Section 27-30-32 – Applicability of Chapters 7 and 8a.
Section 27-30-32 Applicability of Chapters 7 and 8A. Persons representing or aiding a mutual aid association in the solicitation of business and the mutual aid association with respect thereto shall be subject to Chapters 7 and 8A of this title. (Acts 1935, No. 114, p. 165; Acts 1971, No. 407, p. 707, §582; Act 2001-702, […]
Section 27-30-16 – Contracts – Annual Valuation – Benefits Payable in Cash.
Section 27-30-16 Contracts – Annual valuation – Benefits payable in cash. (a) The commissioner shall each year compute the net value as of December 31 of the preceding year of all benefits payable in cash under all outstanding contracts or policies of each mutual aid association. Such valuation shall be made upon the basis of […]
Section 27-30-33 – Applicability of Other Provisions.
Section 27-30-33 Applicability of other provisions. In addition to those contained or referred to in this chapter, the following chapters and sections of this title shall apply to mutual aid associations to the extent applicable and not in conflict with the express provisions of this chapter and the reasonable implications of such express provisions: (1) […]
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 […]