reglab/housing_qa huggingface dataset:
AL Code § 27-3-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-7 - Authority to Transact Insurance - Kind or Combinations of Kinds - Minimum Paid-in Capital Stock and Surplus.

Section 27-3-7Authority 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 insurance as shown below, an insurer applying for its original certificate of authority in this state after the effective date of this title or continuing such original certificate of authority shall possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired surplus, if a foreign mutual or foreign reciprocal insurer, in amount not less than as applicable under the schedule below and shall possess when first so authorized such additional funds as surplus as are required under Section 27-3-8: Kind or kinds of insuranceMinimum capital or surplus requiredLife$800,000.00Disability 500,000.00Life and disability 800,000.00Property 300,000.00Marine 300,000.00Casualty 400,000.00Surety 350,000.00Title 200,000.00Multiple lines -Any two or more: Property, marine, casualty, surety; and all kinds of insurance other than title and life insurance 500,000.00 (b) An insurer holding a valid certificate of authority to transact insurance in this state immediately prior to the effective date of this title may continue to be authorized to transact the same kinds of insurance as permitted by such certificate of authority by maintaining thereafter not less than the same amount of paid-in capital stock, if a stock insurer, or not less than the same amount of surplus, if a mutual or reciprocal insurer, as required by the laws of this state for such authority immediately prior to such effective date; but such insurer shall not thereafter be granted authority to transact any other or additional kind of insurance unless it then fully complies with the requirements as to capital and surplus, as applied to all kinds of insurance it then proposes to transact, as provided by this title with respect to insurers applying for original certificates of authority under this title. (c) Capital and surplus requirements shall be based upon all the kinds of insurance actually transacted, or to be transacted, by the insurer in any and all areas in which it operates, whether or not only a portion of such kinds are to be transacted in this state. (d) As to surplus required for qualification to transact one or more kinds of insurance and thereafter to be maintained, domestic mutual insurers shall be governed by Chapter 27 of this title, and domestic reciprocal insurers shall be governed by Chapter 31 of this title. (e) A life insurer may also grant annuities without additional capital or additional surplus. (f) A casualty insurer may be authorized to transact also disability insurance without additional capital or additional surplus. (Code 1940, T. 28, §1; Acts 1965, 2nd Ex. Sess., No. 143, p. 194; Acts 1971, No. 407, p. 707, §54; Acts 1975, No. 1041, p. 2086, §1.)
AL Code § 27-3-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-8 - Authority to Transact Insurance - Kind or Combinations of Kinds - Special Surplus.

Section 27-3-8Authority 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 be possessed by insurers hereafter applying for original certificates of authority in this state as follows: (1) All stock insurers and foreign mutual and foreign reciprocal insurers which have actively transacted insurance in their states or countries of domicile as an authorized insurer for less than five years and which do not meet the requirements of paragraphs (2) a or (2) b of Section 27-3-4, when first authorized to transact insurance in this state shall have a surplus or additional surplus equal to 150 percent of the paid-up capital stock, if a stock insurer, or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise required under Section 27-3-7 for the kinds of insurance to be transacted; and (2) An insurer that has actively transacted insurance as an authorized insurer in its state or country of domicile for more than five years, or which meets the requirements of paragraphs (2) a or (2) b of Section 27-3-4, shall possess when first authorized in this state surplus, if a stock insurer, or additional surplus, if a mutual or reciprocal insurer, equal to 100 percent of the paid-in capital stock, if a stock insurer, or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise required under Section 27-3-7. (b) If within five years after date of its original certificate of authority to transact insurance in this state such an insurer requests authority to transact an additional kind or kinds of insurance, it shall not be so authorized unless it then possesses surplus, if a stock insurer, or additional surplus, if a mutual or reciprocal insurer, in such an amount as would be required under this section as for an original certificate of authority covering all the kinds of insurance the insurer then proposes to transact. (c) After issuance of its original certificate of authority the insurer may use the special surplus required under this section in the normal course of its business only. (d) Execution by a mutual or reciprocal surety insurer as sole surety of certain bonds or undertakings required or permitted by law or by certain political subdivisions, public bodies, or public officers is subject further to surplus requirement as provided in Section 27-24-3. (Acts 1971, No. 407, p. 707, §55.)
AL Code § 27-3-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-9 - Minimum Capital and Surplus for New Domestic Stock Life Insurance Company.

Section 27-3-9Minimum 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 to form such a company shall be $1,000,000.00. (Acts 1973, No. 643, p. 953.)
AL Code § 27-3-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-10 - Application of Capital Surplus to Reduction or Elimination of Deficit by Domestic Stock Insurers.

Section 27-3-10Application 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 the laws of the State of Alabama with its capital divided into shares and owned by its stockholders which is engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance. (2) CAPITAL SURPLUS. Such term shall have the meaning given thereto in the statutes of this state relating to the powers and procedures of domestic private corporations formed for profit. (3) EARNED SURPLUS. Such term shall have the meaning given thereto in the statutes of this state relating to the powers and procedures of domestic private corporations formed for profit. (b) A domestic stock insurer which has the minimum unimpaired paid-in capital stock required for the transaction of insurance by such domestic stock insurer by the statutes of this state governing domestic stock insurers may, by resolution of its board of directors, apply any part, or all, of its capital surplus to the reduction or elimination of any deficit, however incurred, but only after first eliminating the then earned surplus, if any, of the domestic stock insurer by applying such earned surplus against such deficit. Each such application of capital surplus shall, to the extent thereof, effect a reduction of capital surplus. (Acts 1973, No. 825, p. 1292.)
AL Code § 27-3-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-12 - Deposit Requirements - Special Deposit - Surety Insurers.

Section 27-3-12Deposit 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 state in trust for the benefit of holders, resident in this state, of the obligations of the insurer cash or securities eligible under Section 27-6-3 having a value at all times of at least $50,000.00; except, that a domestic surety insurer may take credit for the amount of such special deposit against the deposit otherwise required of it under Section 27-3-11, and except that a foreign insurer showing a deposit pursuant to subsection (c) of Section 27-3-11 in the amount of $200,000.00 shall not be required to comply with this section. (b) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title. (Acts 1909, No. 43, p. 29; Acts 1971, No. 407, p. 707, §57.)
AL Code § 27-3-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-13 - Deposit Requirements - Special Deposit - Title Insurers.

Section 27-3-13Deposit 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 better protection of its guaranty holders and creditors, resident in this state, under its contracts of title insurance, cash and securities eligible under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit shall be so made and maintained in trust with a bank or trust company located in this state, approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b) At its option, a domestic title insurer may maintain a deposit in like manner, amount, character and for like purposes as required for foreign insurers under subsection (a) of this section. (c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title. (Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)
AL Code § 27-3-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-14 - Deposit Requirements - Alien Insurers - Generally.

Section 27-3-14Deposit 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 with trustees, public depositaries or in trust institutions approved by the commissioner under Section 27-3-15 assets available for discharge of its United States insurance obligations, which assets shall be in amount not less than the outstanding liabilities of the insurer arising out of its insurance transactions in the United States together with the greater of the following sums: (1) The largest deposit required by Section 27-3-11 to be made by foreign insurers transacting like kinds of insurance; or (2) $300,000.00. (b) Of the amount deposited by an alien insurer, an amount not less than that required under subdivisions (a)(1) or (a)(2) of this section shall be deposited and maintained on deposit in cash or securities eligible for deposit under Section 27-6-3 with the Treasurer of this state or with or through the public official having supervision of insurance in another state and shall be held in trust exclusively for the benefit and protection of the insurer's policyholders or policyholders and creditors in the United States. (c) The amount so held on deposit under subdivisions (a)(1) or (a)(2) of this section shall, for the purposes of this title, be deemed to be the paid-in capital, if a stock insurer, or minimum surplus, if a mutual insurer, of the insurer required to be maintained. (d) If the insurer transacts surety insurance in this state, it shall make and maintain in this state the special deposit required under Section 27-3-12. (e) Any such deposit made in this state shall be subject to the applicable provisions of Chapter 6 of this title; except, that if this state is the state of entry into the United States of the alien insurer the deposit shall be subject to the provisions of Chapter 33 of this title. (Code 1940, T. 28, §68; Acts 1967, No. 97, p. 436, §1; Acts 1971, No. 407, p. 707, §59.)
AL Code § 27-3-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-15 - Deposit Requirements - Alien Insurers - Trusteed Assets.

Section 27-3-15Deposit 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 depositaries or trust institutions located in the United States, all as approved by the commissioner, as trustee, or trustees, to hold its funds and assets in trust for the benefit of its policyholders or policyholders and creditors in the United States. Any such trustee, or trustees, shall be named by the board of directors or comparable directive body of the insurer, and a certified copy of the record of the appointment and of the deed of trust shall be filed with the commissioner. (b) Funds and assets so held, to the extent that they consist of cash, securities and other assets of the same general character as are eligible for the investment of like funds of a domestic insurer, under Sections 27-1-8 and 27-1-9, shall constitute the assets of the insurer for the purposes of this title. (c) Such trustees and assets, and all accounts and records relating thereto, shall be subject to examination by the commissioner in the same manner as the officers, agents, assets and affairs of insurers. (d) Trusteed assets of an alien insurer using this state as its state of entry into the United States shall be subject to Chapter 32 of this title. (Code 1940, T. 28, §69; Acts 1971, No. 407, p. 707, §60.)
AL Code § 27-3-16 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-16 - Lloyd's Insurers.

Section 27-3-16Lloyd'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 the proportionate part assumed by him of the whole amount so insured by a policy issued by such underwriters, may be authorized to transact any kind, or kinds, of insurance in this state other than life or title insurances if the insurer is otherwise in compliance with this title, subject to the following conditions: (1) If a foreign or alien insurer, it must have successfully been in business as an authorized insurer in the state or country of domicile for at least 10 years. (2) If a domestic insurer, it must file with the commissioner evidence, satisfactory to him, that it has been soundly organized and that its insurance operations will, at all times, be competently conducted by individuals having the necessary experience in insurance underwriting and management to do so, that at all times it will be comprised of not less than 30 individual "underwriters," that no such underwriter shall retain risk as to any one subject of insurance in amount exceeding two percent of his total net worth and that the liability of such underwriter, as to any such risk within the extent and amount of coverage provided by the amount of insurance, is unlimited. For the purpose of determining compliance with this provision, the commissioner may at any time require any and all such underwriters to file with him their individual financial statements, duly certified and sworn to under oath, in such form and scope of contents as the commissioner may reasonably require. The assets and insurance transactions of any or all such underwriters shall be subject to examination by the commissioner under the same conditions as apply to domestic insurers in general under Chapter 2 of this title. (3) Such an insurer shall otherwise be subject to the same applicable requirements and obligations as apply under this title to a stock insurer transacting like kinds of insurance; and for the purposes of this title such an insurer's deposit made and maintained as required under Section 27-3-11 or subdivision (a)(1) or (a)(2) of Section 27-3-14 shall be deemed to be the minimum capital required to be maintained by such an insurer, but subject to the requirements of Section 27-3-8 as to surplus. (Code 1940, T. 28, §71; Acts 1971, No. 407, p. 707, §61.)
AL Code § 27-3-17 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-17 - Application for Certificate of Authority - Filing.

Section 27-3-17Application 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 in Section 27-4-2, showing its name, location of its home office or, if an alien insurer, principal office in the United States, kinds of insurance to be transacted, state or country of domicile and such additional information as the commissioner may reasonably require, together with the following documents, as applicable: (1) A copy of its corporate charter, articles of incorporation or other charter documents with all amendments thereto, certified by the public officer with whom the originals are on file in the state or country of domicile; (2) If a mutual insurer, a copy of its bylaws, as amended, certified by its secretary or other officer having custody thereof; (3) If a foreign reciprocal insurer, copies of the power of attorney of its attorney-in-fact or its subscribers' agreement, certified by its attorney-in-fact, and if a domestic reciprocal insurer, the declaration provided for by Section 27-31-7; (4) A copy of its financial statement as of December 31, next preceding, on the "convention" form as then currently in general use for similar insurers, sworn to by at least two executive officers of the insurer or certified by the public insurance supervisory official of the insurer's state of domicile or of entry into the United States; (5) Copy of report of last examination, if any, made of the insurer, certified by the insurance supervisory official of its state of domicile or of entry into the United States; (6) Appointment of the commissioner pursuant to Section 27-3-24 as its attorney to receive service of legal process; (7) If a foreign or alien insurer, a certificate of the public official having supervision of insurance in its state, or state of entry into the United States or country of domicile showing that it is legally organized and is authorized to transact the kinds of insurance proposed to be transacted in this state; (8) If an alien insurer, a copy of the appointment and authority of its United States manager, certified by its officer having custody of its records; (9) Evidence satisfactory to the commissioner of any deposit required under Sections 27-3-11, 27-3-12, 27-3-13, or 27-3-14; and (10) If other than a life insurer, the affidavit, on a form furnished by the commissioner, of the insurer's president or other chief officer that it has not violated any of the provisions of Section 27-3-27 during the preceding 12 months and an agreement that the insurer accepts the terms and the obligations of such section as part of the consideration for authority to transact insurance in this state. (Acts 1935, No. 194, p. 256; Acts 1955, 2nd Ex. Sess., No. 77, p. 193, §2; Acts 1971, No. 407, p. 707, §62.)
AL Code § 27-3-18 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-18 - Application for Certificate of Authority - Issuance or Refusal; Ownership of Certificate.

Section 27-3-18Application 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 entitled thereto under this title, he shall issue to the insurer a proper certificate of authority; if he does not so find, the commissioner shall issue his order refusing such certificate. The commissioner shall act upon an application for a certificate of authority within a reasonable period after its completion. (b) The certificate, if issued, shall specify the kind, or kinds, of insurance the insurer is authorized to transact in this state. At the insurer's request, the commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverages within the scope of a kind of insurance as defined in Chapter 5 of this title. (c) Although issued to the insurer, the certificate of authority is at all times the property of the State of Alabama. Upon any expiration, suspension, or termination thereof, the insurer shall promptly deliver the certificate of authority to the commissioner. (Acts 1971, No. 407, p. 707, §63.)
AL Code § 27-3-19 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 3 - Authorization of Insurers.|Section 27-3-19 - Continuance, Expiration, Reinstatement and Amendment of Certificates.

Section 27-3-19Continuance, 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 and until suspended, revoked or terminated at the request of the insurer; subject, however, to continuance of the certificate by the insurer each year by: (1) Payment prior to March 1 of the continuation fee provided in Section 27-4-2; and (2) Due filing by the insurer of its annual statement for the calendar year preceding as required under Section 27-3-26. (b) If not so continued by the insurer, its certificate of authority shall expire at midnight on the May 31, next following, such failure of the insurer so to continue it in force. The commissioner shall promptly notify the insurer of the occurrence of any such failure resulting in impending expiration of its certificate of authority. (c) The commissioner may, in his discretion, reinstate a certificate of authority which the insurer has inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in such expiration and upon payment by the insurer of the fee for reinstatement, in addition to the current continuation fee, in the amounts provided in Section 27-4-2. Otherwise, the insurer shall be granted another certificate of authority only after filing application therefor and meeting all other requirements as for an original certificate of authority in this state. (d) The commissioner may amend a certificate of authority at any time to accord with changes in the insurer's charter or insuring powers. (Acts 1971, No. 407, p. 707, §64.)