Code of Alabama - Title 27: Insurance - Chapter 29 - Insurance Holding Company Systems

• Section 27-29-1 Definitions
  For purposes of this chapter, unless otherwise stated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AFFILIATE. The...
• Section 27-29-2 Subsidiaries and affiliates of domestic insurers
  (a) Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The...
• Section 27-29-3 Acquisition of control of, or merger with, domestic insurers
  (a)(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any...
• Section 27-29-3.1 Acquisition involving change in control of insurer authorized to do business in Alabama; pre-acquisition notification; violation of competitive standards
  (a) The following definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement or arrangement the consummation of which results in...
• Section 27-29-4 Registration of insurers
  (a)(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register...
• Section 27-29-5 Transactions of insurers with affiliates; adequacy of surplus; dividends and other distributions
  (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the...
• Section 27-29-6 Registered insurers - Examination of records, etc., of insurer or affiliates
  (a) Subject to the limitation contained in this section and in addition to the powers which the commissioner has under Sections 27-2-7, 27-2-21, 27-2-23, and...
• Section 27-29-6.1 Registered insurers - Supervisory colleges
  (a) With respect to any insurer registered under Section 27-29-4, and in accordance with subsection (c), the commissioner shall also have the power to participate...
• Section 27-29-6.2 Group-wide supervisor for internationally active insurance group
  (a)(1) The commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. The commissioner may otherwise acknowledge...
• Section 27-29-7 Confidentiality of documents, materials, or other information; powers of commissioner; disclosure and sharing of documents, etc
  (a) All documents, materials, or other information, and copies thereof, in the possession or control of the department that are obtained by or disclosed to...
• Section 27-29-8 Rules, regulations, and orders
  The commissioner may issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter.
• Section 27-29-9 Injunctions; prohibitions against voting securities; sequestration of voting securities
  (a) Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent thereof has committed, or is about to...
• Section 27-29-10 Violations and penalties; criminal proceedings
  (a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall be required, after notice and hearing, to...
• Section 27-29-11 Delinquency proceedings and rehabilitation
  Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic...
• Section 27-29-11.1 Recovery rights of receivers
  (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right...
• Section 27-29-12 Suspension, revocation or nonrenewal of insurer's license or authority to do business
  Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary...
• Section 27-29-13 Judicial review of actions by commissioner; petition for mandamus against same
  (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this chapter may appeal...
• Section 27-29-14 Short title
  This chapter may be cited as the Alabama Insurance Holding Company System Regulatory Act.

Last modified: May 3, 2021