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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...
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25-14-3
Section 25-14-3 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) ADMINISTRATIVE FEE. The fee charged to a client by a professional employer organization
for professional employer services. The term does not include any amount of a fee by the professional
employer organization that is for wages and salaries, benefits, workers' compensation, payroll
taxes, withholding, or other assessments paid by the professional employer organization to
or on behalf of covered employees under the professional employer agreement. (2) CLIENT. A
person or entity that enters into a professional employer agreement with a professional employer
organization, including a worksite employer. (3) CONTROLLING PERSON. Any of the following:
a. An officer or director of a corporation operating as a professional employer organization,
a shareholder holding 25 percent or more of the voting stock of a corporation operating as
a professional employer organization, or a...
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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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5-3A-4
Section 5-3A-4 Expenses of special examinations. The expenses incidental to any special examination
of banks, bank holding companies, or their affiliates shall be borne by the bank or bank holding
company so examined, and such bank or bank holding company shall, on the call of the superintendent,
pay into the Treasury of Alabama, earmarked for the use of the Banking Department, within
10 days after said examination, an amount not exceeding the actual expenses of such examination,
including per diem, travel expenses and the pro rata portion of the salaries of the state
employees engaged in making such examination. (Acts 1980, No. 80-658, §5-3-4; Act 2011-589,
p. 1306, §1.)...
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5-13B-8
Section 5-13B-8 Reports; examinations. (a) To the extent specified by the superintendent by
regulation, order, or written request, each bank holding company that directly or indirectly
controls an Alabama state bank or an Alabama bank holding company, or the home state regulator
of such company, shall submit to the superintendent: (1) One or more copies of each financial
report filed by such company with any bank supervisory agency, except for any report the disclosure
of which would be prohibited by applicable federal or state law, within 15 days after the
filing thereof with such agency; and (2) An annual report, not later than April 15 of each
year for each bank and branch in the state controlled by the bank holding company containing
the following information: a. The location; b. The amount of deposits held as of the end of
the preceding calendar year; and c. The amount of loans made during the preceding calendar
year to individuals and entities with addresses in this state. (b) At...
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5-3A-32
Section 5-3A-32 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. For the purposes of this
article, the following terms shall have the following meanings: (1) SERVICE PROVIDER. Any
person, company, corporation, or other legal entity that provides a covered service listed
in Section 5-3A-33 to a serviced bank. (2) SERVICED BANK. Every bank, bank holding company,
bank service company, or any subsidiary or affiliate of a bank that is subject to the supervision
of the superintendent pursuant to Section 5-3A-1, and for which covered services are performed
by a service provider. (Act 2018-500, §2.)...
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5-13B-62
Section 5-13B-62 Citizenship and residency requirements for directors of state banks. Notwithstanding
any other provision of the laws and regulations of this state, the citizenship and residency
requirements otherwise applicable to members of the board of directors of any Alabama bank
may, in the case of an Alabama bank which is a subsidiary or affiliate of a foreign bank,
be waived by the superintendent in his or her discretion upon application by the controlling
shareholder of the Alabama bank; provided that at least a majority of the directors shall
be citizens of the United States and at least 25 percent of the directors shall be residents
of this state. (Acts 1995, No. 95-115, p. 134, §27.)...
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5-5A-20
Section 5-5A-20 Branch banks; commercial affiliates. (a) Alabama banks may establish a branch
or office for the transaction of the banking business within the State of Alabama upon prior
approval of the superintendent. Alabama banks may establish a branch or office for the transaction
of a banking business in any state other than Alabama, any territory of the United States,
or in any foreign country in accordance with the provisions of federal law, the laws of the
other state, territory, or foreign country and upon the prior approval of the superintendent.
(b) All laws or parts of laws, whether general, local, or general laws of local applications,
which conflict with this section are hereby repealed to the extent of such conflict. (c) Neither
an Alabama bank nor an out-of-state bank may establish or maintain a branch or office for
the transaction of the banking business in Alabama on the premises of a commercial affiliate
of the bank. For purposes of this section, commercial affiliate...
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5-13B-29
Section 5-13B-29 Notice of subsequent merger, etc. Each out-of-state state bank that has established
and maintains a branch in this state pursuant to this article, or the home state regulator
of such bank, shall give at least 30 days' prior written notice to the superintendent, or,
in the case of an emergency transaction, such shorter notice as is consistent with applicable
state or federal law, of any merger, consolidation, or other transaction that would cause
a change of control with respect to such out-of-state state bank or any bank holding company
that controls such bank, with the result that an application would be required to be filed
pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 U.S.C. §1817(j),
or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841 et seq., or
any successor statutes thereto. (Acts 1995, No. 95-115, p. 134, §21.)...
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