|
27-3-17
Section 27-3-17 Application for certificate of authority - Filing. To apply for an original
certificate of authority an insurer shall file with the commissioner its application therefor,
accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location
of its home office or, if an alien insurer, principal office in the United States, kinds of
insurance to be transacted, state or country of domicile and such additional information as
the commissioner may reasonably require, together with the following documents, as applicable:
(1) A copy of its corporate charter, articles of incorporation or other charter documents
with all amendments thereto, certified by the public officer with whom the originals are on
file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as
amended, certified by its secretary or other officer having custody thereof; (3) If a foreign
reciprocal insurer, copies of the power of attorney of its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-17.htm - 3K - Match Info - Similar pages
27-3-20
Section 27-3-20 Suspension or revocation of certificates - Mandatory grounds; notice and hearing.
(a) The commissioner shall suspend or revoke an insurer's certificate of authority: (1) If
such action is required by any provision of this title; (2) If the insurer no longer meets
the requirements for the authority originally granted on account of deficiency of assets or
otherwise; or (3) If the insurer's authority to transact insurance is suspended or revoked
by its state of domicile or state of entry into the United States if an alien insurer. (b)
Except in cases of insolvency or impairment of required capital or surplus or suspension or
revocation by another state as referred to in subdivision (a) (3) of this section, the commissioner
shall give the insurer at least 10 days' notice in advance of any such suspension or revocation
under this section and of the particulars of the reasons therefor. If the insurer requests
a hearing thereon within such 10 days, such request shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-20.htm - 1K - Match Info - Similar pages
27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Either
of the three accounts created under Section 27-44-6. (2) ASSOCIATION. The Alabama Life and
Disability Insurance Guaranty Association created under Section 27-44-6. (3) AUTHORIZED ASSESSMENT
or the term AUTHORIZED when used in the context of assessments. A resolution by the board
of directors has been passed whereby an assessment will be called immediately or in the future
from member insurers for a specified amount. An assessment is authorized when the resolution
is passed. (4) BENEFIT PLAN. A specific employee, union, or association of natural persons
benefit plan. (5) CALLED ASSESSMENT or the term CALLED when used in the context of assessments.
A notice that has been issued by the association to member insurers requiring that an authorized
assessment be paid within the time frame set forth within...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - Match Info - Similar pages
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
27-21A-2
Section 27-21A-2 Establishment of health maintenance organizations. (a) Notwithstanding any
law of this state to the contrary, any person may apply to the commissioner for and obtain
a certificate of authority to establish and operate a health maintenance organization in compliance
with this chapter. No person shall establish or operate a health maintenance organization
in this state without obtaining a certificate of authority under this chapter. A foreign corporation
may qualify under this chapter, subject to its registration to do business in this state as
a foreign corporation under the provisions of Sections 10-2A-220, et seq. (b) Health maintenance
organizations licensed as of May 29, 1986, shall be issued a certificate of authority in accordance
with Section 27-21A-29. (c) Each application for a certificate of authority shall be verified
by an officer or authorized representative of the applicant, shall be in a form prescribed
by the commissioner, and shall set forth or be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-2.htm - 6K - Match Info - Similar pages
27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-2-21.htm - 3K - Match Info - Similar pages
27-1-2
Section 27-1-2 Definitions. For the purposes of this title, the following terms shall have
the meanings respectively ascribed to them by this section. (1) INSURANCE. A contract whereby
one undertakes to indemnify another or pay or provide a specified amount or benefit upon determinable
contingencies. (2) INSURER. Every person engaged as indemnitor, surety, or contractor in the
business of entering into contracts of insurance. (3) PERSON. An individual, insurer, company,
association, organization, Lloyd's insurer, society, reciprocal insurer or interinsurance
exchange, partnership, syndicate, business trust, corporation, and every legal entity. (4)
COMMISSIONER. The Commissioner of Insurance of this state. (5) DEPARTMENT. The Department
of Insurance of this state. (6) DOMESTIC INSURER. One formed under the laws of this state.
(7) FOREIGN INSURER. One formed under the laws of any jurisdiction other than this state.
Except where distinguished by context, "foreign" insurers includes also...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-1-2.htm - 2K - Match Info - Similar pages
27-3-29
Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements.
(a) The purpose of this section is to aid in the protection of insurers formed under the laws
of Alabama and transacting insurance in other states or countries against discriminatory or
onerous requirements under the laws of such states or countries or the administration thereof.
(b) When by or pursuant to the laws of any other state or foreign country, any taxes, licenses,
and other fees, in the aggregate, and any fines, penalties, deposit requirements, or other
material obligations, prohibitions, or restrictions are, or would be, imposed upon Alabama
insurers, or upon the agents or representatives of such insurers, which are in excess of such
taxes, licenses, and other fees, in the aggregate, or which are in excess of the fines, penalties,
deposit requirements, or other obligations, prohibitions, or restrictions directly imposed
upon similar insurers, or upon the agents or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-29.htm - 3K - Match Info - Similar pages
27-31B-21
Section 27-31B-21 Conversion to or merger with reciprocal insurer. (a) An association captive
insurance company or industrial insured group formed as a stock or mutual corporation may
be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor
and this section. (b) A plan for this conversion or merger shall satisfy both of the following:
(1) Be fair and equitable to the shareholders, in the case of a stock insurer, or the policyholders,
in the case of a mutual insurer. (2) Provide for the purchase of the shares of any nonconsenting
shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder
of a mutual insurer in substantially the same manner and subject to the same rights and conditions
as are accorded a dissenting shareholder under Article 13, commencing with Section 10-2B-13.01,
of Chapter 2B of Title 10. (c) A conversion authorized under subsection (a) shall satisfy
all of the following: (1) The conversion shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-21.htm - 5K - Match Info - Similar pages
27-5A-2
Section 27-5A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person
who is a member in good standing of the American Academy of Actuaries. (2) COMMISSIONER. The
Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm, association,
or corporation who directly or indirectly has the power to direct or cause to be directed,
the management, control, or activities of the reinsurance intermediary. (4) INSURER. Any person,
firm, association, or corporation duly licensed in this state pursuant to the applicable provisions
of the insurance law as an insurer. (5) LICENSED PRODUCER. An insurance producer or reinsurance
intermediary licensed pursuant to the applicable provision of the insurance law. (6) QUALIFIED
U.S. FINANCIAL INSTITUTION. An institution that: a. Is organized or, in the case of a U.S.
office of a foreign banking organization, licensed,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-2.htm - 4K - Match Info - Similar pages
|