27-62-3
Section 27-62-3 Definitions. For purposes of this chapter, the following words have the following meanings: (1) AUTHORIZED INDIVIDUAL. An individual known to and screened by the licensee and determined to be necessary and appropriate to have access to the nonpublic information held by the licensee and its information systems. (2) COMMISSIONER. The Commissioner of Insurance. (3) CONSUMER. An individual, including, but not limited to, an applicant, policyholder, insured, beneficiary, claimant, or certificate holder, who is a resident of this state and whose nonpublic information is in the possession, custody, or control of a licensee. (4)a. CYBERSECURITY EVENT. An event resulting in unauthorized access to, disruption, or misuse of an information system or nonpublic information stored on an information system. b. The term cybersecurity event does not include the unauthorized acquisition of encrypted nonpublic information if the encryption, process, or key is not also acquired, released,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-62-3.htm - 5K - 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
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer, the association may, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges, notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure payment of the contractual obligations of the impaired insurer pending action under subdivision (1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - 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
27-4-8
Section 27-4-8 Annual license fee of life insurers organized to aid nonprofit educational and scientific institutions. Annuity considerations and premiums received by a life insurer licensed to transact business in this state and which is organized and operated without profit to any private shareholder or individual and exclusively for the purpose of aiding nonprofit education and scientific institutions by issuing insurance or annuity contracts only for the benefit of such institutions and individuals employed in the services thereof at the time such policy or contract is issued shall not be subject to the payment of a privilege tax based upon premiums or annuity considerations under the provisions of this chapter or any other law of this state. In lieu of such privilege tax upon premiums and annuity considerations, such nonprofit company shall pay an annual license fee of $5,000.00 to the commissioner for the privilege of transacting an insurance business in this state. The initial...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4-8.htm - 1K - Match Info - Similar pages
27-5B-14
Section 27-5B-14 Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Sections 27-5B-3 through 27-5B-13. An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 27-5B-3, 27-5B-4, 27-5B-5, 27-5B-6, 27-5B-7, 27-5B-8, 27-5B-9, 27-5B-10, 27-5B-11, 27-5B-12, or 27-5B-13 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified U.S. financial institution, as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5B-14.htm - 2K - Match Info - Similar pages
27-11-5
Section 27-11-5 Secretary of State as agent for service of process on insurer; service of process; attachment of jurisdiction; fees for service. (a) Any insurer not qualified under the laws of this state to transact the business of insurance as evidenced by a license or certificate of authority from the Commissioner of Insurance which shall transact, or attempt to transact, the business of insurance in this state or which shall do, or attempt to do, any of the acts and occurrences set out in Section 27-11-3 shall, by the doing of such business or the performing or attempting to perform any of such acts, be deemed to have appointed the Secretary of State, or his successor or successors in office, to be the true and lawful attorney or agent of such insurer whom process may be served in any action accrued or accruing from the transacting of such business or the performing of such act by any such insurer, or by its agent, servant, or employee. Service of such process shall be made by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-11-5.htm - 4K - Match Info - Similar pages
27-5A-3
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly, or as a member or employee of a firm or association, or an officer, director, or employee of a corporation: (1) In this state, unless the reinsurance intermediary-broker is a licensed producer in this state. (2) In another state, unless the reinsurance intermediary-broker is a licensed producer in this state or another state having a law substantially similar to this law or the reinsurance intermediary-broker is licensed in this state as a nonresident reinsurance intermediary. (b) No person, firm, association, or corporation shall act as a reinsurance intermediary-manager: (1) For a reinsurer domiciled in this state, unless the reinsurance intermediary-manager is a licensed producer in this state. (2) In this state, if the reinsurance intermediary-manager maintains an office...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-3.htm - 4K - Match Info - Similar pages
27-5A-5
Section 27-5A-5 Books and records; reinsurance intermediary-brokers. (a) For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: (1) The type of contract, limits, underwriting restrictions, classes, or risks and territory. (2) Period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation. (3) Reporting and settlement requirements of balances. (4) Rate used to compute the reinsurance premium. (5) Names and addresses of assuming reinsurers. (6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker. (7) Related correspondence and memoranda. (8) Proof of placement. (9) Details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-5.htm - 2K - Match Info - Similar pages
27-6-15
Section 27-6-15 Release of deposit - Generally. (a) All deposits in this state made under this title shall be held on deposit as long as there is outstanding any liability of the insurer with respect to which the deposit was made. (b) Any such deposit shall be released and returned: (1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact such insurance in this state, or otherwise, of all liability of the insurer for the security of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other properly designated official, or officials, who succeed to the management and control of the insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon written authorization of the commissioner and of the insurer or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-6-15.htm - 2K - Match Info - Similar pages
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