad leased lines, terminal obligations. (b) All such deposits required of a domestic
insurer pursuant to the laws of another state, province, or country shall be comprised of
securities, if negotiable by delivery or assignment, of the kind,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-3.htm - 3K - Match Info - Similar pages
41-14-30
Section 41-14-30 Deposit of funds in qualified public depositories; types of investments. (a)
The State Treasurer may deposit the money of the state in any available bank product in any
bank or savings association that is a qualified public depository under Chapter 14A of this
title and that has been designated as a state depositary according to law, so long as the
bank or savings association agrees to pay interest on the money. (b) The State Treasurer may
invest so much of the funds as he or she may deem appropriate in bonds, notes, or treasury
bills of the United States or in obligations of any agency or instrumentality of the United
States of America, including but not limited to the Federal Land Bank, Federal Home Loan Bank,
Federal National Mortgage Association, Federal Intermediate Credit Bank, banks for cooperatives,
Resolution Trust Corporation, or any of its other agencies, or in any other obligations guaranteed
as to principal and interest by the United States, or in money...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14-30.htm - 1K - Match Info - Similar pages
27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, ยง58.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-13.htm - 1K - Match Info - Similar pages
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