Code of Alabama - Title 27: Insurance - Chapter 3 - Authorization of Insurers

• Section 27-3-1 Certificate of authority - Requirement
  (a) No person shall act as an insurer and no insurer shall transact insurance in this state unless so authorized by a subsisting certificate of...
• Section 27-3-2 Certificate of authority - Exceptions - Generally
  A certificate of authority shall not be required of an insurer with respect to the following: (1) Transactions relative to its policies lawfully written in...
• Section 27-3-3 Certificate of authority - Exceptions - Investment in real estate or securities secured thereby
  A foreign insurer may transact business in this state without certificate of authority for the purpose, and to the extent only, of investing its funds...
• Section 27-3-4 Authority to transact insurance - Eligibility
  To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with this title and with its...
• Section 27-3-5 Authority to transact insurance - Use of name by insurer
  (a) No insurer shall be authorized to transact insurance which has or uses a name so similar to that of another insurer already so authorized...
• Section 27-3-6 Authority to transact insurance - Kind or combinations of kinds - Restrictions
  An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in Chapter 5...
• Section 27-3-6.1 Authority to transact insurance - Kind or combinations of kinds - Closing or settlement protection
  (a) Notwithstanding the provisions of subdivision (3) of Section 27-3-6, a title insurer may issue closing or settlement protection to a person who is a...
• Section 27-3-7 Authority to transact insurance - Kind or combinations of kinds - Minimum paid-in capital stock and surplus
  (a) To qualify for authority to transact any one kind of insurance, as defined in Chapter 5 of this title, or combination of kinds of...
• Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special surplus
  (a) In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual and reciprocal insurers) required by Section 27-3-7, special surplus shall...
• Section 27-3-9 Minimum capital and surplus for new domestic stock life insurance company
  The minimum capital required to form and organize a new domestic stock life insurance company shall be $1,000,000.00, and in addition thereto the minimum surplus...
• Section 27-3-10 Application of capital surplus to reduction or elimination of deficit by domestic stock insurers
  (a) For the purposes of this section, the following words and phrases shall have the following meanings: (1) DOMESTIC STOCK INSURER. A corporation incorporated under...
• Section 27-3-11 Deposit requirements - Generally
  (a) The commissioner shall not issue or permit to exist a certificate of authority as to any insurer, other than an alien insurer, unless it...
• Section 27-3-12 Deposit requirements - Special deposit - Surety insurers
  (a) In addition to the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and maintain deposited with the Treasurer of this...
• Section 27-3-13 Deposit requirements - Special deposit - Title insurers
  (a) For authority to transact such insurance in this state, a foreign title insurer shall have and maintain on deposit in this state for the...
• Section 27-3-14 Deposit requirements - Alien insurers - Generally
  (a) An alien insurer shall not have authority to transact insurance in this state unless it has and maintains within the United States as deposits...
• Section 27-3-15 Deposit requirements - Alien insurers - Trusteed assets
  (a) In order to comply with the requirements of Section 27-3-14, an alien insurer shall appoint citizens of the United States of America or public...
• Section 27-3-16 Lloyd's insurers
  Aggregations of individuals as underwriters, whether domestic, foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's," whereby each underwriter is liable for...
• Section 27-3-17 Application for certificate of authority - Filing
  To apply for an original certificate of authority an insurer shall file with the commissioner its application therefor, accompanied by the applicable fees as specified...
• Section 27-3-18 Application for certificate of authority - Issuance or refusal; ownership of certificate
  (a) If upon completion of the application for a certificate of authority the commissioner finds that the insurer has met the requirements for and is...
• Section 27-3-19 Continuance, expiration, reinstatement and amendment of certificates
  (a) Certificates of authority issued or renewed under this title shall continue in force as long as the insurer is entitled thereto under this title...
• Section 27-3-20 Suspension or revocation of certificates - Mandatory grounds; notice and hearing
  (a) The commissioner shall suspend or revoke an insurer's certificate of authority: (1) If such action is required by any provision of this title; (2)...
• Section 27-3-21 Suspension or revocation of certificates - Additional grounds; notice and hearing
  (a) The commissioner may, in his discretion, suspend or revoke an insurer's certificate of authority if, after a hearing thereon, he finds that the insurer...
• Section 27-3-22 Suspension or revocation of certificates - Order and notices
  (a) Suspension or revocation of an insurer's certificate of authority shall be by the commissioner's order given to the insurer as provided by Section 27-2-18....
• Section 27-3-23 Suspension or revocation of certificates - Duration of suspension; obligations of insurer during suspension; reinstatement
  (a) Suspension of an insurer's certificate of authority shall be for such period as is fixed by the commissioner in the order of suspension, but...
• Section 27-3-24 Service of process on insurers - Appointment of commissioner as agent
  (a) Each insurer applying for a certificate of authority to transact business in this state shall file with the commissioner an appointment of the commissioner...
• Section 27-3-25 Service of process on insurers - How served; time to answer or plead
  (a) Service of process upon the commissioner as process agent of the insurer under Section 27-3-24 shall be made by the proper officer of Montgomery...
• Section 27-3-26 Annual statement of insurers; furnishing of other information on request
  (a) Each authorized insurer shall, annually on or before March 1, or within such extension of time not exceeding 30 days after March 1 as...
• Section 27-3-26.1 Annual statement to include statement of qualified independent loss reserve specialist
  Every property or casualty insurer required to file an annual statement with the commissioner on March 1 of each year preceding, pursuant to Section 27-3-26,...
• Section 27-3-27 Insurers to do business through licensed agents, etc.; exceptions
  (a) No insurer shall, in this state, directly or indirectly, accept applications for insurance, negotiate for or issue any policy or contract of insurance or...
• Section 27-3-28 Execution of contracts through countersigning resident agent; exceptions
  Repealed by Act 2001-702, p. 1509, §16, effective January 1, 2002.
• Section 27-3-29 Protection of state insurers against foreign discriminatory or onerous requirements
  (a) The purpose of this section is to aid in the protection of insurers formed under the laws of Alabama and transacting insurance in other...
• Section 27-3-30 Foreign insurer may become domestic insurer; method; certificate and license eligibility; authority and jurisdiction of state; continuation of corporate existence and date of incorporation
  Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of...
• Section 27-3-31 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders
  Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to...
• Section 27-3-32 Domestic insurer may transfer domicile to another state and be admitted as foreign insurer if so qualified; approval of Commissioner of Insurance; effect of interests of policyholders; effect upon certificates of authority, agents, etc., including outstanding policies; insurer's duty to file new policy forms; insurer's duty to notify commissioner of details of transfer and file amendments required by law
  The certificate of authority, agents appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence...
• Section 27-3-33 Rules and regulations
  The Commissioner of Insurance of this state may promulgate necessary rules and regulations to carry out the purposes of Sections 27-3-30 through 27-3-32.

Last modified: May 3, 2021