Code of Alabama - Title 27: Insurance - Chapter 6 - Administration of Deposits

• Section 27-6-1 Deposits of insurers - Authorized deposits
  The following deposits of insurers, when made through the commissioner, shall be accepted and held and shall be subject to the provisions of this chapter:...
• Section 27-6-2 Deposits of insurers - Purposes for which held
  Such deposits shall be held for purposes as follows: (1) Deposits made in this state under Sections 27-3-11, 27-3-12, and 27-3-14 of this title shall...
• Section 27-6-3 Deposits of insurers - Composition
  (a) All such deposits required under Sections 27-3-11, 27-3-12, and 27-3-14 for authority to transact insurance in this state shall consist of certified checks, or...
• Section 27-6-4 Deposits of insurers - State Treasurer as custodian
  (a) Deposits made in this state under Sections 27-3-11, 27-3-12, and 27-3-14, together with deposit of reserves of domestic life insurers under registered policies heretofore...
• Section 27-6-5 Deposits of insurers - Record of securities and assets
  The commissioner shall keep a record of the securities and assets comprising each deposit, showing by item the amount and market value and of all...
• Section 27-6-6 Securities and assets - Assignment and reassignment, etc.; appraisal or valuation
  (a) All securities not negotiable by delivery and deposited by an insurer shall be duly assigned to the commissioner and his successors in office. All...
• Section 27-6-7 Securities and assets - Power of attorney to sell, etc
  In lieu of the assignment, transfer, or conveyance of securities and assets to the commissioner as provided for in subsection (a) of Section 27-6-6 and...
• Section 27-6-8 Securities and assets - Authority to sell; exception
  The commissioner shall exercise the power granted by the power of attorney provided for in Section 27-6-7 or otherwise sell any security or asset under...
• Section 27-6-9 Power of attorney - Safekeeping; return
  The power of attorney provided for in Section 27-6-7 shall be kept by the commissioner in a place of safekeeping and may be physically attached...
• Section 27-6-10 Power of attorney - New power of attorney
  If less than all of the securities or assets covered by any such power of attorney is returned to the insurer or its trustee or...
• Section 27-6-11 Excess deposits
  An insurer may so deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than...
• Section 27-6-12 Rights of solvent insurers
  So long as the insurer remains solvent and is in compliance with this title, it may: (1) Demand, receive, maintain actions for, and recover the...
• Section 27-6-13 Sale of surety insurers' special deposit to pay outstanding judgment
  (a) If any surety insurer which has made the deposit provided for in Section 27-3-12 fails or refuses to pay any final judgment entered against...
• Section 27-6-14 Curing of deficiency in market value of deposit
  (a) If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls...
• Section 27-6-15 Release of deposit - Generally
  (a) All deposits in this state made under this title shall be held on deposit as long as there is outstanding any liability of the...
• Section 27-6-16 Release of deposit - Filing of statement; authorization of release
  (a) Before authorizing the release of any deposit or excess portion thereof to the insurer, as provided in Section 27-6-15, the commissioner shall require the...

Last modified: May 3, 2021