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27-10-26
Section 27-10-26 Eligibility of insurers for placement of surplus line insurance. (a) A surplus
line broker shall not knowingly place surplus line insurance with an insurer that is unsound
financially, or that is ineligible under this section. The broker shall ascertain the financial
condition of the unauthorized insurer before placing insurance therewith. (b) The broker shall
not so insure with any of the following: (1) With any insurer which is not an authorized insurer
in at least one state of the United States for the kind of insurance involved, and with capital
or surplus, or both, amounting to at least five million dollars ($5,000,000); or guaranteed
trust fund amounting to at least five million dollars ($5,000,000). (2) With an alien insurer
not authorized to transact insurance in at least one state of the United States, unless the
insurer shall have established an effective trust fund of at least two million five hundred
thousand dollars ($2,500,000) within the United States...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-26.htm - 4K - Match Info - Similar pages
27-12A-2
Section 27-12A-2 Insurance fraud - definition. A person commits the crime of insurance fraud
if, knowingly and with intent to defraud, he or she commits, or conceals any material information
concerning, one or more of the following acts: (1) The solicitation or acceptance of new or
renewal insurance risks on behalf of an insurer, reinsurer, or other person engaged in the
transaction of the business of insurance, by a person who knows the insurer, reinsurer, or
other person responsible for the risk is financially unable to pay its claims at the time
of the transaction. (2) The removal, concealment, alteration, or destruction of the assets
or records relating to the transaction of the business of insurance of an insurer, reinsurer,
or other person engaged in the transaction of the business of insurance. This section does
not prohibit an insurer, reinsurer, or other person engaged in the transaction of the business
of insurance from destroying records or documents relating to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12A-2.htm - 3K - Match Info - Similar pages
27-3-11
Section 27-3-11 Deposit requirements - Generally. (a) The commissioner shall not issue or permit
to exist a certificate of authority as to any insurer, other than an alien insurer, unless
it has deposited and maintains deposited in trust with the Treasurer of this state cash or
securities eligible under Section 27-6-3 and having a value at all times of not less than
$100,000.00 or the minimum paid-in capital stock, if a stock insurer, or surplus, if a mutual
or reciprocal insurer, required to be maintained by the insurer under this title for authority
to transact the kinds of insurance to be transacted, whichever is the smaller amount. (b)
The deposit shall be for the general benefit and protection of the insurer's policyholders
or its policyholders and creditors. (c) In lieu of such deposit, or part thereof, in this
state of a foreign insurer, the commissioner shall, subject to the retaliatory law, Section
27-3-29, accept the current certificate in proper form of the public official...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-11.htm - 3K - Match Info - Similar pages
27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-1.htm - 4K - Match Info - Similar pages
10A-20-7.11
Section 10A-20-7.11 Loans to corporation by members. Each member of the corporation shall make
loans to the corporation as and when called upon by it to do so on the terms and other conditions
as shall be approved from time to time by the board of directors, subject to the following
conditions: (1) All loan limits shall be established at the one thousand dollars ($1,000)
amount nearest to the amount computed in accordance with the provisions of this section. (2)
No loan to the corporation shall be made if immediately thereafter the total amount of the
obligations of the corporation would exceed 50 times the amount then paid in on the outstanding
capital stock of the corporation. (3) The total amount outstanding on loans to the corporation
made by any member at any one time, when added to the amount of the investment in the capital
stock of the corporation then held by the member, shall not exceed: a. Twenty percent of the
total amount then outstanding on loans to the corporation by all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.11.htm - 3K - Match Info - Similar pages
27-15-29
Section 27-15-29 Prohibited policy plans. (a) No insurer shall hereafter deliver or issue for
delivery in this state any policy or contract providing for the establishment of its policyholders
or members into divisions and classes and for payment of benefits from special funds created
for such purpose to the oldest member of the division and class or to the member of the division
and class whose policy has been in force the longest period of time upon the death of a member
in such division and class, or under any other similar plan; except, that any insurer heretofore
operating on such a plan in this state, whether by conversion from a fraternal benefit society
or otherwise, may continue to do so upon the condition that the insurer shall not hereafter
establish its policyholders or members into any new divisions, classes or groupings of any
kind, other than those heretofore established and containing subsisting policies heretofore
issued, and that the insurer, if a stock insurer, shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-29.htm - 2K - Match Info - Similar pages
27-27-48
Section 27-27-48 Bulk reinsurance - Domestic mutual insurers. (a) A domestic mutual insurer
may reinsure all, or substantially all, its business in force or all, or substantially all,
of a major class thereof with another insurer, stock or mutual, by an agreement of bulk reinsurance
after compliance with this section. No such agreement shall become effective unless filed
with the commissioner and approved by him in writing after a hearing thereon. (b) The commissioner
shall approve such agreement within a reasonable time after filing if he finds it to be fair
and equitable to each domestic insurer involved, and that such reinsurance if effectuated
would not substantially reduce the protection or service to its policyholders. If the commissioner
does not so approve, he shall so notify each insurer involved in writing, specifying his reasons
therefor. (c) The plan and agreement for such reinsurance must be approved by vote of not
less than two-thirds of each domestic mutual insurer's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-48.htm - 2K - Match Info - Similar pages
27-3-6.1
Section 27-3-6.1 Authority to transact insurance - Kind or combinations of kinds - Closing
or settlement protection. (a) Notwithstanding the provisions of subdivision (3) of Section
27-3-6, a title insurer may issue closing or settlement protection to a person who is a party
to a transaction in which a title insurance policy will be issued. (b) The form of closing
or settlement protection shall be submitted to and approved by the commissioner. (c) The closing
or settlement protection may indemnify a person only against loss of closing or settlement
funds because of one of the following acts of a settlement agent, such as a title insurance
agent or other settlement service provider which has been approved by the title insurer for
such protection, under the terms and conditions of the closing protection as approved by the
commissioner: (1) Theft or misappropriation of settlement funds in connection with a transaction
in which a title insurance policy or title insurance policies will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-6.1.htm - 4K - Match Info - Similar pages
27-12A-1
Section 27-12A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) COMMISSIONER. The Alabama Commissioner of Insurance or his or her designee.
(2) DEPARTMENT. The Alabama Department of Insurance. (3) INSURANCE. As defined in Section
27-1-2, and specifically including any contract, arrangement, or agreement, in which one undertakes
to do any one of the following: a. Pay or indemnify another as to loss from certain contingencies
called risks. b. Pay or grant a specified amount or determinable benefit to another in connection
with ascertainable risk contingencies. c. Pay an annuity to another. d. Act as surety. For
the purposes of this chapter, insurance also includes any health benefit plan as defined in
Section 27-53-1. (4) INSURANCE PRODUCER or PRODUCER. As defined in Section 27-7-1. (5) INSURER.
A person entering into agreements, contracts of insurance, arrangements, or reinsurance, or
a health benefit plan, or a group health plan as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12A-1.htm - 3K - Match Info - Similar pages
27-27-45
Section 27-27-45 Merger and consolidations - Domestic stock insurers. (a) A domestic stock
insurer may merge or consolidate with one or more domestic or foreign stock insurers by complying
with the applicable provisions of the statutes of this state governing the merger or consolidation
of stock corporations formed for profit, but subject to subsections (b) and (c) of this section.
(b) No such merger or consolidation shall be effectuated unless in advance thereof the plan
and agreement therefor have been filed with the commissioner and approved in writing by him
after a hearing thereon. The commissioner shall give such approval within a reasonable time
after such filing unless he finds such plan or agreement: (1) Is contrary to law; (2) Inequitable
to the stockholders of any domestic insurer involved; or (3) Would substantially reduce the
security of, and service to be rendered to, policyholders of the domestic insurer in this
state or elsewhere. (c) No director, officer, agent, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-45.htm - 2K - Match Info - Similar pages
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