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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
8-32-3
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either the
provider or its designee shall: (1) Provide a receipt for, or other written evidence of, the
purchase of the service contract to the contract holder. (2) Provide a copy of the service
contract to the service contract holder within a reasonable period of time from the date of
purchase. (b) A provider may, but is not required to, appoint an administrator or other designee
to be responsible for any or all of the administration of service contracts and compliance
with this chapter. (c) Each provider of service contracts sold in this state shall file a
registration with the commissioner on a form prescribed by the commissioner. Each provider
shall pay to the commissioner a fee in the amount of two hundred dollars ($200) annually.
All fees collected shall be paid into a special revolving fund to be set up by the State Treasurer
referred to as the "Service Contract Revolving Fund." The Service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-32-3.htm - 8K - Match Info - Similar pages
5-7A-62
Section 5-7A-62 Application to convert charter; written plan of conversion; authorizing resolution;
submission to superintendent; fee; tentative approval; vote of stockholders or members; directors;
articles of incorporation and bylaws; statement of superintendent's objections; amendment;
appeal of disapproval; application to FDIC; final approval and permit. Any savings institution
may apply to the superintendent for permission to convert its charter in order to do business
as a state chartered bank in accordance with the following procedures: (1) The board of directors
shall approve a written plan of conversion, the application for conversion and shall adopt
an authorizing resolution, all by a vote of a majority of all the directors. The plan of conversion
shall include a statement of: a. The proposed organization and management structure of the
resulting bank if the application were approved, and the proposed name under which it would
do business as a bank; b. The method and time...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-7A-62.htm - 7K - Match Info - Similar pages
40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
11-50A-8
Section 11-50A-8 Powers of the authority. In addition to other powers granted the authority
by this chapter, it shall have all powers consistent with the purposes of the authority as
set forth in Section 11-50A-3, which are necessary or convenient to carry out and effectuate
the purposes and provisions of this chapter, including, but without limiting the generality
of the foregoing, the following enumerated powers, which shall be exercised by the authority
consistently with the provisions of Section 11-50A-3: (1) To sue and be sued and to prosecute
and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(2) To adopt and alter a corporate seal; (3) To make and alter at pleasure all needful bylaws,
rules, and regulations for the transaction of its business and the control of its property
and affairs; (4) To have the same right of eminent domain through condemnation conferred by
Section 10-5-1, or any subsequent statute of similar import; provided...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-8.htm - 13K - Match Info - Similar pages
27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-17.htm - 2K - Match Info - Similar pages
27-6-7
Section 27-6-7 Securities and assets - Power of attorney to sell, etc. In lieu of the assignment,
transfer, or conveyance of securities and assets to the commissioner as provided for in subsection
(a) of Section 27-6-6 and at all events in connection with any deposit heretofore or hereafter
made through the commissioner, the commissioner may require or permit the depositing insurer
to deliver to him a power of attorney, executed by the lawful owner of such securities or
assets, authorizing the commissioner to transfer, sell, or exchange the same for the purposes
of the law under which the same are deposited or held on deposit. The power of attorney shall
specifically describe each of the securities and assets covered thereby and shall not be a
general power of attorney covering all securities and assets on deposit or thereafter deposited.
(Acts 1953, No. 727, p. 981, §1; Acts 1971, No. 407, p. 707, §103.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-7.htm - 1K - Match Info - Similar pages
27-27-51
Section 27-27-51 Rules and regulations as to securities of domestic stock insurers. The commissioner
shall have the power, and it shall be his duty, to prescribe, publish, and disseminate to
all domestic stock insurance companies uniform written rules and regulations of proxies, consents,
and authorizations, including the solicitation thereof, and information necessary, or appropriate
to, such solicitation or to the authorization sought thereby, in respect of securities issued
by such domestic stock insurance companies; and it shall be unlawful for any person to solicit
or to permit the use of his name to solicit any proxy, consent or authorization in respect
of any such securities in contravention of such rules and regulations as may be prescribed,
published, and disseminated pursuant to this section. (Acts 1971, No. 407, p. 707, §547.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-51.htm - 1K - Match Info - Similar pages
27-29-9
Section 27-29-9 Injunctions; prohibitions against voting securities; sequestration of voting
securities. (a) Injunctions. Whenever it appears to the commissioner that any insurer or any
director, officer, employee, or agent thereof has committed, or is about to commit, a violation
of this chapter or of any rule, regulation, or order issued by the commissioner under this
chapter, the commissioner may apply to the circuit court for the county in which the principal
office of the insurer is located or if such insurer has no such office in this state, then
to the Circuit Court for Montgomery County for an order enjoining such insurer or such director,
officer, employee, or agent thereof from violating, or continuing to violate, this chapter
or any such rule, regulation, or order and for such other equitable relief as the nature of
the case and the interests of the insurer's policyholders, creditors, and shareholders or
the public may require. (b) Voting of securities; when prohibited. No...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-9.htm - 3K - 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
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