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27-13-40
Section 27-13-40 Suspension of license or certificate of authority. Any rating organization
which violates any provisions of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provision of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization, or insurer making its own rates, to comply with the provisions of
any order of the commissioner within 30 days after such order, or any extension thereof as
the commissioner may, in his discretion, grant shall automatically suspend the license of
such rating organization or insurer. (Acts 1945, No. 132, p. 133, §20; Acts 1971, No. 407,
p. 707, §277.)...
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27-13-78
Section 27-13-78 Suspension of license or certificate of authority. Any rating organization
which violates any provision of this article shall be subject to suspension of its license,
and any insurer making its own rates which violates any provisions of this article shall be
subject to suspension of its certificate of authority to do business in this state. Failure
of a rating organization or an insurer making its own rates to comply with the provisions
of any order of the commissioner within 30 days after such order, or any extension thereof,
as the commissioner may, in his discretion, grant shall automatically suspend the license
of such rating organization or insurer. (Acts 1945, No. 133, p. 145, §19; Acts 1971, No.
407, p. 707, §302.)...
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27-43-9
Section 27-43-9 Bond or deposit requirements. (a) To assure the faithful performance of its
obligations in the event of insolvency, each corporation authorized under Section 27-43-8
shall, through the commissioner, deposit and maintain with the Treasurer of the State securities
of the type eligible for deposit by insurers under Section 27-6-3, which securities shall
have at all times a market value as follows: (1) An insurer which has transacted no legal
expense insurance in this state prior to January 1, 1982, shall, prior to the issuance of
its certificate of authority and before receiving any premiums, place in trust with the Treasurer
of the State, through the commissioner an initial amount of $50,000.00; (2) An insurer transacting
a legal expense insurance business in this state prior to January 1, 1982, and having in force
in this state less than $300,000.00 of gross written premiums, membership fees, or similar
charges shall place in trust with the Treasurer of the State,...
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41-10-623
Section 41-10-623 Incorporation of authority authorized; application; filing. (a) To become
a public corporation and instrumentality of the state with the powers herein provided, the
Governor, the state Commissioner of Revenue, and the Director of Finance shall present to
the Secretary of State of Alabama an application signed by them which shall set forth all
of the following: (1) The name, official designation, and official residence of each of the
applicants, together with a certified copy of the commission evidencing each applicant's right
to office. (2) The date on which each applicant was inducted into office and the term of office
of each applicant. (3) The name of the proposed public corporation, which shall be "Alabama
21st Century Authority." (4) The location of the principal office of the proposed corporation,
which shall be in the City of Montgomery. (5) Any other matter relating to the authority which
the applicants may choose to insert and which is not inconsistent with...
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27-43-6
Section 27-43-6 Insurers deemed eligible to transact legal expense insurance. (a) Any domestic,
foreign, or alien insurer authorized to transact casualty insurance or life, accident and
sickness insurance in this state may transact legal expense insurance in this state. (b) Legal
service insurance corporations possessing a valid certificate of authority may transact legal
expense insurance in this state. (Acts 1981, No. 81-719, p. 1214, §1; Acts 1984, No. 84-243,
p. 374, §1.)...
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27-4A-2
Section 27-4A-2 Definitions. For the purposes of this chapter only, the following terms, unless
the context clearly indicates otherwise, shall have the meanings: (1) ANNUITY CONSIDERATIONS.
All sums received as consideration for annuity contracts. (2) COMMISSIONER. The Commissioner
of Insurance of the State of Alabama. (3) DEPARTMENT. The Department of Insurance of the State
of Alabama. (4) DOMESTIC INSURER. Any insurer organized under the laws of the State of Alabama
which maintains its principal office and chief place of business in the State of Alabama.
(5) FOREIGN INSURER. Any insurer organized under the laws of any country or of any state of
the United States other than the State of Alabama and any insurer organized under the laws
of Alabama which maintains its principal office or chief place of business outside the State
of Alabama. (6) INSURER. Every insurer as defined in Section 27-1-2, and every other insurance
company or association charging a premium for contracts entered...
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27-10-1
Section 27-10-1 Representing or aiding unauthorized insurer not allowed; exceptions; validity
of contracts. (a) No person shall in this state, directly or indirectly, act as agent for,
or otherwise represent or aid on behalf of another, any insurer not then authorized to transact
such insurance in this state in the solicitation, negotiation, or effectuation of insurance
or annuity contracts, forwarding of applications, delivery of policies or contracts, inspection
of risks, fixing of rates, investigation or adjustment of losses, collection of premiums,
or in any other manner in the transaction of insurance with respect to subjects of insurance
resident, located or to be performed in this state. (b) This section shall not apply to: (1)
Acceptance of service of process by the commissioner under Section 27-10-52; (2) Surplus lines
insurance or coverage specified in Section 27-10-34 and other transactions as to which a certificate
of authority is not required of an insurer; (3) Adjustment...
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27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
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27-27-34
Section 27-27-34 Nonassessable policies in mutual insurers - Generally. (a) While possessing
surplus funds in amount not less than the paid-in capital stock required of a domestic stock
insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of
the commissioner's order so authorizing, extinguish the contingent liability of its members
as to all its policies in force and may omit provisions imposing contingent liability in all
its policies currently issued. (b) A foreign or alien mutual insurer may issue nonassessable
policies to its members in this state pursuant to its articles of incorporation and the laws
of its domicile. (Acts 1971, No. 407, p. 707, §530.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-34.htm - 1018 bytes - Match Info - Similar pages
27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special surplus.
(a) In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual
and reciprocal insurers) required by Section 27-3-7, special surplus shall be possessed by
insurers hereafter applying for original certificates of authority in this state as follows:
(1) All stock insurers and foreign mutual and foreign reciprocal insurers which have actively
transacted insurance in their states or countries of domicile as an authorized insurer for
less than five years and which do not meet the requirements of paragraphs (2) a or (2) b of
Section 27-3-4, when first authorized to transact insurance in this state shall have a surplus
or additional surplus equal to 150 percent of the paid-up capital stock, if a stock insurer,
or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise required under Section
27-3-7 for the kinds of insurance to be transacted; and (2)...
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