Section 27-6-1 Deposits of insurers – Authorized deposits. The following deposits of insurers, when made through the commissioner, shall be accepted and held and shall be subject to the provisions of this chapter: (1) Deposits required under this title for authority to transact insurance in this state; (2) Deposits of domestic insurers when made pursuant […]
Section 27-6-10 Power of attorney – New power of attorney. If less than all of the securities or assets covered by any such power of attorney is returned to the insurer or its trustee or agent, the commissioner may require the insurer to deliver to him, as a condition precedent to the return of such […]
Section 27-6-11 Excess deposits. An insurer may so deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than 20 percent of such required or permitted deposit or $100,000.00, whichever is the larger amount, for the purpose of absorbing fluctuations in the value of securities […]
Section 27-6-12 Rights of solvent insurers. So long as the insurer remains solvent and is in compliance with this title, it may: (1) Demand, receive, maintain actions for, and recover the income from the securities or assets deposited; (2) Exchange and substitute for the deposited securities or assets, or any part thereof, other eligible securities […]
Section 27-6-13 Sale of surety insurers’ special deposit to pay outstanding judgment. (a) If any surety insurer which has made the deposit provided for in Section 27-3-12 fails or refuses to pay any final judgment entered against it upon any bond or undertaking from which no appeal and supersedeas has been taken for 30 days […]
Section 27-6-14 Curing of deficiency in market value of deposit. (a) If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient […]
Section 27-6-15 Release of deposit – Generally. (a) All deposits in this state made under this title shall be held on deposit as long as there is outstanding any liability of the insurer with respect to which the deposit was made. (b) Any such deposit shall be released and returned: (1) To the insurer upon […]
Section 27-6-16 Release of deposit – Filing of statement; authorization of release. (a) Before authorizing the release of any deposit or excess portion thereof to the insurer, as provided in Section 27-6-15, the commissioner shall require the insurer to file with him a statement under its seal and the oath of its chief executive officer, […]
Section 27-6-2 Deposits of insurers – Purposes for which held. Such deposits shall be held for purposes as follows: (1) Deposits made in this state under Sections 27-3-11, 27-3-12, and 27-3-14 of this title shall be held for the purposes stated in the respective sections; (2) A deposit made in this state by a domestic […]
Section 27-6-3 Deposits of insurers – Composition. (a) All such deposits required under Sections 27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist of certified checks, or certificates of deposit or any combination of securities, the market value of which is readily ascertainable, and, if negotiable by delivery or assignment, […]
Section 27-6-4 Deposits of insurers – State Treasurer as custodian. (a) Deposits made in this state under Sections 27-3-11, 27-3-12, and 27-3-14, together with deposit of reserves of domestic life insurers under registered policies heretofore issued, shall be made through the commissioner with the Treasurer of the State of Alabama. (b) The State Treasurer, in […]
Section 27-6-5 Deposits of insurers – Record of securities and assets. The commissioner shall keep a record of the securities and assets comprising each deposit, showing by item the amount and market value and of all his transactions relative thereto. (Acts 1971, No. 407, p. 707, §101.)
Section 27-6-6 Securities and assets – Assignment and reassignment, etc.; appraisal or valuation. (a) All securities not negotiable by delivery and deposited by an insurer shall be duly assigned to the commissioner and his successors in office. All other assets so deposited shall be duly transferred or conveyed to the commissioner. Upon release of any […]
Section 27-6-7 Securities and assets – Power of attorney to sell, etc. In lieu of the assignment, transfer, or conveyance of securities and assets to the commissioner as provided for in subsection (a) of Section 27-6-6 and at all events in connection with any deposit heretofore or hereafter made through the commissioner, the commissioner may […]
Section 27-6-8 Securities and assets – Authority to sell; exception. The commissioner shall exercise the power granted by the power of attorney provided for in Section 27-6-7 or otherwise sell any security or asset under any assignment, transfer or conveyance pursuant to Section 27-6-6, only pursuant to, and in accordance with, an order of a […]
Section 27-6-9 Power of attorney – Safekeeping; return. The power of attorney provided for in Section 27-6-7 shall be kept by the commissioner in a place of safekeeping and may be physically attached to the securities or assets described therein. Whenever such securities or assets, or any portion thereof, are returned to the insurer which […]
