Section 27-3-27 Insurers to do business through licensed agents, etc.; exceptions. (a) No insurer shall, in this state, directly or indirectly, accept applications for insurance, negotiate for or issue any policy or contract of insurance or assume direct liability as to a subject of insurance resident, located, or to be performed in this state unless […]
Section 27-3-28 Execution of contracts through countersigning resident agent; exceptions. Repealed by Act 2001-702, p. 1509, §16, effective January 1, 2002. (Acts 1935, No. 194, p. 256; Acts 1971, No. 407, p. 707, §§73, 74; Acts 1988, No. 88-123, p. 159, §1.)
Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements. (a) The purpose of this section is to aid in the protection of insurers formed under the laws of Alabama and transacting insurance in other states or countries against discriminatory or onerous requirements under the laws of such states or countries or the […]
Section 27-3-3 Certificate of authority – Exceptions – Investment in real estate or securities secured thereby. A foreign insurer may transact business in this state without certificate of authority for the purpose, and to the extent only, of investing its funds in real estate located in this state, or in securities secured thereby, by complying […]
Section 27-3-30 Foreign insurer may become domestic insurer; method; certificate and license eligibility; authority and jurisdiction of state; continuation of corporate existence and date of incorporation. Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become […]
Section 27-3-31 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders. Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to transact […]
Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders; effect upon certificates of authority, agents, etc., including outstanding policies; insurer’s duty to file new policy forms; insurer’s duty to notify commissioner of details of transfer […]
Section 27-3-33 Rules and regulations. The Commissioner of Insurance of this state may promulgate necessary rules and regulations to carry out the purposes of Sections 27-3-30 through 27-3-32. (Acts 1991, No. 91-446, p. 816, §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 […]
Section 27-3-5 Authority to transact insurance – Use of name by insurer. (a) No insurer shall be authorized to transact insurance which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public. (b) No life insurer shall be so authorized which has or uses […]
Section 27-3-6 Authority to transact insurance – Kind or combinations of kinds – Restrictions. An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in Chapter 5 of this title, except: (1) A life insurer may grant annuities and shall be authorized to […]
Section 27-3-6.1 Authority to transact insurance – Kind or combinations of kinds – Closing or settlement protection. (a) Notwithstanding the provisions of subdivision (3) of Section 27-3-6, a title insurer may issue closing or settlement protection to a person who is a party to a transaction in which a title insurance policy will be issued. […]
Section 27-3-7 Authority to transact insurance – Kind or combinations of kinds – Minimum paid-in capital stock and surplus. (a) To qualify for authority to transact any one kind of insurance, as defined in Chapter 5 of this title, or combination of kinds of insurance as shown below, an insurer applying for its original certificate […]
Section 27-3-8 Authority to transact insurance – Kind or combinations of kinds – Special surplus. (a) In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual and reciprocal insurers) required by Section 27-3-7, special surplus shall be possessed by insurers hereafter applying for original certificates of authority in this state as […]
Section 27-3-9 Minimum capital and surplus for new domestic stock life insurance company. The minimum capital required to form and organize a new domestic stock life insurance company shall be $1,000,000.00, and in addition thereto the minimum surplus to form such a company shall be $1,000,000.00. (Acts 1973, No. 643, p. 953.)
