reglab/housing_qa huggingface dataset:
AL Code § 27-35-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-4 - Conversion Into Stock or Mutual Life Insurance Company - Ratification or Amendment of Articles of Incorporation - Generally.

Section 27-35-4Conversion into stock or mutual life insurance company - Ratification or amendment of articles of incorporation - Generally. Pursuant to the notice provided for in Section 27-35-3, the supreme governing or legislative body shall adopt a resolution authorizing the conversion of the society into a stock or mutual insurer, as the case may be, and shall ratify articles of incorporation, if the society is then unincorporated, or amend the society's articles of incorporation if it is then incorporated, to comply with the requirements of this title. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §730.)
AL Code § 27-35-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-5 - Conversion Into Stock or Mutual Life Insurance Company - Ratification or Amendment of Articles of Incorporation - Filing.

Section 27-35-5Conversion into stock or mutual life insurance company - Ratification or amendment of articles of incorporation - Filing. (a) The articles of incorporation so adopted or as so amended, as the case may be, shall be filed with the probate judge as required of domestic insurers under this title; except, that no bond or solicitation permit shall be required. (b) At the time of filing of articles of incorporation or amended articles of incorporation with the commissioner, the society shall likewise file a report of the meeting of its supreme governing or legislative body referred to in Sections 27-35-3 and 27-35-4, certified by the presiding officer thereof under the corporate seal, if the society has a corporate seal. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §731.)
AL Code § 27-35-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-6 - Conversion Into Stock or Mutual Life Insurance Company - Certificates of Incorporation and Authority.

Section 27-35-6Conversion into stock or mutual life insurance company - Certificates of incorporation and authority. The society shall have corporate existence as a domestic stock or mutual life insurer upon issuance of the certificate of incorporation by the commissioner or approval of the amended articles of incorporation, as the case may be; but it shall not transact business as an insurer until all its authorized capital stock, if a stock insurer, has been subscribed and paid in full and it has otherwise qualified for, and received from the commissioner, a certificate of authority as provided in this title for legal reserve insurers. (Acts 1971, No. 407, p. 707, §732.)
AL Code § 27-35-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-7 - Conversion Into Stock or Mutual Life Insurance Company - Provisions for Certificate Holders to Subscribe to Stock.

Section 27-35-7Conversion into stock or mutual life insurance company - Provisions for certificate holders to subscribe to stock. If the fraternal benefit society is to be converted into a stock life insurer, the plan of conversion shall make reasonable provisions under which each adult certificate holder of the society shall have the preemptive right to subscribe to and purchase that proportion of the total authorized capital which the amount of his insurance bears to the society's total insurance in force at a date to be specified in such plan; except, that if more than 75 percent of the society's adult certificate holders are residents of this state, such preemptive right may, in the commissioner's discretion, under the plan be limited to such residents. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §733.)
AL Code § 27-35-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-8 - Conversion Into Stock or Mutual Life Insurance Company - Completion; Effect.

Section 27-35-8Conversion into stock or mutual life insurance company - Completion; effect. (a) When a fraternal benefit society has complied with the provisions of this chapter and with the laws of this state relating to domestic stock life insurers or domestic mutual life insurers, as the case may be, and has received from the commissioner a certificate of authority to transact business in this state, its reorganization and conversion into such stock insurer or mutual insurer shall be complete. (b) The reorganized and converted corporation shall be deemed in law to be a continuation of the fraternal benefit society, whether the reorganization and conversion shall have been accomplished by the formation of a new corporation or by the amendment of the certificate of incorporation of the former society; and such reorganized and converted corporation shall succeed to, and become invested with, all and singular, the rights, privileges, franchises, and all property, real, personal, or mixed, and all debts due on any account and all other things in action theretofore belonging to such fraternal benefit society; and all property, rights, privileges, franchises, and all and every other interest shall thereafter be as effectually the property of such reorganized and converted corporation as they were of the former fraternal benefit society; and the title to any real estate, by deed or otherwise vested in such former fraternal benefit society, shall vest in such reorganized and converted corporation and shall not in any way be impaired by reason of the conversion. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §734.)
AL Code § 27-35-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-9 - Conversion Into Stock or Mutual Life Insurance Company - Preservation of Debts, Liabilities, and Duties.

Section 27-35-9Conversion into stock or mutual life insurance company - Preservation of debts, liabilities, and duties. Rights of creditors and all liens upon the property of the former fraternal benefit society shall be preserved unimpaired after the society's conversion, and the former fraternal benefit society shall be deemed to continue in existence in order to preserve the same; and all debts, liabilities, and duties of the former fraternal benefit society shall thenceforth attach to the reorganized and converted corporation and may be enforced against it to the same extent as if said debts, duties, and liabilities had been incurred or contracted by it. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §735.)
AL Code § 27-35-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-10 - Conversion Into Stock or Mutual Life Insurance Company - Obligation to Holders of Policies or Certificates; Pending Actions.

Section 27-35-10Conversion into stock or mutual life insurance company - Obligation to holders of policies or certificates; pending actions. (a) The reorganized and converted corporation shall be obligated to carry out and perform all of the obligations of every kind and character owing by the former fraternal benefit society to the holders of its policies or beneficial certificates, and the same may be enforced against it to the same extent as if the policies and beneficial certificates had been issued by it after such conversion. (b) Any pending actions wherein the former fraternal benefit society was a party shall be unaffected by the conversion thereof and shall be prosecuted by or against such reorganized and converted corporation the same as if the conversion had not taken place. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §736.)
AL Code § 27-35-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 35 - Conversion of Fraternal Benefit Societies.|Section 27-35-11 - Conversion Into Stock or Mutual Life Insurance Company - Separate Record of Premiums; Exemption From Premium Taxes.

Section 27-35-11Conversion into stock or mutual life insurance company - Separate record of premiums; exemption from premium taxes. The insurer, after conversion from a fraternal benefit society, shall maintain separate records of premiums received by it on account of policies and certificates originally issued while a fraternal benefit society and continuing in force without material change as to form or basis of premium. All such premiums shall be exempt from premium taxes to the same extent, if any, as to which exempted if currently received by a domestic fraternal benefit society. (Acts 1971, No. 407, p. 707, §737.)
AL Code § 27-36-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-1 - Liabilities Generally.

Section 27-36-1Liabilities generally. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: (1) The amount of its capital stock outstanding, if any; (2) The amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof; (3) With reference to life and disability insurance and annuity contracts: a. The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto; b. Reserves for disability benefits, for both active and disabled lives; c. Reserves for accidental death benefits; and d. Any additional reserves which may be required by the commissioner consistent with practice as last formulated or approved by the National Association of Insurance Commissioners, or its successor organization, on account of such insurance; (4) With reference to insurance other than specified in subdivision (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter; (5) Taxes, expenses and other obligations due or accrued at the date of the statement; and (6) In the case of life insurers, a securities valuation reserve calculated in accordance with the rules of the commissioner, which rules shall not be inconsistent with the rules and regulations promulgated by the National Association of Insurance Commissioners or its successor organization. (Acts 1971, No. 407, p. 707, §738.)
AL Code § 27-36-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-2 - Unearned Premium Reserve - Title Insurance.

Section 27-36-2Unearned premium reserve - Title insurance. (a) In addition to an adequate reserve as to outstanding losses as required under Section 27-36-1, a title insurer shall maintain an unearned premium reserve of not less than an amount computed as follows: (1) Ten percent of the total amount of the risk premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and (2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract shall be reduced by five percent of the original amount of such reserve. (b) The insurer may credit upon the reserve provided for by this section the amount of its deposit made under Section 27-3-13. (c) Title insurance risk premium shall not include charges for abstracting, record searching, certificates as to the record title, escrow and closing services, and other related services which may be offered or furnished, or the costs and expenses of examination of titles. (Acts 1971, No. 407, p. 707, §743.)
AL Code § 27-36-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-3 - Unearned Premium Reserve - Property, General Casualty and Surety Insurance.

Section 27-36-3Unearned premium reserve - Property, general casualty and surety insurance. (a) As to insurance against loss or damage to property, except as provided in Section 27-36-4, and as to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. (b) The commissioner may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. If the commissioner does not so require, the portions of the gross premium in force, less applicable reinsurance in solvent insurers, to be held as an unearned premium reserve, shall be computed according to the following table: Term for Which Policy Was Written Reserved for Unearned Premium1 year or less  1/22 years 1st year3/4 2nd year1/43 years 1st year5/6 2nd year1/2 3rd year1/64 years 1st year7/8 2nd year5/8 3rd year3/8 4th year1/85 years 1st year9/10 2nd year7/10 3rd year1/2 4th year3/10 5th year1/10Over 5 years pro rata  (c) In lieu of computation according to the table in subsection (b) of this section, the insurer, at its option, may compute all of such reserves on a monthly or more frequent pro rata basis. (d) After adopting a method for computing such reserve, an insurer shall not change methods without approval of the insurance supervisory official of its state of domicile. (e) This section does not apply to title insurance. (Acts 1971, No. 407, p. 707, §739.)
AL Code § 27-36-3.1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-3.1 - Unearned Premium Reserve - Bail Bond Surety Insurers.

Section 27-36-3.1Unearned premium reserve - Bail bond surety insurers.  In lieu of the unearned premium reserve required in Section 27-36-3, the Commissioner of Insurance may require any surety insurer or limited insurer to set up and maintain a reserve on all bail bonds or other single-premium bonds without a definite expiration date, furnished in judicial proceedings, equal to the lesser of 35 percent of the bail premiums in force or seven dollars ($7) per one thousand dollars ($1,000) of bail liability. This reserve shall be reported as a liability in financial statements required to be filed with the commissioner. Each insurer shall file a supplementary schedule showing bail premiums in force and bail liability and the associated special reserve for bail and judicial bonds with financial statements required by Section 27-3-26. Bail premiums in force do not include amounts retained by licensed bail bond agents or licensed managing general agents, but may not be less than 6.5 percent of the total consideration received for all bail bonds in force. (Act 2015-407, §1.)
AL Code § 27-36-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-4 - Unearned Premium Reserve - Marine and Transportation Insurance.

Section 27-36-4Unearned premium reserve - Marine and transportation insurance. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned, and the commissioner may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the date of statement. (Acts 1971, No. 407, p. 707, §740.)
AL Code § 27-36-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-5 - Active Life Reserve for Disability Insurance.

Section 27-36-5Active life reserve for disability insurance. For all disability insurance policies, the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the commissioner and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies. (Acts 1971, No. 407, p. 707, §741.)
AL Code § 27-36-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-6 - Increase of Inadequate Loss Reserves.

Section 27-36-6Increase of inadequate loss reserves. If loss experience shows that an insurer's loss reserves, however computed or estimated, are inadequate, the commissioner shall require the insurer to maintain loss reserves in such increased amount as is needed to make them adequate. (Acts 1971, No. 407, p. 707, §742.)
AL Code § 27-36-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36 - Liabilities.|Section 27-36-7 - Standard Valuation Law.

Section 27-36-7Standard Valuation Law. Repealed by Act 2016-411, §3, effective January 1, 2017. (Acts 1971, No. 407, p. 707, §744; Acts 1976, No. 370, p. 459, §2; Acts 1979, No. 79-661, p. 1142, §2; Acts 1981, No. 81-783, p. 1347, §2; Acts 1996, No. 96-784, p. 1426, §1.)
AL Code § 27-36A-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36A - Standard Valuation Law.|Section 27-36A-1 - Short Title.

Section 27-36A-1Short title.  This chapter shall be known as the Standard Valuation Law. (Act 2016-411, §2.)
AL Code § 27-36A-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36A - Standard Valuation Law.|Section 27-36A-2 - Definitions.

Section 27-36A-2Definitions.  For purposes of this chapter, the following definitions shall apply on or after the operative date of the valuation manual as defined by Section 27-36A-15: (1) ACCIDENT AND HEALTH INSURANCE. Contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. (2) APPOINTED ACTUARY. A qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in subsection (b) of Section 27-36A-4. (3) COMPANY. An entity, which (i) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and has at least one such policy in force or on claim or (ii) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. (4) DEPOSIT-TYPE CONTRACT. A contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. (5) LIFE INSURANCE. Contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. (6) NAIC. The National Association of Insurance Commissioners. (7) POLICYHOLDER BEHAVIOR. Any action a policyholder, contract holder, or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this section including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. (8) PRINCIPLE-BASED VALUATION. A reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with Section 27-36A-16 as specified in the valuation manual. (9) QUALIFIED ACTUARY. An individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual. (10) TAIL RISK. A risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. (11) VALUATION MANUAL. The manual of valuation instructions adopted by the NAIC as specified in this chapter or as subsequently amended. (Act 2016-411, §2.)
AL Code § 27-36A-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 36A - Standard Valuation Law.|Section 27-36A-3 - Reserve Valuation.

Section 27-36A-3Reserve valuation. (a) Policies and contracts issued prior to the operative date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after January 1, 1972, and prior to the operative date of the valuation manual. In calculating reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of any foreign or alien insurer, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when valuation complies with the minimum standard provided in this chapter. (2) The provisions set forth in Sections 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8, 27-36A-9, 27-36A-10, 27-36A-11, 27-36A-12, 27-36A-13, and 27-36A-14 shall apply to all policies and contracts, as appropriate, subject to this chapter issued on or after January 1, 1972, and prior to the operative date of the valuation manual and the provisions set forth in Sections 27-36A-15 and 27-36A-16 shall not apply to any such policies and contracts. (3) The minimum standard for the valuation of policies and contracts issued prior to January 1, 1972, shall be that provided by the laws in effect immediately prior to that date. (b) Policies and contracts issued on or after the operative date of the valuation manual as defined by Section 27-36A-15. (1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this chapter. (2) The provisions set forth in Sections 27-36A-15 and 27-36A-16 shall apply to all policies and contracts issued on or after the operative date of the valuation manual. (Act 2016-411, §2.)