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27-21A-6
Section 27-21A-6 Fiduciary responsibilities of directors, officers, employees, and partners.
(a) Any director, officer, employee, or partner of a health maintenance organization who receives,
collects, disburses, or invests funds in connection with the activities of such organization
shall be responsible for such funds in a fiduciary relationship to the organization. (b) A
health maintenance organization shall maintain in force a fidelity bond on employees and officers
in an amount not less than $25,000 or such other sum as may be prescribed by the commissioner.
All such bonds shall be written with at least a one-year discovery period and if written with
less than a three-year discovery period shall contain a provision that no cancellation or
termination of the bond, whether by or at the request of the insured or by the underwriter,
shall take effect prior to the expiration of 90 days after written notice of such cancellation
or termination has been filed with the commissioner unless...
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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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27-32-27.1
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral
pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the
following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal
home loan bank established pursuant to the Federal Home Loan Bank Act, 12 U.S.C. Section 1421,
et seq. (2) INSURER MEMBER. An insurer who is a member of a federal home loan bank. (b) Notwithstanding
any other provision of this chapter, the receiver for an insurer member may not void any transfer
of, or any obligation to transfer, money or any other property arising under or in connection
with any federal home loan bank security agreement, or any pledge, security, collateral, or
guarantee agreement, or any other similar arrangement or credit enhancement relating to a
federal home loan bank security agreement made in the ordinary course of business and in compliance
with the applicable federal home loan bank...
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27-32-6
Section 27-32-6 Grounds - Rehabilitation of domestic insurers. The commissioner may apply to
the court for an order appointing him as receiver of, and directing him to rehabilitate, a
domestic insurer upon one or more of the following grounds. That the insurer: (1) Is impaired
or insolvent; (2) Has refused to submit any of its books, records, accounts, or affairs to
reasonable examination by the commissioner; (3) Has concealed or removed records or assets
or otherwise violated Section 27-27-29; (4) Has failed to comply with an order of the commissioner
to make good an impairment of capital or surplus, or both; (5) Has transferred, or attempted
to transfer, substantially its entire property or business or has entered into any transaction
the effect of which is to merge substantially its entire property or business in that of any
other insurer without having first obtained the written approval of the commissioner; (6)
Has willfully violated its charter or articles of incorporation or any...
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27-36A-7
Section 27-36A-7 Computation of minimum standard by calendar year of issue. (a) The interest
rates used in determining the minimum standard for the valuation of the following shall be
the calendar year statutory valuation interest rates as defined in this section: (1) Life
insurance policies issued in a particular calendar year, on or after the operative date of
Section 27-15-78. (2) Individual annuity and pure endowment contracts issued in a particular
calendar year on or after January 1, 1982. (3) Annuities and pure endowments purchased in
a particular calendar year on or after January 1, 1982, under group annuity and pure endowment
contracts. (4) The net increase, if any, in a particular calendar year after January 1, 1982,
in amounts held under guaranteed interest contracts. (b) Calendar year statutory valuation
interest rates. (1) The calendar year statutory valuation interest rates, I, shall be determined
as follows and the results rounded to the nearest one-quarter of one...
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27-34-48
Section 27-34-48 Consolidation or merger - Procedure. (a) A domestic society may consolidate
or merge with any other society by complying with the provisions of this section. It shall
file with the commissioner: (1) A certified copy of the written contract containing, in full,
the terms and conditions of the consolidation or merger; (2) A sworn statement by the president
and secretary, or corresponding officers, of each society showing the financial condition
thereof on a date fixed by the commissioner, but not earlier than December 31 next preceding
the date of the contract; (3) A certificate of such officers, duly verified by their respective
oaths, that the consolidation or merger has been approved by a two-thirds vote of the supreme
legislative or governing body of each society; and (4) Evidence that at least 60 days prior
to the action of the supreme legislative or governing body of each society, the text of the
contract has been furnished to all members of each society, either by...
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27-31A-2
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER.
The Insurance Commissioner of this state or the commissioner, director, or superintendent
of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out
of the installation, maintenance, or repair of any product at a site which is not owned or
controlled by either of the following: a. Any person who performs that work. b. Any person
who hires an independent contractor to perform that work, but shall include liability for
activities which are completed or abandoned before the date of the occurrence giving rise
to the liability. (3) DOMICILE. For purposes of determining the state in which a purchasing
group is domiciled: a. For a corporation, the state in which the purchasing group is incorporated.
b. For an unincorporated entity, the state of its principal place of...
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10A-20-7.02
Section 10A-20-7.02 Incorporation. (a) Five or more financial institutions or persons, a majority
of whom shall be residents of this state, who may desire to create an industrial development
corporation under the provisions of this article for the purpose of promoting, developing,
and advancing the prosperity and economic welfare of the state and, to that end, to exercise
the powers and privileges provided in this article may be incorporated by delivering to the
Secretary of State for filing a certificate of formation. The filing of the certificate shall
be accompanied by a filing fee in the amount prescribed to be paid to the Secretary of State
under Section 10A-1-4.31 in connection with the filing of a certificate of formation. The
certificate of formation shall contain: (1) The name of the corporation which shall include
the words "industrial development corporation of Alabama." (2) The location of the
principal office of the corporation, but the corporation may have offices in...
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40-14-41
Section 40-14-41 (Not Effective After December 31, 1999) Levy on foreign corporations. (a)
Amount of levy. Every corporation organized under the laws of any other state, nation, or
territory and doing business in this state, except strictly benevolent, educational, or religious
corporations, shall pay annually to the state an annual franchise tax of three dollars ($3)
on each one thousand dollars ($1,000) of the actual amount of its capital employed in this
state. Corporations which have qualified to do business in this state shall for the purpose
of this title prima facie be held to be doing business in Alabama. However, in no event shall
the amount paid by any corporation for annual franchise tax be less than the sum of twenty-five
dollars ($25). (b) Definition of capital. The total capital of such foreign corporation, herein
referred to as the "taxpayer," shall equal the aggregate net amount of the following
items determined in accordance with generally accepted accounting...
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40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for
in the project agreement, the incentivized company is allowed an investment credit in an annual
amount equal to 1.5 percent of the capital investment incurred as of the beginning of the
incentive period, to be used as follows: (1) To offset the income taxes found in this chapter,
or as an estimated tax payment of income taxes; (2) To offset the financial institution excise
tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a),
or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To
offset some combination of the foregoing, so long as the same credit is used only once. The
incentive period shall begin no earlier than the placed-in-service date. The incentive period
shall be 10 years. Should only some portion of a tax year be included in the incentive period,
the amount of the investment credit shall be prorated on a daily...
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