Section 27-29-1 Definitions. THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 17, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. For purposes of this chapter, unless otherwise stated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE. The term shall include […]
Section 27-29-10 Violations and penalties; criminal proceedings. (a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall be required, after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000) for each day’s delay, to be recovered by the commissioner and the penalty […]
Section 27-29-11 Delinquency proceedings and rehabilitation. Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by […]
Section 27-29-11.1 Recovery rights of receivers. (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (1) from any parent corporation, holding company, person, or affiliate who otherwise controlled the insurer, the amount […]
Section 27-29-12 Suspension, revocation or nonrenewal of insurer’s license or authority to do business. Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an […]
Section 27-29-13 Judicial review of actions by commissioner; petition for mandamus against same. (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this chapter may appeal therefrom within 30 days after such action, determination, rule, or regulation is taken or issued, in accordance […]
Section 27-29-14 Short title. This chapter may be cited as the Alabama Insurance Holding Company System Regulatory Act. (Acts 1973, No. 1042, p. 1636, §1.)
Section 27-29-2 Subsidiaries and affiliates of domestic insurers. (a) Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of […]
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 17, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders […]
Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business in Alabama; pre-acquisition notification; violation of competitive standards. (a) The following definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement or arrangement the consummation of which results in a person acquiring directly or indirectly the control of […]
Section 27-29-4 Registration of insurers. THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 17, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with […]
Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and other distributions. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services […]
Section 27-29-6 Registered insurers – Examination of records, etc., of insurer or affiliates. (a) Subject to the limitation contained in this section and in addition to the powers which the commissioner has under Sections 27-2-7, 27-2-21, 27-2-23, and 27-2-26, relating to the examination of insurers, the commissioner shall also have the power to examine any […]
Section 27-29-6.1 Registered insurers – Supervisory colleges. (a) With respect to any insurer registered under Section 27-29-4, and in accordance with subsection (c), the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to […]
Section 27-29-6.2 Group-wide supervisor for internationally active insurance group. (a)(1) The commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. The commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group meets any of the following: a. Does not […]
Section 27-29-7 Confidentiality of documents, materials, or other information; powers of commissioner; disclosure and sharing of documents, etc. THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022 REGULAR SESSION, EFFECTIVE MARCH 17, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)(1) All documents, materials, or other information, and copies thereof, in the possession […]
Section 27-29-8 Rules, regulations, and orders. The commissioner may issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter. (Acts 1973, No. 1042, p. 1636, §9.)
Section 27-29-9 Injunctions; prohibitions against voting securities; sequestration of voting securities. (a) Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent thereof has committed, or is about to commit, a violation of this chapter or of any rule, regulation, or order issued by the commissioner under this […]
