Section 27-3-1 Certificate of authority – Requirement. (a) No person shall act as an insurer and no insurer shall transact insurance in this state unless so authorized by a subsisting certificate of authority issued to it by the commissioner, except as to such transactions as are expressly otherwise provided for in this title. (b) No […]
Section 27-3-10 Application of capital surplus to reduction or elimination of deficit by domestic stock insurers. (a) For the purposes of this section, the following words and phrases shall have the following meanings: (1) DOMESTIC STOCK INSURER. A corporation incorporated under the laws of the State of Alabama with its capital divided into shares and […]
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 […]
Section 27-3-12 Deposit requirements – Special deposit – Surety insurers. (a) In addition to the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and maintain deposited with the Treasurer of this state in trust for the benefit of holders, resident in this state, of the obligations of the insurer cash or […]
Section 27-3-13 Deposit requirements – Special deposit – Title insurers. (a) For authority to transact such insurance in this state, a foreign title insurer shall have and maintain on deposit in this state for the better protection of its guaranty holders and creditors, resident in this state, under its contracts of title insurance, cash and […]
Section 27-3-14 Deposit requirements – Alien insurers – Generally. (a) An alien insurer shall not have authority to transact insurance in this state unless it has and maintains within the United States as deposits with trustees, public depositaries or in trust institutions approved by the commissioner under Section 27-3-15 assets available for discharge of its […]
Section 27-3-15 Deposit requirements – Alien insurers – Trusteed assets. (a) In order to comply with the requirements of Section 27-3-14, an alien insurer shall appoint citizens of the United States of America or public depositaries or trust institutions located in the United States, all as approved by the commissioner, as trustee, or trustees, to […]
Section 27-3-16 Lloyd’s insurers. Aggregations of individuals as underwriters, whether domestic, foreign, or alien, assuming insurance risks upon the plan known as “Lloyd’s,” whereby each underwriter is liable for the proportionate part assumed by him of the whole amount so insured by a policy issued by such underwriters, may be authorized to transact any kind, […]
Section 27-3-17 Application for certificate of authority – Filing. To apply for an original certificate of authority an insurer shall file with the commissioner its application therefor, accompanied by the applicable fees as specified in Section 27-4-2, showing its name, location of its home office or, if an alien insurer, principal office in the United […]
Section 27-3-18 Application for certificate of authority – Issuance or refusal; ownership of certificate. (a) If upon completion of the application for a certificate of authority the commissioner finds that the insurer has met the requirements for and is entitled thereto under this title, he shall issue to the insurer a proper certificate of authority; […]
Section 27-3-19 Continuance, expiration, reinstatement and amendment of certificates. (a) Certificates of authority issued or renewed under this title shall continue in force as long as the insurer is entitled thereto under this title and until suspended, revoked or terminated at the request of the insurer; subject, however, to continuance of the certificate by the […]
Section 27-3-2 Certificate of authority – Exceptions – Generally. A certificate of authority shall not be required of an insurer with respect to the following: (1) Transactions relative to its policies lawfully written in this state or liquidation of assets and liabilities of the insurer, other than collection of new premiums, all as resulting from […]
Section 27-3-20 Suspension or revocation of certificates – Mandatory grounds; notice and hearing. (a) The commissioner shall suspend or revoke an insurer’s certificate of authority: (1) If such action is required by any provision of this title; (2) If the insurer no longer meets the requirements for the authority originally granted on account of deficiency […]
Section 27-3-21 Suspension or revocation of certificates – Additional grounds; notice and hearing. (a) The commissioner may, in his discretion, suspend or revoke an insurer’s certificate of authority if, after a hearing thereon, he finds that the insurer has willfully violated any material provision of this title other than those for which suspension or revocation […]
Section 27-3-22 Suspension or revocation of certificates – Order and notices. (a) Suspension or revocation of an insurer’s certificate of authority shall be by the commissioner’s order given to the insurer as provided by Section 27-2-18. The commissioner shall promptly also give notice of such suspension or revocation to the insurer’s agents in this state […]
Section 27-3-23 Suspension or revocation of certificates – Duration of suspension; obligations of insurer during suspension; reinstatement. (a) Suspension of an insurer’s certificate of authority shall be for such period as is fixed by the commissioner in the order of suspension, but not to exceed one year from the date of suspension, unless the commissioner […]
Section 27-3-24 Service of process on insurers – Appointment of commissioner as agent. (a) Each insurer applying for a certificate of authority to transact business in this state shall file with the commissioner an appointment of the commissioner and his successors in office, on a form as furnished by the commissioner, as its attorney upon […]
Section 27-3-25 Service of process on insurers – How served; time to answer or plead. (a) Service of process upon the commissioner as process agent of the insurer under Section 27-3-24 shall be made by the proper officer of Montgomery County by serving copies in triplicate of the process upon the commissioner or upon his […]
Section 27-3-26 Annual statement of insurers; furnishing of other information on request. (a) Each authorized insurer shall, annually on or before March 1, or within such extension of time not exceeding 30 days after March 1 as the commissioner for good cause shown may grant as to a particular insurer, file with the commissioner a […]
Section 27-3-26.1 Annual submission of Statement of Actuarial Opinion; application for exemption. (a) Every property or casualty insurer doing business in this state, unless otherwise exempted by law or by the domiciliary commissioner, shall annually submit the opinion of an appointed actuary entitled Statement of Actuarial Opinion. This opinion shall be filed in accordance with […]
