27-17A-14
Section 27-17A-14 Surety bond. (a) As an alternative to the trust requirement of Section 27-17A-13, the details of which are set forth in Articles 3 and 4, a preneed provider may, with the prior approval of the commissioner, purchase a surety bond in an amount not less than the aggregate value of outstanding liabilities on undelivered preneed contracts for merchandise, services, and cash advances. For the purposes of this section, the term outstanding liabilities means the original retail amount of services and cash advances and the actual cost to the entity to provide the undelivered merchandise sold on each contract written after April 30, 2002. The surety bond shall be in an amount sufficient to cover the outstanding liability at the time each contract is executed. (b) The bond shall be made payable to the State of Alabama for the benefit of the commissioner and of all purchasers of preneed merchandise, services, and cash advances. The bond shall be issued by an insurance company...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-14.htm - 4K - Match Info - Similar pages
27-27-12
Section 27-27-12 Deposit of solicitation permit funds in escrow - Requirement. (a) All funds received in Alabama pursuant to a solicitation permit, other than advance premiums for insurance which are subject to Section 27-27-18, shall, by the permit holder, be deposited and held in escrow in a bank or trust company located in this state under an agreement approved by the commissioner. (b) No part of such funds shall be withdrawn from such deposit, except: (1) For the payment of promotion, sales, and organization expenses as authorized by the solicitation permit, and funds for such purposes may be withheld from the deposit; (2) For the purpose of making any deposit with the commissioner required for the issuance of a certificate of authority to an insurer; (3) If the proposed organization is not to be an insurer, upon completion of payments on securities subscriptions made under the solicitation permit and deposit or appropriation of such funds to the purposes specified in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-12.htm - 1K - Match Info - Similar pages
27-34-9
Section 27-34-9 Articles of incorporation - Contents. Seven or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some officer, competent to take acknowledgment of deeds, articles of incorporation, in which shall be stated: (1) The proposed corporate name of the society, which shall not so closely resemble the name of any society or insurance company as to be misleading or confusing; (2) The purposes for which it is being formed and the mode in which its corporate powers are to be exercised. Such purposes shall not include more liberal powers than are granted by this chapter; provided, however, that any lawful, social, intellectual, educational, charitable, benevolent, moral, fraternal, or religious advantages may be set forth among the purposes of the society; and (3) The names and residences of the incorporators and the names, residences, and official titles of all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-9.htm - 1K - 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
32-7A-2
Section 32-7A-2 Definitions. (a) For the purposes of this chapter, the following terms shall have the following meanings respectively ascribed to them in this section, except in those instances where the context clearly indicates a different meaning: (1) CERTIFICATE OF INSURANCE. A document issued by an insurer or its authorized representative showing that a specific vehicle is insured for no less than the minimum limits of liability coverage for bodily injury or death and for destruction of property under subsection (c) of Section 32-7-6. (2) COMMERCIAL AUTOMOBILE LIABILITY INSURANCE POLICY. An insurance policy that: a. Is written on either a commercial coverage or other commercially rated personal policy form, including, but not limited to, a commercial auto, garage, or truckers form, and is not dependent on the type, number, or ownership of vehicle or entity covered or insured. b. Insures vehicles that are not identified individually by vehicle identification number on the policy....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-2.htm - 6K - Match Info - Similar pages
40-23-60
Section 40-23-60 Definitions. For the purpose of this article, the following terms shall have the respective meanings ascribed to them in this section: (1) PERSON or COMPANY. Any individual, firm, company, partnership, association, corporation, receiver or trustee, or any other group or combination acting as a unit, and the plural as well as the singular number, unless the intention to give a more limited meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama. (4) WHOLESALE SALE or SALE AT WHOLESALE. Any one of the following: a. A sale of tangible personal property by wholesaler to licensed retail merchants, jobbers, dealers or other wholesalers for resale and does not include a sale by wholesalers to users or consumers, not for resale. b. A sale of tangible personal property or products, including iron ore, and including the furnished container and label of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-60.htm - 11K - Match Info - Similar pages
27-6A-5
Section 27-6A-5 Duties of insurer. Insurers shall have the following duties: (1) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (2) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification. (3) The insurer shall periodically, and at least semi-annually, conduct an onsite review of the underwriting and claims processing operations of the managing general agent. (4) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent. (5) Within 30 days of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6A-5.htm - 2K - Match Info - Similar pages
27-3-4
Section 27-3-4 Authority to transact insurance - Eligibility. To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this title and with its charter powers and must be an incorporated stock insurer or an incorporated mutual insurer or a reciprocal insurer, all of the same general type as may be formed as a domestic insurer under this title; except that: (1) No foreign insurer shall be authorized to transact insurance in this state which does not maintain reserves as required by Chapter 36 of this title applicable to the kind, or kinds, of insurance transacted by such insurer, wherever transacted in the United States, or which transacts insurance in the United States on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar plan; (2) Any foreign insurer which has transacted insurance as an authorized insurer in its state or country of domicile for less than five years shall not be authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-4.htm - 3K - Match Info - Similar pages
27-36A-20
Section 27-36A-20 Small company alternative valuation. (a) A company calculating reserves under this section shall calculate reserves for ordinary life insurance, accident and health insurance contracts, credit life contracts, group life contracts, annuities, or deposit-type contracts in this state as if the policies were issued before the operative date of the valuation manual. For such policies issued after the operative date of the valuation manual, any mortality and interest rates defined by the valuation manual for net premium reserves shall be used. A company calculating reserves under this section shall comply with Section 27-36A-4(a) instead of Section 27-36A-4(b) and meet all of the following conditions: (1) The company has less than three hundred million dollars ($300,000,000) of ordinary life premium. (2) If the company is a member of a group of life insurers, the group has combined ordinary life premium of less than six hundred million dollars ($600,000,000). (3) The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-20.htm - 3K - Match Info - Similar pages
41-10-755
Section 41-10-755 Bonds of the authority. (a) General. The authority is authorized from time to time to sell and issue its bonds for the purpose of providing funds to be transferred to and deposited in the Alabama Trust Fund and the Rainy Day Account, to provide additional funds to the Alabama Medicaid Agency, for paying the costs of transportation projects, and for the purpose of refunding any or all of the authority's outstanding bonds. (b) Sources of payment. Bonds issued by the authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state. Such bonds shall not be general obligations of the authority but shall be payable solely from one or more of the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage or security granted to the authority. (3) Amounts derived from any letter of credit, insurance policy, or other form of credit enhancement applicable to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-755.htm - 5K - Match Info - Similar pages
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