Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal home loan bank established pursuant to the Federal Home Loan Bank Act, 12 […]
Section 27-32-28 Priority of compensation owing employees of insurer. (a) Compensation actually owing to employees other than officers of an insurer, for services rendered within three months prior to the commencement of a proceeding against the insurer under this chapter, but not exceeding $500.00 for each employee, shall be paid prior to the payment of […]
Section 27-32-29 Setoff of credits and debts. (a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection […]
Section 27-32-3 Delinquency proceedings – Jurisdiction; venue; appeal. (a) The circuit court shall have original jurisdiction of delinquency proceedings under this chapter, and any court with jurisdiction is authorized to make all necessary and proper orders to carry out the purposes of this chapter. (b) The venue of delinquency proceedings against a domestic insurer shall […]
Section 27-32-30 Claims upon liquidation of insurer – Allowance. (a) No contingent and unliquidated claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to this chapter; except, that such claim shall be considered, if properly presented, and may be allowed […]
Section 27-32-31 Claims upon liquidation of insurer – Time to file. (a) If, upon the granting of an order of liquidation under this chapter or at any time thereafter during the liquidation proceedings, the insurer shall not be clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order […]
Section 27-32-32 Assessments – Commissioner’s report. Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer was filed in the office of the clerk of the court by which such order was made, the commissioner may make his report to the court setting […]
Section 27-32-33 Assessments – Levy. (a) Upon the basis of the report provided for in Section 27-32-32, including any amendments thereto, the court may, of its own motion, order the commissioner to levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members, if […]
Section 27-32-34 Assessments – Order to pay – Generally. After levy of assessment as provided in Section 27-32-33, upon the filing of a further detailed report by the commissioner, the court shall issue an order directing each member, if a mutual insurer, or each subscriber, if a reciprocal insurer, if he shall not pay the […]
Section 27-32-35 Assessments – Order to pay – Publication and service. The commissioner shall cause a notice of such assessment order, setting forth a brief summary of the contents of such order to be: (1) Published in such manner as shall be directed by the court; and (2) Enclosed in a sealed envelope, addressed and […]
Section 27-32-36 Assessments – Order to pay – Judgment. (a) Upon the return day of the order to show cause provided for in Section 27-32-34, if the member or subscriber does not appear and serve duly verified objections upon the commissioner, the court shall make an order adjudging that such member or subscriber is liable […]
Section 27-32-37 Priority of claims of policyholders and beneficiaries – Established. Upon the issuance of a proper court order placing a domestic insurer in receivership or placing a foreign insurer in ancillary receivership for rehabilitation or liquidation, pursuant to this chapter or other insurance laws of Alabama, all beneficiaries of and all persons holding or […]
Section 27-32-38 Priority of claims of policyholders and beneficiaries – Payment of claims. Upon proper filing of claims pursuant to this title and upon order of the appropriate circuit court having jurisdiction of such cause after hearing, the duly appointed receiver shall make payment of claims upon liquidation of the insurer giving preference to policyholder […]
Section 27-32-39 Priority of claims of policyholders and beneficiaries – Reinsuring of policies. (a) When, upon hearing, the circuit court having jurisdiction of a receivership shall determine it to be in the best interest of the policyholders and the public, the court may order and direct the receiver to reinsure the policies of the insurer […]
Section 27-32-4 Delinquency proceedings – Commencement; grant or denial of application. The commissioner shall commence any such proceedings by application to the court for an order directing the insurer to show cause why the commissioner should not have the relief requested. On the hearing of such order to show cause, the court shall either deny […]
Section 27-32-40 Priority of claims of policyholders and beneficiaries – Classification of policyholders and beneficiaries. The circuit court having jurisdiction over a receivership for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish between classes of policyholders or beneficiaries and establish priorities for each such class for payment of claims, sharing […]
Section 27-32-41 Priority of claims of policyholders and beneficiaries – Liability of receiver. A receiver of an insolvent insurer in liquidation or rehabilitation acting upon order of a circuit court having jurisdiction over said receivership shall not be liable to civil suit for obeying or carrying out the terms of such court order or in […]
Section 27-32-5 Injunctions and restraining orders. (a) Upon application by the commissioner for such an order to show cause, or at any time thereafter, the court may, without notice, issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents, and all other persons from the transaction of its business or the waste […]
Section 27-32-6 Grounds – Rehabilitation of domestic insurers. The commissioner may apply to the court for an order appointing him as receiver of, and directing him to rehabilitate, a domestic insurer upon one or more of the following grounds. That the insurer: (1) Is impaired or insolvent; (2) Has refused to submit any of its […]
Section 27-32-7 Grounds – Liquidation of domestic or alien insurers. The commissioner may apply to the court for an order appointing him as receiver, if his appointment as receiver shall not be then in effect, and directing him to liquidate the business of a domestic insurer or of the United States branch of an alien […]
