reglab/housing_qa huggingface dataset:
AL Code § 27-32-30 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-30 - Claims Upon Liquidation of Insurer - Allowance.

Section 27-32-30Claims upon liquidation of insurer - Allowance. (a) No contingent and unliquidated claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to this chapter; except, that such claim shall be considered, if properly presented, and may be allowed to share where: (1) Such claim becomes absolute against the insurer on or before the last day for filing claims against the assets of such insurer; or (2) There is a surplus and the liquidation is thereafter conducted upon the basis that such insurer is solvent. (b) Where an insurer has been so adjudicated to be insolvent, any person who has a cause of action against an insured of such insurer under a liability insurance policy issued by such insurer shall have the right to file a claim in the liquidation proceeding, regardless of the fact that such claim may be contingent, and such claim may be allowed: (1) If it may be reasonably inferred from the proof presented upon such claim that such person would be able to obtain a judgment upon such cause of action against such insured; (2) If such person shall furnish suitable proof, unless the court for good cause shown shall otherwise direct, that no further valid claim against such insurer arising out of his cause of action other than those already presented can be made; and (3) If the total liability of such insurer to all claimants arising out of the same act of its insured shall be no greater than its maximum liability would be were it not in liquidation. (c) No judgment against such an insured taken after the date of entry of the liquidation order shall be considered in the liquidation proceedings as evidence of liability or of the amount of damages, and no judgment against an insured taken by default or by collusion prior to the entry of the liquidation order shall be considered as conclusive evidence in the liquidation proceedings, either of the liability of such insured to such person upon such cause of action or of the amount of damages to which such person is therein entitled. (d) No claim of any secured claimant shall be allowed at a sum greater than the difference between the value of the claim without security and the value of the security itself as of the date of the entry of the order of liquidation or such other date set by the court for determining rights and liabilities as provided in Section 27-32-26 unless the claimant shall surrender his security to the commissioner, in which event the claim shall be allowed in the full amount for which it is valued. (Acts 1971, No. 407, p. 707, §649.)
AL Code § 27-32-31 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-31 - Claims Upon Liquidation of Insurer - Time to File.

Section 27-32-31Claims upon liquidation of insurer - Time to file. (a) If, upon the granting of an order of liquidation under this chapter or at any time thereafter during the liquidation proceedings, the insurer shall not be clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order declaring the insurer to be insolvent. Thereupon, regardless of any prior notice which may have been given to creditors, the commissioner shall notify all persons who may have claims against the insurer and who have not filed proper proofs thereof to present the same to him at a place specified in such notice, within four months from the date of entry of such order or, if the commissioner certifies that it is necessary, within such longer time as the court shall prescribe. The last day for filing of proofs of claims shall be specified in the notice, and notice shall be given in a manner to be determined by the court. (b) Proofs of claim may be filed subsequent to the date specified if filed during pendency of the proceedings, but no such claim shall share in the distribution of the assets until all allowed claims, proofs of which have been filed before said date, have been paid in full with interest. (Acts 1971, No. 407, p. 707, §650.)
AL Code § 27-32-32 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-32 - Assessments - Commissioner's Report.

Section 27-32-32Assessments - Commissioner's report. Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer was filed in the office of the clerk of the court by which such order was made, the commissioner may make his report to the court setting forth: (1) The reasonable value of the assets of the insurer; (2) The insurer's probable liabilities; and (3) The probable necessary assessment, if any, to pay all claims and expenses in full, including expenses of administration. (Acts 1971, No. 407, p. 707, §651.)
AL Code § 27-32-33 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-33 - Assessments - Levy.

Section 27-32-33Assessments - Levy. (a) Upon the basis of the report provided for in Section 27-32-32, including any amendments thereto, the court may, of its own motion, order the commissioner to levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members, if a mutual insurer, or subscribers, if a reciprocal insurer, at any time within one year prior to the date of issuance of the order to show cause under Section 27-32-4. (b) Such assessment or assessments shall cover the excess of the probable liabilities over the reasonable value of the assets, together with the estimated cost of collection and percentage of uncollectability thereof. The total of all assessments against any member or subscriber with respect to any policy, whether levied pursuant to this chapter or pursuant to any other provision of law, shall be for no greater amount than that specified in the policy or policies of the member or subscriber; except, that if the court finds that the policy was issued at a rate or premium below the minimum rate lawfully permitted for the risk insured, the court may determine the upper limit of such assessment upon the basis of such minimum rate. (c) No assessment shall be levied against any member or subscriber with respect to any nonassessable policy issued in accordance with Sections 27-27-34 or 27-31-25. (Acts 1971, No. 407, p. 707, §652.)
AL Code § 27-32-34 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-34 - Assessments - Order to Pay - Generally.

Section 27-32-34Assessments - Order to pay - Generally. After levy of assessment as provided in Section 27-32-33, upon the filing of a further detailed report by the commissioner, the court shall issue an order directing each member, if a mutual insurer, or each subscriber, if a reciprocal insurer, if he shall not pay the amount assessed against him to the commissioner on, or before, a day to be specified in the order, to show cause why he should not be held liable to pay such assessment, together with costs, as provided in Section 27-32-36, and to show cause why the commissioner should not have judgment therefor. (Acts 1971, No. 407, p. 707, §653.)
AL Code § 27-32-35 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-35 - Assessments - Order to Pay - Publication and Service.

Section 27-32-35Assessments - Order to pay - Publication and service. The commissioner shall cause a notice of such assessment order, setting forth a brief summary of the contents of such order to be: (1) Published in such manner as shall be directed by the court; and (2) Enclosed in a sealed envelope, addressed and mailed postage prepaid to each member or subscriber liable thereunder at his last known address as it appears on the records of the insurer, at least 20 days before the return of the order, to show cause provided for in Section 27-32-34. (Acts 1971, No. 407, p. 707, §654.)
AL Code § 27-32-36 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-36 - Assessments - Order to Pay - Judgment.

Section 27-32-36Assessments - Order to pay - Judgment. (a) Upon the return day of the order to show cause provided for in Section 27-32-34, if the member or subscriber does not appear and serve duly verified objections upon the commissioner, the court shall make an order adjudging that such member or subscriber is liable for the amount of the assessment against him, together with costs, and that the commissioner may have judgment against the member or subscriber therefor. (b) If, on such return date, the member or subscriber appears and serves duly verified objections upon the commissioner, there shall be a full hearing before the court, which, after such hearing, shall make such order as the facts shall warrant. (c) Any such order shall have the same force and effect, shall be entered and docketed and may be appealed from as if it were a judgment in an original action brought in the court in which the proceeding is pending. (Acts 1971, No. 407, p. 707, §655.)
AL Code § 27-32-37 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-37 - Priority of Claims of Policyholders and Beneficiaries - Established.

Section 27-32-37Priority of claims of policyholders and beneficiaries - Established. Upon the issuance of a proper court order placing a domestic insurer in receivership or placing a foreign insurer in ancillary receivership for rehabilitation or liquidation, pursuant to this chapter or other insurance laws of Alabama, all beneficiaries of and all persons holding or owning a contract of insurance with such insurer shall be a preferred creditor of said insurer to the extent of the equity, cash value, or other benefit then accrued, arising under the terms of such contract. With the exception of costs of administration of said receiverships, recorded tax liens and judgments obtained prior to initiation of delinquency proceedings, and secured creditors' claims, no claim of a creditor shall be preferred over that of a policyholder of the insurer in receivership. Policyholders are hereby removed from the class of general creditors and all laws and court decisions in conflict herewith shall have no further application. This section and Sections 27-32-38 through 27-32-41 shall apply to all policyholders of insurers in receivership on October 10, 1975, and to all future receiverships. (Acts 1975, No. 1040, p. 2085, §1.)
AL Code § 27-32-38 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-38 - Priority of Claims of Policyholders and Beneficiaries - Payment of Claims.

Section 27-32-38Priority of claims of policyholders and beneficiaries - Payment of claims. Upon proper filing of claims pursuant to this title and upon order of the appropriate circuit court having jurisdiction of such cause after hearing, the duly appointed receiver shall make payment of claims upon liquidation of the insurer giving preference to policyholder claims as set out in Section 27-32-37 in strict conformity to said court order. (Acts 1975, No. 1040, p. 2085, §2.)
AL Code § 27-32-39 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-39 - Priority of Claims of Policyholders and Beneficiaries - Reinsuring of Policies.

Section 27-32-39Priority of claims of policyholders and beneficiaries - Reinsuring of policies. (a) When, upon hearing, the circuit court having jurisdiction of a receivership shall determine it to be in the best interest of the policyholders and the public, the court may order and direct the receiver to reinsure the policies of the insurer with a solvent insurer to the extent of the assets available in the receivership. The circuit court is hereby empowered to place a lien or moratorium against policy benefits and values as necessary to reinsure all policyholders as fully as possible to the extent of assets available and to order the receiver to transfer such assets as determined adequate, necessary, or available to reinsure policies of the insolvent insurer with a solvent insurer, to the exclusion of general creditors should no assets remain thereafter. (b) Except as provided in subsection (c), reinsurance shall be payable under a contract reinsured by the assuming insurer on the basis of reported claims allowed by the liquidation court, without diminution because of the insolvency of the ceding insurer. The payments shall be made directly to the ceding insurer or to its domiciliary liquidator, except in either of the following cases: (1) Where the contract or other written agreement specifically provides another payee of the reinsurance in the event of the insolvency of the ceding insurer. (2) Where the assuming insurer, with the consent of the direct insured, has assumed the policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under the policies and in substitution for the obligations of the ceding insurer to the payees. (c) Notwithstanding subsection (b), in the event that a life and health insurance guaranty association has made the election to succeed to the rights and obligations of the insolvent insurer under the contract of reinsurance, the reinsurer's liability to pay covered reinsured claims shall continue under the contract of reinsurance subject to the payment to the reinsurer of the reinsurance premiums for the coverage. Payment for the reinsured claims shall only be made by the reinsurer pursuant to the direction of the guaranty association or its designated successor. Any payment made at the direction of the guaranty association or its designated successor by the reinsurer shall discharge the reinsurer of all further liability to any other party for the claim payment. (Acts 1975, No. 1040, p. 2085, §3; Act 2003-346, p. 879, §1.)
AL Code § 27-32-40 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-40 - Priority of Claims of Policyholders and Beneficiaries - Classification of Policyholders and Beneficiaries.

Section 27-32-40Priority of claims of policyholders and beneficiaries - Classification of policyholders and beneficiaries. The circuit court having jurisdiction over a receivership for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish between classes of policyholders or beneficiaries and establish priorities for each such class for payment of claims, sharing in the assets remaining or for reinsurance purposes. In establishing priorities among classes of policyholders and beneficiaries, death claims payable on life insurance contracts, cash surrenders payable, annuity holders, paid up policies, single premium policies, and other such classifications may be used by the court in establishing priorities for payment of claims or for reinsurance of policies. (Acts 1975, No. 1040, p. 2085, §4.)
AL Code § 27-32-41 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 32 - Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers.|Section 27-32-41 - Priority of Claims of Policyholders and Beneficiaries - Liability of Receiver.

Section 27-32-41Priority of claims of policyholders and beneficiaries - Liability of receiver. A receiver of an insolvent insurer in liquidation or rehabilitation acting upon order of a circuit court having jurisdiction over said receivership shall not be liable to civil suit for obeying or carrying out the terms of such court order or in giving a preference to policyholders. Any such civil actions filed against a receiver shall be dismissed and barred upon a showing that the receiver was acting pursuant to court order or in conformity with Sections 27-32-37 through 27-32-40. (Acts 1975, No. 1040, p. 2085, §5.)
AL Code § 27-33-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-1 - Applicability of Chapter.

Section 27-33-1Applicability of chapter. This chapter applies to all alien insurers using Alabama as a state of entry to transact insurance in the United States. (Acts 1971, No. 407, p. 707, §656.)
AL Code § 27-33-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-2 - Deposit of Assets in Trust.

Section 27-33-2Deposit of assets in trust. (a) An alien insurer may use Alabama as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner. (b) The deposit, together with other trust deposits of the insurer held in the United States for the same purpose, shall be in amount not less than the deposits required of an alien insurer under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment of the funds of like domestic insurers. (c) Such a deposit may be referred to as "trusteed assets." (Acts 1971, No. 407, p. 707, §657.)
AL Code § 27-33-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-3 - Existing Trusts.

Section 27-33-3Existing trusts. All trusts of trusteed assets heretofore created and now existing shall be continued under the instruments creating them, unless inconsistent with the provisions of this chapter. (Acts 1971, No. 407, p. 707, §658.)
AL Code § 27-33-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-4 - Purpose and Duration of Trust.

Section 27-33-4Purpose and duration of trust. The deposit required by Section 27-33-2 shall be for the benefit, security, and protection of the policyholders or policyholders and creditors of the insurer in the United States. It shall be maintained as long as there is outstanding any liability of the insurer arising out of its insurance transactions in the United States. (Acts 1971, No. 407, p. 707, §659.)
AL Code § 27-33-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-5 - Trust Agreement - Requirement; Approval by Commissioner.

Section 27-33-5Trust agreement - Requirement; approval by commissioner. (a) The deposit referred to in Section 27-33-2 shall be made under a written trust agreement between the insurer and the trustee, consistent with the provisions of this chapter, and shall be authenticated in such form and manner as the commissioner may designate or approve. (b) The agreement shall not be effective until filed with and approved in writing by the commissioner. The commissioner shall not approve any trust agreement found by him not to be in compliance with the law or the terms of which do not in fact provide reasonably adequate protection for the insurer's policyholders or policyholders and creditors in the United States. (Acts 1971, No. 407, p. 707, §660.)
AL Code § 27-33-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-6 - Trust Agreement - Authority to Make and Execute.

Section 27-33-6Trust agreement - Authority to make and execute. An alien insurer proposing to use Alabama as a state of entry to transact insurance in the United States, whether or not it is then authorized to transact insurance in this state, is authorized to make and execute any trust agreement required by this chapter. (Acts 1971, No. 407, p. 707, §661.)
AL Code § 27-33-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-7 - Trust Agreement - Amendment.

Section 27-33-7Trust agreement - Amendment. A trust agreement may be amended, but the amendment shall not be effective until filed with and approved in writing by the commissioner as being in compliance with this chapter. (Acts 1971, No. 407, p. 707, §662.)
AL Code § 27-33-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-8 - Trust Agreement - Withdrawal of Approval.

Section 27-33-8Trust agreement - Withdrawal of approval. The commissioner's approval of any trust agreement, or of any amendment thereof, may be withdrawn by the commissioner if he finds upon hearing, after notice thereof to the insurer and the trustee or trustees, that the requisites for such approval, as provided in this chapter, no longer exist. (Acts 1971, No. 407, p. 707, §663.)
AL Code § 27-33-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-9 - Trusteed Assets - Title.

Section 27-33-9Trusteed assets - Title. Title to the trusteed assets is vested in the trustee or trustees and their successors for the purposes of the trust deposit, and the trust agreement shall so provide. (Acts 1971, No. 407, p. 707, §664.)
AL Code § 27-33-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-10 - Trusteed Assets - Separation; Record.

Section 27-33-10Trusteed assets - Separation; record. The trustee shall keep the trusteed assets separate from other assets and shall maintain a record thereof sufficient to identify trusteed assets at all times. (Acts 1971, No. 407, p. 707, §665.)
AL Code § 27-33-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-11 - Trusteed Assets - Trustee Statements.

Section 27-33-11Trusteed assets - Trustee statements. (a) The trustee of trusteed assets shall from time to time file with the commissioner statements, in such form as he may designate and request in writing, certifying the character of such assets and the amounts thereof. (b) If the trustee fails to file any such statement after request therefor and expiration of a reasonable time thereafter, the commissioner may suspend or revoke the certificate of authority of the insurer. (Acts 1971, No. 407, p. 707, §666.)
AL Code § 27-33-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 33 - Trusteed Assets of Alien Insurers.|Section 27-33-12 - Trusteed Assets - Examination.

Section 27-33-12Trusteed assets - Examination. The commissioner may examine trusteed assets of any insurer at any time in accordance with the same conditions and procedures governing the examination of insurers in general under Chapter 2 of this title. (Acts 1971, No. 407, p. 707, §667.)