Section 27-41-1 Applicability of chapter. Except as provided in Section 27-41-39, this chapter shall apply to all domestic insurers and health maintenance organizations. (Acts 1977, No. 408, p. 530, §1; Acts 1993, No. 93-675, p. 1240, §13.)
Section 27-41-10 Particular investments – Bonds, etc., issued by states, counties, municipalities, etc., to provide funds for public projects, etc. An insurer may invest in bonds and other evidences of indebtedness which are obligations of any state, county, city, town, village, municipality, district, or other political subdivision of any state or of any instrumentality or […]
Section 27-41-11 Particular investments – Bonds, etc., of local public housing authorities. An insurer may invest in bonds, debentures, or other evidences of indebtedness of local public housing authorities existing under the laws of the United States or of any state if such obligations are: (1) Secured by a pledge of annual contributions unconditionally payable […]
Section 27-41-12 Particular investments – Obligations issued or guaranteed by certain federal agencies. An insurer may invest in obligations issued or guaranteed by the following agencies of the United States of America: (1) Commodity Credit Corporation; (2) Federal intermediate credit banks; (3) Federal land banks; (4) Central bank for cooperatives; (5) Federal home loan banks; […]
Section 27-41-13 Particular investments – Bonds, etc., issued, etc., by Canadian government, provinces thereof, etc. An insurer may invest in bonds or other evidences of indebtedness issued, assumed, or guaranteed by Canada or any province thereof or issued by any municipality in Canada having a population of 25,000 or more. (Acts 1977, No. 408, p. […]
Section 27-41-14 Particular investments – Obligations issued, etc., by International Bank for Reconstruction and Development and National Mortgage Association. (a) An insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development. (b) An insurer may invest in the obligations of the Federal National Mortgage Association. (c) An insurer […]
Section 27-41-15 Particular investments – Obligations of American and Canadian institutions generally. An insurer may invest in secured and unsecured obligations bearing interest at a fixed rate, with mandatory principal and interest being due at specified times, of any solvent institution engaged in any lawful business and existing under the laws of the United States […]
Section 27-41-16 Particular investments – Preferred or guaranteed stocks or shares of American corporations. An insurer may invest in the preferred or guaranteed stocks or shares of any solvent corporation engaged in any lawful business and existing under the laws of the United States or any state thereof if the prior obligations of the issuing […]
Section 27-41-17 Particular investments – Common stocks or shares and capital stocks of American and Canadian corporations. (a) An insurer may invest in common stocks or shares of any solvent corporation engaged in any lawful business and existing under the laws of the United States or any state thereof or of Canada or any province […]
Section 27-41-18 Particular investments – American insurance stocks. An insurer may invest in the stocks of other solvent insurers formed under the laws of the United States or any state thereof, provided that the total amount of the insurer’s investments in excess of the net asset value of the stock acquired shall not at any […]
Section 27-41-19 Particular investments – Transportation equipment trust obligations; notes, etc., secured by leases, agreements, etc., relating to manufacturing, mining, etc., machinery, etc. (a) An insurer may invest in equipment trust obligations or certificates which are adequately secured evidencing an interest in transportation equipment wholly or in part within the United States and a right […]
Section 27-41-2 Definitions. As used in this chapter, the following terms shall have the respective meanings herein set forth, unless the context shall otherwise require: (1) ALABAMA INSURANCE CODE. Title 27 of this code. (2) INSURER. The term shall have the meaning ascribed in Section 27-1-2 and shall include health maintenance organizations. (3) PERSON. The […]
Section 27-41-20 Particular investments – Leased line obligations of railroads; terminal obligations of railroads and other common carriers. An insurer may invest in: (1) Leased line obligations of railroads where all of the fixed interest-bearing obligations of the lessee meet the standards prescribed in Section 27-41-15. (2) Terminal obligations of railroads and other common carriers […]
Section 27-41-21 Particular investments – Obligations of religious institutions or societies. An insurer may invest in secured and unsecured obligations of religious institutions or societies located within the United States if the institution or society has not defaulted in payment of principal or interest on any of its obligations during the five years preceding the […]
Section 27-41-22 Particular investments – Loans secured by liens on interests in oil, gas, or condensate properties, etc. An insurer may invest in adequately secured loans secured by first liens on interests in oil, gas, or condensate properties or leaseholds in the United States and Canada on which there are fully completed commercially producing wells. […]
Section 27-41-23 Particular investments – Certificates, etc., issued by trustees or receivers of institutions being administered under court direction. An insurer may invest in certificates, notes, or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state thereof which, or the […]
Section 27-41-24 Particular investments – Loans secured by pledges of securities or pledges or assignments of life insurance policies. An insurer may invest in loans with a maturity not in excess of five years from the date thereof which are secured by pledge of securities eligible for investment under this chapter or by the pledge […]
Section 27-41-25 Particular investments – Policy loans. A life insurer may lend to its policyholder upon the security of the policy any sum not exceeding the cash surrender value of the policy or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations so long as the loan […]
Section 27-41-26 Particular investments – Shares or savings accounts of savings and loan associations. An insurer may invest in shares or savings accounts of savings and loan associations insured by the Federal Savings and Loan Insurance Corporation. (Acts 1977, No. 408, p. 530, §26.)
Section 27-41-27 Particular investments – Securities, etc., of foreign countries. (a) An insurer may invest in securities or other investments (1) issued in, (2) located in, (3) denominated in the currency of, (4) whose ultimate payment amounts of principal or interest are subject to fluctuations in the currency of, or (5) whose obligors are domiciled […]
