Code of Alabama - Title 27: Insurance - Section 27-30-9 - Certificate of authority - Issuance or refusal

Section 27-30-9 - Certificate of authority - Issuance or refusal.

If, upon completion of the application for a certificate of authority, the commissioner finds:

(1) That the documents filed with the application are lawful and equitable in terms and have been properly executed and filed;
(2) That the applicant has the amount of unimpaired paid-in capital stock and/or surplus as required under this chapter and has made the deposit required under Section 27-30-18;
(3) That the forms of contracts, policies, or other agreements proposed to be used by the association in this state fulfill the requirements of Section 27-30-14 and are not disapproved by him on any ground referred to in subsection (c) of Section 27-30-14;
(4) That the proposed schedule of fees, dues, contributions, or other sums to be charged or received by the association are provided for on a practical and feasible basis and would be adequate in amount to cover the risks and obligations to be assumed by the association under its certificates, policies, and agreements, together with its reasonable expenses of operation;
(5) That the management and affairs of the association will be conducted under the actual and active control, direction, and supervision of directors or trustees, officers, and other management personnel, each of whom is an individual of good character and reputation and with sufficient education, training, or experience to be reasonably competent in the fulfillment of his duties and responsibilities relative to the association; and
(6) That the applicant is otherwise entitled to a certificate of authority under this chapter,

he shall issue to the association a proper certificate of authority; if he does not so find, the commissioner shall issue his order refusing such certificate. The commissioner shall act upon an application for a certificate of authority within a reasonable period after its completion.

(Acts 1935, No. 114, p. 165; Acts 1971, No. 407, p. 707, §565.)

Last modified: May 3, 2021