Code of Alabama - Title 27: Insurance - Chapter 30 - Mutual Aid Associations

• Section 27-30-1 "Mutual aid association" defined
  For the purposes of this title, a "mutual aid association," whether otherwise known as a "benefit" or "industrial" company or by whatever other name called,...
• Section 27-30-2 Applicability of chapter - Generally
  (a) This chapter applies only to domestic mutual aid associations, as defined in Section 27-30-1. (b) No provision of this title shall apply to mutual...
• Section 27-30-3 Applicability of chapter - Exceptions
  The designation "mutual aid association" and this chapter do not apply as to: (1) Any secret or benevolent society, such as Masons, Odd Fellows, Knights...
• Section 27-30-4 Authorization to act as, or for, association - Generally
  (a) No person shall in this state be, act as or hold itself out to be a mutual aid association except in compliance with this...
• Section 27-30-5 Authorization to act as, or for, association - Requirements
  No person shall hereafter be authorized or hold authority to transact business in this state as a mutual aid association unless it is otherwise in...
• Section 27-30-6 Capital stock or surplus requirements for existing associations
  Any domestic mutual aid association which immediately prior to January 1, 1972, lawfully held a certificate of authority or license to transact such business in...
• Section 27-30-6.1 Authority to increase paid-in capital stock and paid-in surplus; contracts or policies on any one life and accidental death benefits
  (a) All mutual aid associations which have held valid certificates of authority under Sections 27-30-1 through 27-30-33 for a period of five years prior to...
• Section 27-30-7 Name of association
  Every mutual aid association shall have and use in its transactions a corporate name suited to the character and purposes of the association. No such...
• Section 27-30-8 Certificate of authority - Application
  (a) To apply for a certificate of authority, a mutual aid association shall file with the commissioner its application therefor, on forms as prescribed and...
• 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...
• Section 27-30-10 Certificate of authority - Expiration; renewal
  (a) The certificate of authority of a mutual aid association issued under this chapter shall expire annually at midnight on the May 31 next following...
• Section 27-30-11 Certificate of authority - Suspension or revocation - Grounds
  (a) The commissioner shall suspend or revoke the certificate of authority of a mutual aid association if he finds, upon examination or other evidence, that...
• Section 27-30-12 Certificate of authority - Suspension or revocation - Procedure
  (a) If suspension or revocation of certificate of authority relates to grounds other than the financial condition of the association, the commissioner shall give the...
• Section 27-30-13 Commissioner as agent for process; service of process; notice of change of address
  (a) Every mutual aid association, at the time of filing application for its certificate of authority, shall, by a duly executed instrument filed with the...
• Section 27-30-14 Contracts - Issuance; contents; approval by commissioner
  (a) A mutual aid association shall issue to each member or policyholder a contract, in the English language, printed or reproduced by other easily legible...
• Section 27-30-15 Contracts - Limits of risk
  (a) An association shall not, at any one time, have in force any contract, or any number of contracts, covering the same individual, whether such...
• Section 27-30-16 Contracts - Annual valuation - Benefits payable in cash
  (a) The commissioner shall each year compute the net value as of December 31 of the preceding year of all benefits payable in cash under...
• Section 27-30-17 Contracts - Annual valuation - Benefits, aid, or services other than cash
  (a) The commissioner shall each year cause all outstanding contracts or policies of every mutual aid association to be carefully valued as of December 31...
• Section 27-30-18 Deposit - Amounts; purpose; kind
  (a) Each mutual aid association shall, prior to issuance of its certificate of authority, deposit and thereafter maintain on deposit with the Treasurer of the...
• Section 27-30-19 Deposit - Administration
  (a) Deposits of mutual aid associations, heretofore or hereafter made with the State Treasurer under Section 27-30-18 or under laws heretofore in force, shall be...
• Section 27-30-20 Funds of association
  The funds of a mutual aid association shall be in cash or invested as provided by the laws of this state with respect to such...
• Section 27-30-21 Accounts and records
  (a) Every mutual aid association shall keep complete and accurate accounts and records of its affairs and transactions, in accordance with the usual and accepted...
• Section 27-30-22 Annual statement; furnishing of other information
  (a) Each mutual aid association shall, annually on or before March 1, file with the commissioner a full and true statement of its financial condition,...
• Section 27-30-23 Duty of officers and agents
  Any officer or agent of a mutual aid association whose duty it is to maintain its accounts and records, or to make the annual report...
• Section 27-30-24 Examinations by commissioner
  The commissioner shall, at least once every three years and oftener whenever he deems it prudent to do so, examine each mutual aid association doing...
• Section 27-30-25 Exemption of resident members', etc., interest from process
  The interest of resident members and policyholders of mutual aid associations therein, and of resident beneficiaries provided for thereby, is exempt from all process for...
• Section 27-30-26 Incorporation and financing of new associations
  New domestic mutual aid associations, whether stock corporations or mutual corporations, shall hereafter be incorporated and financed under the same provisions and procedures as apply...
• Section 27-30-27 Qualification of corporation for original certificate of authority
  (a) When applying for an original certificate of authority, a domestic corporation formed to transact a mutual aid business on the mutual plan must be...
• Section 27-30-28 Increase or decrease of capital stock
  (a) A domestic mutual aid association incorporated on the stock plan, whether heretofore or hereafter formed, may increase or decrease the amount of its authorized...
• Section 27-30-29 Membership; meetings of members; voting rights
  (a) Every holder of a policy, certificate, or benefit agreement issued by the association and then in force shall be deemed to be a member...
• Section 27-30-30 Directors or trustees
  (a) The affairs of every domestic mutual aid association shall be governed by a board of directors or board of trustees consisting of not less...
• Section 27-30-32 Applicability of Chapters 7 and 8A
  Persons representing or aiding a mutual aid association in the solicitation of business and the mutual aid association with respect thereto shall be subject to...
• Section 27-30-33 Applicability of other provisions
  In addition to those contained or referred to in this chapter, the following chapters and sections of this title shall apply to mutual aid associations...
• Section 27-30-34 Provision of domestic life and disability insurance pursuant to Chapter 3
  Mutual aid associations organized and authorized under the provisions of this chapter are, in addition to those authorizations and responsibilities stated in Sections 27-17-16, 27-30-1,...

Last modified: May 3, 2021