Section 27-30-17 – Contracts – Annual Valuation – Benefits, Aid, or Services Other Than Cash.
Section 27-30-17 Contracts – Annual valuation – Benefits, aid, or services other than cash. (a) The commissioner shall each year cause all outstanding contracts or policies of every mutual aid association to be carefully valued as of December 31 of the preceding year at 40 percent of the retail value of the benefits, aid, or […]
Section 27-30-34 – Provision of Domestic Life and Disability Insurance Pursuant to Chapter 3.
Section 27-30-34 Provision of domestic life and disability insurance pursuant to Chapter 3. Mutual aid associations organized and authorized under the provisions of this chapter are, in addition to those authorizations and responsibilities stated in Sections 27-17-16, 27-30-1, 27-30-31, 27-30-33, and 27-36-7, entitled to provide insurance policies and contracts as are authorized domestic life and […]
Section 27-30-18 – Deposit – Amounts; Purpose; Kind.
Section 27-30-18 Deposit – Amounts; purpose; kind. (a) Each mutual aid association shall, prior to issuance of its certificate of authority, deposit and thereafter maintain on deposit with the Treasurer of the State of Alabama securities of the kind authorized under subsection (d) of this section, in the amount of not less than $5,000.00. If […]
Section 27-30-19 – Deposit – Administration.
Section 27-30-19 Deposit – Administration. (a) Deposits of mutual aid associations, heretofore or hereafter made with the State Treasurer under Section 27-30-18 or under laws heretofore in force, shall be administered as provided by, be subject to withdrawal and release, and otherwise be subject to the applicable provisions of Chapter 6 of this title, other […]
Section 27-30-20 – Funds of Association.
Section 27-30-20 Funds of association. The funds of a mutual aid association shall be in cash or invested as provided by the laws of this state with respect to such associations and life insurers. (Code 1940, T. 28, §253; Acts 1971, No. 407, p. 707, §576.)
Section 27-30-21 – Accounts and Records.
Section 27-30-21 Accounts and records. (a) Every mutual aid association shall keep complete and accurate accounts and records of its affairs and transactions, in accordance with the usual and accepted methods and principles of insurance accounting and record keeping as applicable to the kind of business transacted by the association. (b) All such accounts and […]
Section 27-30-22 – Annual Statement; Furnishing of Other Information.
Section 27-30-22 Annual statement; furnishing of other information. (a) Each mutual aid association shall, annually on or before March 1, file with the commissioner a full and true statement of its financial condition, transactions, and affairs as of the December 31 preceding. The statement shall be in such general form and content as is prescribed […]
Section 27-30-23 – Duty of Officers and Agents.
Section 27-30-23 Duty of officers and agents. Any officer or agent of a mutual aid association whose duty it is to maintain its accounts and records, or to make the annual report to the commissioner or to designate the principal place of business or agent for service of process of such association as required under […]
Section 27-30-24 – Examinations by Commissioner.
Section 27-30-24 Examinations by commissioner. The commissioner shall, at least once every three years and oftener whenever he deems it prudent to do so, examine each mutual aid association doing business in this state. Except as to frequency of examination, such examinations and the association shall be subject to the provisions of Chapter 2 of […]
Section 27-30-25 – Exemption of Resident Members’, etc., Interest From Process.
Section 27-30-25 Exemption of resident members’, etc., interest from process. The interest of resident members and policyholders of mutual aid associations therein, and of resident beneficiaries provided for thereby, is exempt from all process for the collection of debts or the enforcement of liabilities. (Code 1940, T. 28, §276; Acts 1971, No. 407, p. 707, […]