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Code of Alabama - Title 27: Insurance - Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers
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- Section 27-32-1 Definitions
For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY. ...
- Section 27-32-2 Purpose of chapter; construction thereof
The purpose of this chapter is to promote effectiveness, economy and uniformity in the rehabilitation, reorganization, conservation and liquidation of insurers doing business in ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- Section 27-32-8 Grounds - Conservation of assets - Foreign insurers
The commissioner may apply to the court for an order appointing him as receiver, or ancillary receiver, and directing him to conserve the assets ...
- Section 27-32-9 Grounds - Conservation of assets - Alien insurers
The commissioner may apply to the court for an order appointing him as receiver, or ancillary receiver, and directing him to conserve the assets ...
- Section 27-32-10 Grounds - Ancillary liquidation of foreign insurers
The commissioner may apply to the court for an order appointing him as ancillary receiver of, and directing him to liquidate, the business of ...
- Section 27-32-11 Orders - Rehabilitation of domestic insurers
(a) An order to rehabilitate a domestic insurer shall direct the commissioner forthwith to take possession of the property of the insurer and to ...
- Section 27-32-12 Orders - Liquidation - Domestic insurers
(a) An order to liquidate the business of a domestic insurer shall direct the commissioner forthwith to take possession of the property of the ...
- Section 27-32-13 Orders - Liquidation - Alien insurers
An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in ...
- Section 27-32-14 Conservation or liquidation of property
(a) An order to conserve the assets of a foreign or alien insurer shall require the commissioner forthwith to take possession of the property ...
- Section 27-32-15 Conduct of delinquency proceedings - Domestic and alien insurers
(a) Whenever under this chapter a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint ...
- Section 27-32-16 Conduct of delinquency proceedings - Foreign insurers
(a) Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the ...
- Section 27-32-17 Claims in delinquency proceedings - Nonresidents against domestic insurers
(a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ...
- Section 27-32-18 Claims in delinquency proceedings - Residents against foreign insurers
(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this ...
- Section 27-32-19 Claims in delinquency proceedings - Form; time; notice and hearing; order
(a) All claims against an insurer against which delinquency proceedings have been begun shall set forth in reasonable detail the amount of the claim, ...
- Section 27-32-20 Claims in delinquency proceedings - Priorities
(a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if ...
- Section 27-32-21 Attachment, garnishment, and execution
During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or ...
- Section 27-32-22 Uniform Insurers Liquidation Act
(a) Subdivisions (2) through (13) of Section 27-32-1, together with Sections 27-32-4, 27-32-5 and 27-32-15 through 27-32-22 constitute, and may be referred to as, ...
- Section 27-32-23 Deposit of moneys collected
The moneys collected by the commissioner in a proceeding under this chapter shall be from time to time deposited in one or more state ...
- Section 27-32-24 Exemption of commissioner from fees
The commissioner shall not be required to pay any fee to any public officer in this state for filing, recording, or issuing a transcript ...
- Section 27-32-25 Loans to facilitate rehabilitation, etc., of insurer
For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the commissioner may, subject to the ...
- Section 27-32-26 Fixation of rights and liabilities on liquidation of insurer
The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall, ...
- Section 27-32-27 Voidable transfers and liens
(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four months prior to the granting ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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) ...
- 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 ...
- 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 ...
- 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, ...
- 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 ...
- 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 ...
- 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 ...
Last modified: February 19, 2012
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