reglab/housing_qa huggingface dataset:
AL Code § 27-41-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-12 - Particular Investments - Obligations Issued or Guaranteed by Certain Federal Agencies.

Section 27-41-12Particular investments - Obligations issued or guaranteed by certain federal agencies. An insurer may invest in obligations issued or guaranteed by the following agencies of the United States of America: (1) Commodity Credit Corporation; (2) Federal intermediate credit banks; (3) Federal land banks; (4) Central bank for cooperatives; (5) Federal home loan banks; (6) Federal National Mortgage Association; (7) Federal Home Loan Mortgage Corporation; (8) Tennessee Valley Authority; and (9) Any other similar agency of the government of the United States of America having similar financial quality. (Acts 1977, No. 408, p. 530, §12.)
AL Code § 27-41-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-13 - Particular Investments - Bonds, etc., Issued, etc., by Canadian Government, Provinces Thereof, Etc.

Section 27-41-13Particular investments - Bonds, etc., issued, etc., by Canadian government, provinces thereof, etc. An insurer may invest in bonds or other evidences of indebtedness issued, assumed, or guaranteed by Canada or any province thereof or issued by any municipality in Canada having a population of 25,000 or more. (Acts 1977, No. 408, p. 530, §13.)
AL Code § 27-41-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-14 - Particular Investments - Obligations Issued, etc., by International Bank for Reconstruction and Development and National Mortgage Association.

Section 27-41-14Particular investments - Obligations issued, etc., by International Bank for Reconstruction and Development and National Mortgage Association. (a) An insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development. (b) An insurer may invest in the obligations of the Federal National Mortgage Association. (c) An insurer may invest in obligations issued, assumed, or guaranteed by the African Development Bank. (Acts 1977, No. 408, p. 530, §14; Acts 1987, No. 87-594, p. 1033, §1.)
AL Code § 27-41-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-15 - Particular Investments - Obligations of American and Canadian Institutions Generally.

Section 27-41-15Particular investments - Obligations of American and Canadian institutions generally. An insurer may invest in secured and unsecured obligations bearing interest at a fixed rate, with mandatory principal and interest being due at specified times, of any solvent institution engaged in any lawful business and existing under the laws of the United States or any state of the United States or Canada or any province thereof if the issuing institution has not defaulted in the payment of principal and interest on any of its fixed interest obligations during the five years preceding the date of investment; provided, that the obligations of an institution which has not been in existence for a period of five years shall be deemed eligible for investment under this section if the institution has not defaulted in the payment of principal and interest on any of its fixed obligations during the period of its existence and if such institution meets the other requisites of this chapter. (Acts 1977, No. 408, p. 530, §15.)
AL Code § 27-41-16 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-16 - Particular Investments - Preferred or Guaranteed Stocks or Shares of American Corporations.

Section 27-41-16Particular investments - Preferred or guaranteed stocks or shares of American corporations. An insurer may invest in the preferred or guaranteed stocks or shares of any solvent corporation engaged in any lawful business and existing under the laws of the United States or any state thereof if the prior obligations of the issuing company or the guarantor, if any, would be eligible for investment under the provisions of Section 27-41-15 and if the company has continuously paid the dividends provided for by outstanding preferred stock, if any, during the five years preceding the acquisition of the investment. (Acts 1977, No. 408, p. 530, §16.)
AL Code § 27-41-17 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-17 - Particular Investments - Common Stocks or Shares and Capital Stocks of American and Canadian Corporations.

Section 27-41-17Particular investments - Common stocks or shares and capital stocks of American and Canadian corporations. (a) An insurer may invest in common stocks or shares of any solvent corporation engaged in any lawful business and existing under the laws of the United States or any state thereof or of Canada or any province thereof if the prior obligations of such corporation, if any, would be eligible for investment under the provisions of Section 27-41-15. (b) An insurer may invest in and own all or a controlling part of the capital stock of any corporation organized under the laws of the United States or any state thereof if the stock of such corporation is eligible for investment under subsection (a) of this section. (c) The total amount of the insurer's investments under this section shall not at any time exceed the greater of 10 percent of assets of the insurer or the amount of the insurer's capital and surplus less the minimum capital and surplus required of said insurer to transact insurance by Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code. The limitations contained in this section shall not prevent an insurer from making eligible investments in common stock in excess of said limitations pursuant to the provisions of Section 27-41-35. (Acts 1977, No. 408, p. 530, §17.)
AL Code § 27-41-18 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-18 - Particular Investments - American Insurance Stocks.

Section 27-41-18Particular investments - American insurance stocks. An insurer may invest in the stocks of other solvent insurers formed under the laws of the United States or any state thereof, provided that the total amount of the insurer's investments in excess of the net asset value of the stock acquired shall not at any time exceed the greater of 10 percent of assets of the insurer or the insurer's capital and surplus less the minimum capital and surplus required of said insurer to transact insurance by Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code. (Acts 1977, No. 408, p. 530, §18.)
AL Code § 27-41-19 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-19 - Particular Investments - Transportation Equipment Trust Obligations; Notes, etc., Secured by Leases, Agreements, etc., Relating to Manufacturing, Mining, etc., Machinery, Etc.

Section 27-41-19Particular investments - Transportation equipment trust obligations; notes, etc., secured by leases, agreements, etc., relating to manufacturing, mining, etc., machinery, etc. (a) An insurer may invest in equipment trust obligations or certificates which are adequately secured evidencing an interest in transportation equipment wholly or in part within the United States and a right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of such transportation equipment. (b) An insurer may invest in notes, bonds, debentures, or other evidences of indebtedness secured by an interest in manufacturing, mining, or generating machinery and equipment located wholly within the United States evidencing a right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of such machinery and equipment. (c) An insurer may invest in notes, bonds, debentures, or evidences of indebtedness secured by a lease of manufacturing, mining, computer equipment, or generating machinery and equipment or a lease of other tangible personal property or by a contract or by an agreement requiring aggregate payments sufficient to pay all fixed charges, including maintenance, upkeep and repair, insurance charges and taxes, and to pay the installments of principal and interest and any other payments required by the instrument evidencing the indebtedness. (d) The lessee or party contracting or agreeing to make such payments under subsections (a), (b), or (c) of this section must be the United States or an agency thereof, a state of the United States, or a civil division or governmental unit thereof or a solvent institution whose fixed interest obligations, if any, would be eligible investments under Section 27-41-15. (Acts 1977, No. 408, p. 530, §19.)
AL Code § 27-41-20 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-20 - Particular Investments - Leased Line Obligations of Railroads; Terminal Obligations of Railroads and Other Common Carriers.

Section 27-41-20Particular investments - Leased line obligations of railroads; terminal obligations of railroads and other common carriers. An insurer may invest in: (1) Leased line obligations of railroads where all of the fixed interest-bearing obligations of the lessee meet the standards prescribed in Section 27-41-15. (2) Terminal obligations of railroads and other common carriers where all of the fixed interest-bearing obligations of the obligor meet the standards prescribed in Section 27-41-15. (Acts 1977, No. 408, p. 530, §20.)
AL Code § 27-41-21 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-21 - Particular Investments - Obligations of Religious Institutions or Societies.

Section 27-41-21Particular investments - Obligations of religious institutions or societies. An insurer may invest in secured and unsecured obligations of religious institutions or societies located within the United States if the institution or society has not defaulted in payment of principal or interest on any of its obligations during the five years preceding the investment. (Acts 1977, No. 408, p. 530, §21.)
AL Code § 27-41-22 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-22 - Particular Investments - Loans Secured by Liens on Interests in Oil, Gas, or Condensate Properties, Etc.

Section 27-41-22Particular investments - Loans secured by liens on interests in oil, gas, or condensate properties, etc. An insurer may invest in adequately secured loans secured by first liens on interests in oil, gas, or condensate properties or leaseholds in the United States and Canada on which there are fully completed commercially producing wells. (Acts 1977, No. 408, p. 530, §22.)
AL Code § 27-41-23 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-23 - Particular Investments - Certificates, etc., Issued by Trustees or Receivers of Institutions Being Administered Under Court Direction.

Section 27-41-23Particular investments - Certificates, etc., issued by trustees or receivers of institutions being administered under court direction. An insurer may invest in certificates, notes, or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state thereof which, or the assets of which, are being administered under the direction of any court having jurisdiction if any such obligation is adequately secured as to principal and interest. (Acts 1977, No. 408, p. 530, §23.)
AL Code § 27-41-24 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-24 - Particular Investments - Loans Secured by Pledges of Securities or Pledges or Assignments of Life Insurance Policies.

Section 27-41-24Particular investments - Loans secured by pledges of securities or pledges or assignments of life insurance policies. An insurer may invest in loans with a maturity not in excess of five years from the date thereof which are secured by pledge of securities eligible for investment under this chapter or by the pledge or assignment of life insurance policies issued by insurers authorized to transact insurance in this state. On the date made, no such loan shall exceed in amount 75 percent of the market value of the collateral pledged; except, that loans upon the pledge of United States government bonds and loans upon the pledge or assignment of life insurance policies shall not exceed 95 percent of the market value of the bonds or the cash surrender value of the policies pledged. The amount so loaned shall be included in the maximum amount of funds permitted under this chapter to be invested in a single person. (Acts 1977, No. 408, p. 530, §24.)
AL Code § 27-41-25 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-25 - Particular Investments - Policy Loans.

Section 27-41-25Particular investments - Policy loans. A life insurer may lend to its policyholder upon the security of the policy any sum not exceeding the cash surrender value of the policy or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations so long as the loan is adequately secured by such policy contracts. (Acts 1977, No. 408, p. 530, §25.)
AL Code § 27-41-26 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-26 - Particular Investments - Shares or Savings Accounts of Savings and Loan Associations.

Section 27-41-26Particular investments - Shares or savings accounts of savings and loan associations. An insurer may invest in shares or savings accounts of savings and loan associations insured by the Federal Savings and Loan Insurance Corporation. (Acts 1977, No. 408, p. 530, §26.)
AL Code § 27-41-28 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-28 - Particular Investments - Bonds, etc., Guaranteed or Insured by United States Under Federal Law or Secured by Mortgages on Ships, Barges, Etc.

Section 27-41-28Particular investments - Bonds, etc., guaranteed or insured by United States under federal law or secured by mortgages on ships, barges, etc. An insurer may invest in bonds, debentures, notes, or other evidences of indebtedness which are: (1) Guaranteed by the United States of America, represented by the Secretary of Commerce acting pursuant to Title 11 of the Merchant Marine Act, 1936, as amended, and the Federal Ship Financing Act of 1972; (2) Insured by the United States of America, represented by the Secretary of Commerce acting pursuant to Title 11 of the Merchant Marine Act, 1936, as amended, and the Federal Ship Mortgage Insurance Act, as amended; provided, that such indebtedness is secured by mortgages on ships, barges, tugboats, or other shipping vessels; or (3) Secured by mortgages on ships, barges, tugboats, or other shipping vessels which are under lease or charter to the United States government or an agency or department of the United States government or to a solvent institution whose fixed interest obligations, if any, would be eligible investments under Section 27-41-15, if such lease or charter is assigned as additional security for such bonds, debentures, notes, or other evidences of indebtedness and requires aggregate payments sufficient to pay all fixed charges, including maintenance, upkeep and repair, insurance charges and taxes, and to pay the installments of principal and interest and any other payments required by the instrument evidencing the indebtedness. (Acts 1977, No. 408, p. 530, §28.)
AL Code § 27-41-31 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-31 - Particular Investments - Data Processing and Accounting Systems.

Section 27-41-31Particular investments - Data processing and accounting systems. An insurer may invest in electronic and mechanical machines constituting a data processing and accounting system if the cost of such system is not less than $10,000.00 and cost for such machines is amortized in full over a period not to exceed 10 calendar years. (Acts 1977, No. 408, p. 530, §32.)
AL Code § 27-41-32 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-32 - Particular Investments - Investments Relating to Agricultural Property Securing Evidences of Indebtedness Held by Insurers and Subject to Mortgage Foreclosure or Insolvency Proceedings.

Section 27-41-32Particular investments - Investments relating to agricultural property securing evidences of indebtedness held by insurers and subject to mortgage foreclosure or insolvency proceedings. (a) If real property securing any evidence of indebtedness held by an insurer is used for agricultural purposes and a proceeding to foreclose the mortgage or an insolvency proceeding relating to the mortgagor has been commenced or if the mortgagor has made an assignment for the benefit of creditors, the insurer may, for the purpose of preserving or enhancing the earnings of such property: (1) Purchase agricultural livestock or equipment and utilize the same or cause the same to be utilized in the operation of the property by the mortgagor or by a receiver or trustee or by the insurer; or (2) Lend up to the value of any agricultural equipment or livestock which may be utilized in the operation of the property on the security of such equipment and livestock as a first lien. (b) Nothing in this section shall be deemed to limit any right which the insurer may otherwise have under or with respect to any such loan, mortgage, or investment. (Acts 1977, No. 408, p. 530, §33.)
AL Code § 27-41-33 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-33 - Particular Investments - Loans on Personal Property; Chattel Mortgages.

Section 27-41-33Particular investments - Loans on personal property; chattel mortgages. In connection with mortgage loans made under subdivisions (2) and (3) of Section 27-41-29, an insurer may loan on the value of personal property items listed in the Department of Housing and Urban Development Commitment for Insurance or the Veterans Administration Certificates of Reasonable Value. Nothing in this section shall be deemed to prevent an insurer from taking liens on personal property items as additional security for any investment eligible for investment under this chapter. Domestic life insurance companies are authorized to invest, within the limitations set forth in this section, in chattel mortgages resulting from the financing of tangible personal property, which mortgages must constitute valid first liens on the chattels mortgaged. The maximum amount of such mortgages to be admitted as assets shall not exceed one half of the amount of surplus remaining after deducting from capital and surplus an amount equal to the statutory minimum capital and surplus required of a newly organized life insurance company. In addition, an adequate reserve for losses, based on past and prospective experience of the company, shall be maintained at all times. (Acts 1977, No. 408, p. 530, §34.)
AL Code § 27-41-34.1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-34.1 - Particular Investments - Oil and Gas Producing Properties and Facilities.

Section 27-41-34.1Particular investments - Oil and gas producing properties and facilities. (a) An insurer may invest in properties and facilities, and any interest and rights in such properties and facilities, for the development and production of fossil or synthetic fuel or other minerals, whether or not the extraction would deplete the surface of such properties, including, but not limited to, investments relating to: (1) The exploration for and development and production of such fuel and minerals, and (2) Ownership and control of such property, facilities, interest, and rights. (b) An insurer shall not have at any one time any single investment or combination of investments permitted under subsection (a) of this section aggregating in cost to the insurer in excess of five percent of the amount by which the admitted assets of such insurer exceed $50,000,000.00 (excluding in the computation of assets investments permitted under subsection (a) above). (Acts 1983, No. 83-522, p. 810, §1; Acts 1983, No. 83-669, p. 1034, §1.)
AL Code § 27-41-35 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-35 - Miscellaneous Investments.

Section 27-41-35Miscellaneous investments. (a) An insurer may make investments not otherwise expressly permitted by this chapter which may be counted as admitted assets, except as expressly prohibited under Section 27-41-36, provided that: (1) The aggregate of all such investments shall not exceed 10 percent of the insurer's admitted assets; (2) The insurer's capital and surplus shall not be less than twice the total capital and surplus required of the insurer to transact insurance under Sections 27-3-7 and 27-3-8 of the Alabama Insurance Code; and (3) Such investments are sound investments. (b) No investment shall be an eligible investment under this section if the investment is in an asset not allowed under the provisions of Section 27-37-2 of the Alabama Insurance Code or is otherwise expressly prohibited or is eligible under any other provision of this chapter; except, that an insurer may invest in common stocks up to the limits imposed by this section in excess of the limits imposed by Section 27-41-17. (c) The insurer shall keep a separate record of all investments made under this section. (d) If an investment made under this section subsequently qualifies as an eligible investment under any other provision of this chapter, the investment shall thereafter not be eligible under this section. (Acts 1977, No. 408, p. 530, §31.)
AL Code § 27-41-36 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.|Section 27-41-36 - Prohibited Investments; Underwriting, etc., of Offerings of Securities or Property.

Section 27-41-36Prohibited investments; underwriting, etc., of offerings of securities or property. (a) After January 1, 1978, an insurer shall not invest in nor lend its funds upon the security of any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer, except as to policy loans authorized under Section 27-41-25 and except as provided in Sections 27-1-2, 27-27-26, and 27-37-2 of the Alabama Insurance Code. (b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person; provided, that nothing in this subsection shall prevent an insurer from purchasing securities or property directly from any person so long as the purchase is made for investment purposes and not for the purpose of resale through public distribution. (Acts 1977, No. 408, p. 530, §39.)