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32-7-31
Section 32-7-31 Duration of proof; when proof may be cancelled or returned. (a) The director
shall upon request consent to the immediate cancellation of any bond or certificate of insurance,
or the director shall direct and the State Treasurer shall return to the person entitled thereto
any money or securities deposited pursuant to this chapter as proof of financial responsibility,
or the director shall waive the requirement of filing proof, in any of the following events:
(1) At any time after three years from the date such proof was required when, during the three-year
period preceding the request, the director has not received record of a conviction or a forfeiture
of bail which would require or permit the suspension or revocation of the license, registration,
or nonresident's operating privilege of the person by or for whom such proof was furnished;
or (2) In the event of the death of the person on whose behalf such proof was filed or the
permanent incapacity of such person to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-31.htm - 2K - Match Info - Similar pages
27-33-2
Section 27-33-2 Deposit of assets in trust. (a) An alien insurer may use Alabama as a state
of entry to transact insurance in the United States by making and maintaining in this state
a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States
for the same purpose, shall be in amount not less than the deposits required of an alien insurer
under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment
of the funds of like domestic insurers. (c) Such a deposit may be referred to as "trusteed
assets." (Acts 1971, No. 407, p. 707, ยง657.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-33-2.htm - 1K - Match Info - Similar pages
8-15-7
Section 8-15-7 Permit - Bond and proof of insurance; prerequisite to issuance of permit; filing
of additional bonds; actions on bond. (a) In the event the Commissioner of Agriculture and
Industries decides that a permit to operate a public warehouse should be issued, he shall
fix the amount of the bond, which shall be furnished by the applicant and approved by the
commissioner prior to the issuance of the permit. In addition to the requirement of bond,
the commissioner may require the applicant, as a prerequisite to the issuance of such bond,
to furnish legal proof of warehouseman's legal liability insurance in effect on the commodities
to be stored in any such public warehouse. (b) Such bond shall be made with some surety company
that has complied with the laws of the State of Alabama and which has a reputation for promptly
settling claims upon their merits and shall be payable to the State of Alabama in such sum
as the Commissioner of Agriculture and Industries may fix, but in no...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-15-7.htm - 3K - Match Info - Similar pages
27-9A-2
Section 27-9A-2 Definitions. For purposes of this chapter, the following terms shall have the
meanings respectively ascribed to them by this section: (1) APPRENTICE INDEPENDENT ADJUSTER.
As defined in Section 27-9A-11. (2) BUSINESS ENTITY. A corporation, association, partnership,
limited liability company, limited liability partnership, or other legal entity. (3) COMMISSIONER.
The Alabama Commissioner of Insurance. (4) HOME STATE. The District of Columbia and any state
or territory of the United States in which an independent adjuster maintains the principal
place of residence or business of the adjuster and in which the adjuster is licensed to act
as a resident independent adjuster. In the case of a resident of a Canadian province, or if
the resident state or territory does not license independent adjusters for the line of authority
sought, the home state of the independent adjuster shall be any state in which the independent
adjuster is licensed and in good standing, as designated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-9A-2.htm - 2K - Match Info - Similar pages
32-7A-4
Section 32-7A-4 Liability insurance required. (a) No person shall operate, register, or maintain
registration of, and no owner shall permit another person to operate, register, or maintain
registration of, a motor vehicle designed to be used on a public highway unless the motor
vehicle is covered by a liability insurance policy, a commercial automobile liability insurance
policy, motor vehicle liability bond, or deposit of cash. (b)(1) The liability insurance policy
or commercial automobile liability insurance policy shall be issued in amounts no less than
the minimum amounts set for bodily injury or death and for destruction of property under Section
32-7-6(c). (2) The motor vehicle liability bond shall be in the amount of not less than the
minimum amounts of liability coverage for bodily injury or death and for destruction of property
under subsection (c) of Section 32-7-6. The bond shall be conditioned on the payment of the
amount of any judgment rendered against the principal in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7A-4.htm - 2K - Match Info - Similar pages
41-14A-9
Section 41-14A-9 Procedures for payment of losses. (a) When the State Treasurer becomes aware
that a default or insolvency has occurred, the State Treasurer shall provide notice as required
in subsection (b) and implement the following procedures: (1) The State Treasurer shall obtain
information from the Superintendent of Banks of the State Banking Department or the receiver
of the qualified public depository in default in order to ascertain the amount of funds of
each public depositor on deposit at such depository and the amount of deposit insurance applicable
to such deposits. (2) The potential loss to public depositors shall be calculated by compiling
claims received from public depositors. The State Treasurer shall validate claims of public
depositors who filed claims under subsection (b) and which have been confirmed under subdivision
(1). (3) The loss to public depositors shall be satisfied, insofar as possible, first through
any applicable deposit insurance and then through the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-9.htm - 7K - Match Info - Similar pages
41-15A-1
Section 41-15A-1 Contributions; promotions. The State Treasurer is authorized to accept gifts,
donations, and bequests from any person, association, company, or corporation wishing to contribute
voluntarily to the Penny Trust Fund. Any person, association, company, or corporation may
deposit funds in the Penny Trust Fund through the auspices of the State Treasurer or in the
appropriately designated depository. The State Treasurer may seek the voluntary participation
of banks, financial institutions, or other businesses in receiving and transferring donations
to the Penny Trust Fund. The State Treasurer shall promulgate rules and regulations governing
the procedures and administration for the voluntary donations, contributions, and transfers
to the Penny Trust Fund. Donation and transmittal forms and promotional materials may be developed
and distributed as authorized by the State Treasurer. It shall be legal and permissible for
any agency of the state, including the Teachers'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-15A-1.htm - 2K - Match Info - Similar pages
5-11A-9
Section 5-11A-9 Exemption of trust companies, etc., acting as administrators, etc., from bond
requirement. Any trust company or bank which is authorized by law to act as a guardian, administrator,
executor, receiver or trustee, except as may be otherwise provided in this code for the administration
of the affairs of war veterans, under appointment of any court of this state, and which maintains
the deposit provided for in Section 5-11A-5, shall be entitled as a matter of right to exemption
from giving bond before receiving authority to act in any of the above capacities, provided
its aggregate liabilities, to secure which said bonds or other securities are deposited, do
not exceed five times the par value of said securities. When such company desires exemption
from giving any such bond, it shall file with the officer who would otherwise require such
bonds a sworn statement showing the amount in value of the bonds or other securities on deposit
with the State Treasurer, and that the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-11A-9.htm - 1K - Match Info - Similar pages
27-10-24
Section 27-10-24 Licensing of surplus line brokers. (a) Any person, while licensed as a resident
insurance producer in this state for the property lines of authority and who is deemed by
the commissioner to have had sufficient experience in the insurance business to be competent
for the purpose may be licensed as a surplus line broker for the types and kinds of insurance
that he or she as a resident producer is licensed to handle as follows: (1) Application to
the commissioner for the license shall be made on forms as designated and furnished by the
commissioner. (2) License fee in the amount stated in Section 27-4-2 shall be paid to the
commissioner. The license shall expire on December 31 next after its issue. (3) Prior to the
issuance of the license, the applicant shall file with the commissioner, and thereafter for
as long as any license remains in effect he or she shall keep in force and unimpaired, a bond
in favor of the State of Alabama in the penal sum of at least fifty...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-24.htm - 5K - Match Info - Similar pages
27-10-53
Section 27-10-53 Defense of action or proceeding by insurer. (a) Before an unauthorized insurer
shall file, or cause to be filed, any pleading in any action or proceeding instituted against
it under Sections 27-10-51 and 27-10-52, such insurer shall: (1) Procure a certificate of
authority to transact insurance in this state; or (2) Deposit with the clerk of the court
in which such action or proceeding is pending cash or securities or file with such clerk a
bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed
by the court sufficient to secure the payment of any final judgment which may be entered in
such action. The court may, in its discretion, make an order dispensing with such deposit
or bond where the insurer makes a showing satisfactory to the court that it maintains in a
state of the United States funds or securities, in trust or otherwise, sufficient and available
to satisfy any final judgment which may be entered in such action or...
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