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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...
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27-2A-3
Section 27-2A-3 Materiality; scope; information to be reported. (a) Materiality. No acquisitions
or dispositions of assets need be reported, pursuant to Section 27-2A-2, if the acquisitions
or dispositions are not material. For purposes of this section, a material acquisition (or
the aggregate of any series of related acquisitions during any 30-day period) or disposition
(or the aggregate of any series of related dispositions during any 30-day period) is one that
is nonrecurring and not in the ordinary course of business and involves more than five percent
of the reporting insurer's total admitted assets as reported in its most recent statutory
statement filed with the insurance department of the insurer's state of domicile. (b) Scope.
(1) Asset acquisitions subject to this chapter include every purchase, lease, exchange, merger,
consolidation, succession, or other acquisition, other than the construction or development
of real property, by or for the reporting insurer or the...
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27-41-39
Section 27-41-39 Investments of foreign and alien insurers; cash equivalents. (a) The investments
of a foreign or alien insurer shall be as permitted by the laws of its domicile, but shall
be of a quality and diversity substantially equivalent to that required of like domestic insurers
under this chapter. (b)(1) Cash equivalents are exempt from the limitations of this section.
(2) Cash equivalents means investments with a maturity of 90 days or less which are highly
rated by a nationally recognized statistical rating organization recognized by the Commissioner
of Insurance and which are highly liquid, readily convertible to known amounts of cash without
penalty, and so near maturity that they present insignificant risk of change in value. (Acts
1977, No. 408, p. 530, §40; Act 2013-197, p. 386, §1.)...
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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
27-35-7
Section 27-35-7 Conversion into stock or mutual life insurance company - Provisions for certificate
holders to subscribe to stock. If the fraternal benefit society is to be converted into a
stock life insurer, the plan of conversion shall make reasonable provisions under which each
adult certificate holder of the society shall have the preemptive right to subscribe to and
purchase that proportion of the total authorized capital which the amount of his insurance
bears to the society's total insurance in force at a date to be specified in such plan; except,
that if more than 75 percent of the society's adult certificate holders are residents of this
state, such preemptive right may, in the commissioner's discretion, under the plan be limited
to such residents. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §733.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-35-7.htm - 1K - Match Info - Similar pages
27-44-11
Section 27-44-11 Duties and powers of commissioner; appeal and review; notification. In addition
to the duties and powers enumerated elsewhere in this chapter: (1) The commissioner shall:
a. Upon request of the board of directors, provide the association with a statement of the
premiums in the appropriate states for each member insurer. b. When an impairment is declared
and the amount of the impairment is determined, serve a demand upon the impaired insurer to
make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute
notice to its shareholders, if any. The failure of the insurer to promptly comply with such
demand shall not excuse the association from the performance of its powers and duties under
this chapter. c. In any liquidation or rehabilitation proceeding involving a domestic insurer,
petition the court of competent jurisdiction to have the chief of the receivership division
appointed as the liquidator or rehabilitator. If a foreign or...
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27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-29.htm - 5K - Match Info - Similar pages
27-28-2
Section 27-28-2 Plan for exchange of stock, etc., between domestic stock insurer and holding
company - Procedure for exchange. A plan of exchange shall be adopted and become effective
in the following manner: (1) APPROVAL OF THE BOARDS OF DIRECTORS. - The boards of directors
of each corporate party to the plan of exchange by resolution shall adopt the plan of exchange
which shall set forth the terms and conditions of the exchange and the mode of carrying the
same into effect and such other provisions with respect to the exchange as may be deemed necessary
or desirable. (2) APPROVAL OF COMMISSIONER. - Every plan of exchange, before being submitted
to vote of the stockholders pursuant to subdivision (3) of this section, shall be submitted
for approval to the commissioner in accordance with the following procedure: a. After the
approval required by subdivision (1) of this section is obtained, the domestic company shall
submit to the commissioner three copies of the plan of exchange and...
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27-29-2
Section 27-29-2 Subsidiaries and affiliates of domestic insurers. (a) Authorization. A domestic
insurer, either by itself or in cooperation with one or more persons, may organize or acquire
one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses
and their authority to do so shall not be limited by reason of the fact that they are subsidiaries
or affiliates of a domestic insurer. (b) Additional investment authority. In addition to investments
in common stock, preferred stock, debt obligations, and other securities permitted under all
other sections of this title, a domestic insurer may also: (1) Invest, in common stock, preferred
stock, debt obligations, and other securities of one or more subsidiaries, amounts which do
not exceed the lesser of 10 percent of such insurer's assets or 50 percent of the insurer's
surplus as regards policyholders, provided that after such investments, the insurer's surplus
as regards policyholders will be reasonable in...
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27-30-14
Section 27-30-14 Contracts - Issuance; contents; approval by commissioner. (a) A mutual aid
association shall issue to each member or policyholder a contract, in the English language,
printed or reproduced by other easily legible means, and whether called a "certificate,"
"policy," "agreement," or by whatever name, setting forth the aid and
benefits for which the association is liable as to the respective individuals covered by such
contract and the terms and conditions thereof and the amounts payable to the association on
account of such contract and the terms and conditions of such payments. Any contract providing
for aid, service, funeral, or other benefits payable otherwise than in cash shall set forth
the reasonable cash value at retail of such aid, service, funeral, and other benefits, together
with the valuation of such benefits for the purpose of computation of the reserves as provided
in Section 27-30-17. (b) No provision or agreement not contained in such contract shall be...
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