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Home » US Law » 2022 Code of Alabama » Title 27 - Insurance. » Chapter 37 - Assets.

Section 27-37-1 – Assets – Generally.

Section 27-37-1 Assets – Generally. In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: (1) Cash in the possession of the insurer or in transit under its control, and including the true balance of any […]

Section 27-37-2 – Assets – Exclusions.

Section 27-37-2 Assets – Exclusions. In addition to assets impliedly excluded by the provisions of Section 27-37-1, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Good will, trade names, and other like intangible assets; (2) Advances to officers, directors, and controlling stockholders, other […]

Section 27-37-3 – Assets and Liabilities as Deductions.

Section 27-37-3 Assets and liabilities as deductions. Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets and deductions from assets may be charged as liabilities in accordance with the form of an annual statement applicable to the insurer as prescribed by the commissioner or otherwise in […]

Section 27-37-4 – Disallowance of Assets or Credits for Deception.

Section 27-37-4 Disallowance of assets or credits for deception. (a) The commissioner shall disallow as an asset or as a credit against liabilities any reinsurance found by him after a hearing thereon to have been arranged for on a temporary basis for the purpose principally of deception as to the ceding insurer’s financial condition as […]

Section 27-37-5 – Valuation – Bonds and Other Evidences of Debt.

Section 27-37-5 Valuation – Bonds and other evidences of debt. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer shall, if amply secured and not in default as to principal or interest, be valued as follows: (1) If purchased at par, at the par […]

Section 27-37-8 – Valuation – Funeral Supplies and Equipment.

Section 27-37-8 Valuation – Funeral supplies and equipment. Funeral supply inventories owned by the insurer shall be valued at an amount not exceeding cost to the insurer or market value, whichever is lower. Funeral equipment owned by the insurer shall be valued at an amount not in excess of cost to the insurer reduced by […]

Section 27-37-9 – Valuation – Purchase Money Mortgages.

Section 27-37-9 Valuation – Purchase money mortgages. Purchase money mortgages on real property shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or the unpaid balance of the debt secured by such mortgage, whichever is less. (Acts 1971, No. 407, p. 707, §753.)