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27-27-14
Section 27-27-14 Solicitation permit for subsequent financing. (a) No insurer, or insurance
holding corporation, or stock corporation for financing operations of a mutual insurer, or
attorney-in-fact corporation, or a reciprocal insurer, or any other type of organization existing
for the same purpose, after: (1) It has received a certificate of authority, if an insurer,
in this or any other state; or (2) It has completed its initial organization and financing,
if a corporation, syndicate, or other organization other than an insurer, shall in this state
solicit or receive funds in exchange for its securities, other than when combining and selling,
for the account of its stockholders entitled thereto, fractional shares to which they become
entitled through a stock dividend to existing stockholders until it has applied to the commissioner
for, and has been granted, a solicitation permit. (b) The commissioner shall issue such a
permit unless he finds: (1) That the funds proposed to be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-14.htm - 2K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-27-5
Section 27-27-5 Solicitation permit - Application. To apply for a solicitation permit, the
person shall: (1) File with the commissioner a request therefor showing: a. Name, type and
purpose of insurer, corporation, syndicate, association, firm, partnership, or organization
formed or proposed to be formed; b. Names, addresses, business background, and qualifications
of each person associated, or to be associated, in the enterprise or in the formation of the
proposed insurer, corporation, syndicate, association, firm, partnership, or organization;
c. Full disclosure of the terms of all pertinent understandings and agreements existing or
proposed among persons so associated; and copies of all such agreements, relative to the proposed
financing of the insurer, corporation, syndicate, association, firm, partnership, or organization,
or the formation thereof; d. The plan according to which solicitations are to be made; and
e. Such additional information as the commissioner may reasonably...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-5.htm - 3K - Match Info - Similar pages
27-27-7
Section 27-27-7 Solicitation permit - Issuance; contents; compliance with terms. (a) Upon the
filing of any bond required by Sections 27-27-10 or 27-27-16, after notice by the commissioner
provided for in subsection (a) of Section 27-27-6, or upon his decision to grant a solicitation
permit if such a bond is not so required, the commissioner shall issue to the applicant or
to the newly formed corporation, if the application is on behalf of a newly formed incorporated
domestic insurer, a solicitation permit. Every solicitation permit issued by the commissioner
shall contain provisions in substance as follows: (1) State the securities or other rights
or interests for which subscriptions are to be solicited, the number, classes, par value,
and selling price thereof, or identify the insurance contract, or contracts, for which applications
and advance premiums or deposits of premium are to be solicited in the case of mutual or reciprocal
insurers; (2) Require that any particular class of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-7.htm - 5K - Match Info - Similar pages
27-27-4
Section 27-27-4 Solicitation permit - Requirement. (a) No person forming, or proposing to form,
in this state or secure funds in this state for the financing of an insurer, or insurance
holding corporation or stock corporation to finance an insurer or corporation to be attorney-in-fact
for a reciprocal insurer or a syndicate, association, firm, partnership, or organization for
any such purposes, whether domestic or foreign, shall advertise or solicit or receive any
funds, subscription, or membership on account thereof in this state except as authorized by
a currently effective solicitation permit issued by the commissioner, in addition to complying
with other applicable provisions of the law. (b) Any person violating this section shall,
upon conviction thereof, be subject to a fine of not more than $10,000.00 or imprisonment
for not more than 10 years, or by both such fine and imprisonment. (c) Any insurer violating
this section, in addition to any other penalties provided by law,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-4.htm - 1K - Match Info - Similar pages
27-27-10
Section 27-27-10 Solicitation permit - Bond or deposit in lieu thereof; waiver of same. (a)
Except as to proposed domestic insurers which are subject to the requirements of Section 27-27-16,
the commissioner shall not issue a solicitation permit until the applicant therefor has filed
with him 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 proposed Alabama investors in and creditors
of the proposed organization. (b) The bond shall be conditioned upon the payment of costs
incurred by the state in event of any legal proceedings for liquidation or dissolution of
the proposed organization before completion of organization or in event a certificate of authority
is not granted and upon a full accounting for funds received until the proposed insurer has
been granted its certificate of authority or until the proposed corporation, syndicate, organization,
or financing has been completed as defined in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-10.htm - 2K - Match Info - Similar pages
27-27-13
Section 27-27-13 Deposit of solicitation permit funds in escrow - Withdrawal and refund. The
commissioner shall withdraw all funds held in escrow under Section 27-27-12, and refund to
securities subscribers or purchasers all sums paid in on securities subscriptions, less that
part of such sums paid in as has been allowed and used for promotion, sales, and organization
expenses, and shall dissolve the proposed domestic insurer, corporation, syndicate, or organization
if: (1) It fails to complete its organization or financing and obtain full payment for subscriptions
and, if to be an insurer, it fails to secure its certificate of authority, all before expiration
of the solicitation permit; or (2) The commissioner revokes the solicitation permit. (Acts
1971, No. 407, p. 707, ยง509.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-13.htm - 1K - Match Info - Similar pages
27-27-6
Section 27-27-6 Solicitation permit - Approval or denial. (a) The commissioner shall expeditiously
examine the application for a solicitation permit and make such investigation relative thereto
as he deems necessary, subject to subsection (b) of this section, if he finds that: (1) The
application is complete; (2) The documents therewith filed are proper in form; and (3) The
proposed articles of incorporation of any proposed domestic insurer comply with this title
and are not in conflict with the Constitution and laws of the United States or of this state;
He shall give notice to the applicant that he will approve and file the articles of incorporation,
if a proposed corporation, and issue a solicitation permit, stating the terms to be contained
therein, upon the filing of any bond required by Sections 27-27-10 or 27-27-16. (b) If the
commissioner does not so find, or finds that any proposed sale of securities would be, or
tend to be, fraudulent or inequitable as to present or proposed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-6.htm - 2K - Match Info - Similar pages
5-5A-44
Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure. (a) No person,
acting directly or indirectly or through or in concert with one or more persons, may acquire
control of a state bank or of any corporation or other entity having control of a state bank,
unless an application is filed with the superintendent for review of the proposed transaction
and for his or her action, if any, as provided in this section. (b) The application shall
be on a form prescribed by the superintendent and shall be made under oath. The application
must contain all information that the superintendent by regulation requires to be furnished
in an application, as well as any information that the superintendent orders to be included
in the particular application being filed and shall be accompanied by the filing fee prescribed
by the Banking Board. For the purposes of this section, the Banking Board may reduce or waive
any prescribed fees for applications where a change of control...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-44.htm - 11K - 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
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