reglab/housing_qa huggingface dataset:
AL Code § 27-6-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6 - Administration of Deposits.|Section 27-6-14 - Curing of Deficiency in Market Value of Deposit.

Section 27-6-14Curing 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 below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure such deficiency. If the insurer has failed to cure the deficiency within 30 days after receipt of notice thereof by registered or certified mail from the commissioner, the commissioner shall revoke the insurer's certificate of authority. (b) If for any reason the market value of assets and securities of a domestic life insurer, representing deposit of the reserves of certain of its outstanding registered policies and registered annuity contracts under laws heretofore in force, falls below the amount so required and as determined from the insurer's most recent annual statement or most recent examination of the insurer by the commissioner, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure such deficiency. If the insurer has failed to cure the deficiency, after the commissioner has given the insurer notice thereof by registered or certified mail, within such reasonable time not exceeding 90 days as may be allowed therefor by the commissioner and so specified in his notice, the insurer shall be deemed to be insolvent and the commissioner shall revoke its certificate of authority and institute delinquency proceedings against the insurer under Chapter 31 of this title. (Acts 1971, No. 407, p. 707, §110.)
AL Code § 27-6-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6 - Administration of Deposits.|Section 27-6-15 - Release of Deposit - Generally.

Section 27-6-15Release 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 insurer with respect to which the deposit was made. (b) Any such deposit shall be released and returned: (1) To the insurer upon extinguishment by reinsurance in an insurer authorized to transact such insurance in this state, or otherwise, of all liability of the insurer for the security of which the deposit is held; (2) To the insurer during solvency, to the extent such deposit is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other properly designated official, or officials, who succeed to the management and control of the insurer's assets. (c) The Treasurer shall release any such deposit, or part thereof, upon written authorization of the commissioner and of the insurer or order of court, as provided in subsection (d) of Section 27-6-4. (d) In the case of deposits of title insurers made under Section 27-3-13, the deposit or excess portion thereof shall be released by the trustee bank or trust company upon written authorization of the commissioner or upon order of a court of competent jurisdiction. If a foreign title insurer which has made such a deposit reincorporates under the laws of the State of Alabama and qualifies under this code as a domestic title insurer and if all of the liabilities of such foreign insurer in this state are assumed by such new domestic insurer and the foreign insurer does not thereafter transact business in this state, its deposit shall be delivered by such trustee to such new domestic insurer upon its application and the written authorization of the commissioner. (e) This section shall not apply as to deposits held with respect to registered life insurance policies or registered annuity contracts insured under laws heretofore in force. Such deposits shall be released only as provided under the laws pursuant to which such policies and contracts were so issued and registered. (Acts 1971, No. 407, p. 707, §111.)
AL Code § 27-6-16 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6 - Administration of Deposits.|Section 27-6-16 - Release of Deposit - Filing of Statement; Authorization of Release.

Section 27-6-16Release 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 insurer to file with him a statement under its seal and the oath of its chief executive officer, or of its United States manager in the case of an alien insurer, setting forth the facts upon which it bases its entitlement to such release. (b) If release of the deposit is claimed by the insurer upon the ground that its liabilities in this state, as to which the deposit was originally made and is held, have been assumed by another insurer authorized to transact insurance in this state, the insurer shall file with the commissioner a copy of the contract or agreement of such reinsurance. (c) Upon being satisfied by such statement and such other information and evidence as he may reasonably require and by such examination, if any, of the affairs of the insurer as he deems advisable to make that the insurer is entitled to the release of its deposits or excess portions thereof as provided in Section 27-6-15, the commissioner shall authorize the Treasurer or the trustee bank or trust company in the case of deposits of title insurers made under Section 27-3-13 to release the deposit or excess portion thereof to the insurer or its authorized representative. The commissioner shall have no liability as to any such release so made by him in good faith. (Acts 1971, No. 407, p. 707, §112.)
AL Code § 27-6A-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-1 - Short Title.

Section 27-6A-1Short title. Sections 27-6A-2 through 27-6A-8, inclusive, of this chapter may be cited as the "Alabama Managing General Agents Act." (Acts 1993, No. 93-675, p. 1240, §9.)
AL Code § 27-6A-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-2 - Definitions.

Section 27-6A-2Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2) INSURER. A person defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING GENERAL AGENT. Any person, firm, or association who does both of the following: a. Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. b. Acts as a producer for an insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced: 1. Adjusts or pays claims in excess of an amount determined by the commissioner. 2. Negotiates reinsurance on behalf of the insurer. c. Notwithstanding the above, the following persons shall not be considered as managing general agents for the purposes of this chapter: 1. An employee of the insurer. 2. A United States manager of the United States branch of an alien insurer. 3. An underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Alabama Insurance Holding Company System Regulatory Act, Chapter 29, commencing with Section 27-29-1, of this title, and whose compensation is not based on the volume of premiums written. 4. The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under powers of attorney. (4) POLICYHOLDER SURPLUS. The excess of assets over liabilities. (5) UNDERWRITE. The authority to accept or reject risk on behalf of the insurer. (Acts 1993, No. 93-675, p. 1240, §3; Act 2001-702, p. 1509, §13.)
AL Code § 27-6A-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-3 - Licensure Requirements.

Section 27-6A-3Licensure requirements. (a) No person, firm, association, or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless then licensed in this state as a managing general agent of the insurer. (b) No person, firm, association, or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless then licensed in this state as a managing general agent of the insurer. Where applicable, the license may be a nonresident license pursuant to this chapter. (c) The commissioner may require the managing general agent to maintain a bond in an amount acceptable to the commissioner for the protection of the insurer. (d) The commissioner may require the managing general agent to maintain an errors and omissions policy. (Acts 1993, No. 93-675, p. 1240, §4; Act 2001-702, p. 1509, §13.)
AL Code § 27-6A-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-5 - Duties of Insurer.

Section 27-6A-5Duties of insurer. Insurers shall have the following duties: (1) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (2) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification. (3) The insurer shall periodically, and at least semi-annually, conduct an onsite review of the underwriting and claims processing operations of the managing general agent. (4) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicate shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent. (5) Within 30 days of entering into or terminating a contract with a managing general agent, the insurer shall provide written notification of the appointment or termination to the commissioner. Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request. (6) An insurer shall review its books and records each quarter to determine if any producer has become, by operation of subdivision (3) of Section 27-6A-2, a managing general agent as defined in that section. If the insurer determines that a producer has become a managing general agent, the insurer shall promptly notify the producer and the commissioner of the determination and the insurer and the producer shall fully comply with the provisions of this chapter within 30 days of the notification. (7) An insurer shall not appoint to its board of directors an officer, director, employee, subagent, or controlling shareholder of its managing general agents. This subsection shall not apply to relationships governed by the Alabama Insurance Holding Company System Regulatory Act, Chapter 29, commencing with Section 27-29-1, of this title. (Acts 1993, No. 93-675, p. 1240, §6; Act 2001-702, p. 1509, §13.)
AL Code § 27-6A-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-6 - Acts of Managing General Agent.

Section 27-6A-6Acts of managing general agent. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. (Acts 1993, No. 93-675, p. 1240, §7.)
AL Code § 27-6A-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-7 - Penalties.

Section 27-6A-7Penalties. (a) If the commissioner finds after a hearing conducted in accordance with Section 27-2-28, that any person has violated this chapter, the commissioner may order: (1) For each separate violation, a penalty in an amount of up to $5,000. (2) Revocation or suspension of the managing general agent's license. (3) The managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this chapter committed by the managing general agent. (b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to Section 27-2-31. (c) No provision of this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance law, rule, or regulation. (d) No provision of this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors. (Acts 1993, No. 93-675, p. 1240, §8.)
AL Code § 27-6A-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6A - Managing General Agents.|Section 27-6A-8 - Compliance.

Section 27-6A-8Compliance. No insurer may continue to use the services of a managing general agent after midnight December 31, 1993, unless the insurer is in compliance with this chapter. (Acts 1993, No. 93-675, p. 1240, §9.)
AL Code § 27-6B-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6B - Business Transacted With Producer Controlled Property and Casualty Insurer Law.|Section 27-6B-1 - Short Title.

Section 27-6B-1Short title. Sections 27-6B-2 to 27-6B-6, inclusive, of this chapter may be cited as the "Alabama Business Transacted With Producer Controlled Property and Casualty Insurer Law." (Acts 1993, No. 93-675, p. 1240, §14.)
AL Code § 27-6B-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6B - Business Transacted With Producer Controlled Property and Casualty Insurer Law.|Section 27-6B-2 - Definitions.

Section 27-6B-2Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCREDITED STATE. A state in which the Department of Insurance meets the minimum financial qualifications and regulatory standards promulgated and established, from time to time, by the National Association of Insurance Commissioners. (2) COMMISSIONER. The Commissioner of Insurance.  (3) CONTROL or CONTROLLED. The same as defined in Section 27-29-1. (4) CONTROLLED INSURER. A licensed insurer who is controlled, directly or indirectly, by a producer. (5) CONTROLLING PRODUCER. A producer who, directly or indirectly, controls an insurer. (6) LICENSED INSURER or INSURER. Any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state. For the purposes of this chapter, the following are not licensed insurers: a. A residual market pool and a joint underwriting authority or association. b. A captive insurer other than risk retention groups as defined in 15 U.S.C. Section 3901 et seq. and 42 U.S.C. Section 9671, which, for the purposes of this chapter, are insurers owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and group members and their affiliates. (7) PRODUCER. An insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of another insured person, firm, association, or corporation. The term is not intended to include an exclusive agent or any independent agent acting on behalf of the controlled insurer and any subagent or representative of the agent, who acts in the solicitation of, negotiation for, or procurement or making of an insurance contract, if the agent is not also acting in the capacity of an insurance broker in the transaction in question. (Acts 1993, No. 93-675, p. 1240, §15; Act 2014-377, p. 1407, §4.)
AL Code § 27-6B-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6B - Business Transacted With Producer Controlled Property and Casualty Insurer Law.|Section 27-6B-3 - Application of Chapter to Licensed Insurer.

Section 27-6B-3Application of chapter to licensed insurer. This chapter shall apply to any licensed insurer as defined in Section 27-6B-2, either domiciled in this state or domiciled in a state that is not an accredited state but having in effect a substantially similar law. The Alabama Insurance Holding Company System Regulatory Act, Chapter 29 (commencing with Section 27-29-1) of Title 27, to the extent it is not superseded by this chapter, shall continue to apply to all parties within holding company systems subject to this chapter. (Acts 1993, No. 93-675, p. 1240, §16.)
AL Code § 27-6B-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6B - Business Transacted With Producer Controlled Property and Casualty Insurer Law.|Section 27-6B-5 - Disclosure of Relationship Between Producer and Controlled Insurer.

Section 27-6B-5Disclosure of relationship between producer and controlled insurer. The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer. Except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain records of a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured. (Acts 1993, No. 93-675, p. 1240, §18.)
AL Code § 27-6B-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 6B - Business Transacted With Producer Controlled Property and Casualty Insurer Law.|Section 27-6B-6 - Penalties.

Section 27-6B-6Penalties. (a) If the commissioner believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer. (b) If it was found that because of the material non-compliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder, or other appropriate relief. (c) If an order for liquidation or rehabilitation of the controlled insurer has been entered, pursuant to Chapter 32 of Title 27, and the receiver appointed under that order believes that the controlling producer or any other person has not substantially complied with this chapter, or any regulation or order promulgated under this chapter, and the insurer suffers any loss or damage because of the noncompliance, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions or remedies for the benefit of the insurer. (d) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance law. (e) This chapter shall be construed to preserve the rights of policyholders, claimants, creditors, or other third parties. (Acts 1993, No. 93-675, p. 1240, §19.)
AL Code § 27-7-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 7 - Property, Casualty and Surety Insurance Representatives.|Section 27-7-2 - Applicability of Chapter.

Section 27-7-2Applicability of chapter. (a) This chapter governs the qualifications and procedures for the licensing of insurance producers and service representatives. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology, and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter does not apply to surplus line brokers licensed pursuant to Section 27-10-24, except as provided in Section 27-7-28. (c) This chapter does not apply to title insurance. (Acts 1957, No. 530, p. 726, § 1; Acts 1971, No. 407, p. 707, § 113; Acts 1988, No. 88-123, p. 159, § 1; Act 2001-702, p. 1509, § 1.)
AL Code § 27-7-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 7 - Property, Casualty and Surety Insurance Representatives.|Section 27-7-3 - Applicability of Provision on Insurance Vending Machines.

Section 27-7-3Applicability of provision on insurance vending machines. Repealed by Act 2001-702, p. 1509, §16, effective January 1, 2002. (Acts 1971, No. 407, p. 707, §140; Acts 1988, No. 88-123, p. 159, §1.)
AL Code § 27-7-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 7 - Property, Casualty and Surety Insurance Representatives.|Section 27-7-4 - Licenses - Requirement; Forms.

Section 27-7-4Licenses - Requirement; forms. (a) No person shall in this state sell, solicit, or negotiate insurance for any class or classes of insurance unless the person is then licensed for that line of authority in accordance with this chapter. Any insurer accepting business directly from a person not licensed for that line of authority and not appointed by the insurer shall be liable to a fine up to three times the premium received from the person. (b) No producer shall act on behalf of any insurer for which an appointment is not held under this chapter. A producer who is not acting on behalf of an insurer is not required to become appointed. For purposes of this section, a producer who refers business to an appointed producer pursuant to Section 27-7-34 shall not be deemed to be acting on behalf of the insurer with whom the business is placed, regardless of whether commissions on this business are shared. (c) The commissioner shall prescribe and furnish on request all forms required in connection with application for, issuance, continuation, or termination of licenses and appointments. (Acts 1957, No. 530, p. 726, §3; Acts 1971, No. 407, p. 707, §119; Acts 1988, No. 88-123, p. 159, §1; Act 2001-702, p. 1509, §1.)