reglab/housing_qa huggingface dataset:
AL Code § 27-27-51 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-51 - Rules and Regulations as to Securities of Domestic Stock Insurers.

Section 27-27-51Rules and regulations as to securities of domestic stock insurers. The commissioner shall have the power, and it shall be his duty, to prescribe, publish, and disseminate to all domestic stock insurance companies uniform written rules and regulations of proxies, consents, and authorizations, including the solicitation thereof, and information necessary, or appropriate to, such solicitation or to the authorization sought thereby, in respect of securities issued by such domestic stock insurance companies; and it shall be unlawful for any person to solicit or to permit the use of his name to solicit any proxy, consent or authorization in respect of any such securities in contravention of such rules and regulations as may be prescribed, published, and disseminated pursuant to this section. (Acts 1971, No. 407, p. 707, §547.)
AL Code § 27-27-52 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-52 - Insider Trading of Domestic Stock Insurer Equity Securities - Short Title.

Section 27-27-52Insider trading of domestic stock insurer equity securities - Short title. Sections 27-27-52 through 27-27-60 shall be known as the "Insider Trading of Domestic Stock Insurer Equity Securities Law." (Acts 1971, No. 407, p. 707, §548.)
AL Code § 27-27-53 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-53 - Insider Trading of Domestic Stock Insurer Equity Securities - Ownership Statements.

Section 27-27-53Insider trading of domestic stock insurer equity securities - Ownership statements. Every person who is, directly or indirectly, the beneficial owner of more than 10 percent of any class of any equity security of a domestic stock insurance company or who is a director or an officer of such company shall file in the Office of the Commissioner of Insurance of Alabama on or before January 31, 1972, or within 10 days after he becomes such beneficial owner, director, or officer, a statement, in such form as the commissioner may prescribe, of the amount of all equity securities of such company of which he is the beneficial owner and, within 10 days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file in the office of the commissioner a statement, in such form as the commissioner may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month. (Acts 1971, No. 407, p. 707, §549.)
AL Code § 27-27-54 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-54 - Insider Trading of Domestic Stock Insurer Equity Securities - Recovery of Certain Profits by Company.

Section 27-27-54Insider trading of domestic stock insurer equity securities - Recovery of certain profits by company. For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to, and be recoverable by, the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. An action to recover such profit may be instituted in any court of competent jurisdiction by the company or by the owner of any security of the company in the name, and in behalf, of the company if the company shall fail or refuse to bring such action within 60 days after request or shall fail diligently to prosecute the same thereafter; but no such action shall be brought more than two years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale or the sale and purchase of the security involved or any transaction or transactions which the commissioner, by rules and regulations, may exempt as not comprehended within the purpose of this section. (Acts 1971, No. 407, p. 707, §550.)
AL Code § 27-27-55 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-55 - Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales.

Section 27-27-55Insider trading of domestic stock insurer equity securities - Unlawful sales. It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal: (1) Does not own the security sold; or (2) If owning the security, does not deliver it against such sale within 20 days thereafter or does not within five days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if he proves that, notwithstanding the exercise of good faith, he was unable to make such delivery or deposit within such time or that to do so would cause undue inconvenience or expense. (Acts 1971, No. 407, p. 707, §551.)
AL Code § 27-27-56 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-56 - Insider Trading of Domestic Stock Insurer Equity Securities - Exemptions From Sections 27-27-54 and 27-27-55; Prescription of Terms and Conditions Thereon.

Section 27-27-56Insider trading of domestic stock insurer equity securities - Exemptions from Sections 27-27-54 and 27-27-55; prescription of terms and conditions thereon. The provisions of Section 27-27-54 shall not apply to any purchase and sale or sale and purchase and the provisions of Section 27-27-55 shall not apply to any sale of an equity security of a domestic stock insurance company not then, or theretofore, held by him in an investment account by a dealer in the ordinary course of his business and incident to the establishment, or maintenance by him, of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, for such security. The commissioner may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. (Acts 1971, No. 407, p. 707, §552.)
AL Code § 27-27-57 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-57 - Insider Trading of Domestic Stock Insurer Equity Securities - Applicability of Sections 27-27-53 Through 27-27-55.

Section 27-27-57Insider trading of domestic stock insurer equity securities - Applicability of Sections 27-27-53 through 27-27-55. The provisions of Sections 27-27-53 through 27-27-55 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of this chapter. (Acts 1971, No. 407, p. 707, §553.)
AL Code § 27-27-58 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-58 - Insider Trading of Domestic Stock Insurer Equity Securities - Equity Securities - Defined.

Section 27-27-58Insider trading of domestic stock insurer equity securities - Equity securities - Defined. The term "equity security," when used in this chapter, means any stock or similar security or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security, or any such warrant or right or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security. (Acts 1971, No. 407, p. 707, §554.)
AL Code § 27-27-59 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-59 - Insider Trading of Domestic Stock Insurer Equity Securities - Equity Securities - Applicability of Sections 27-27-53 Through 27-27-55.

Section 27-27-59Insider trading of domestic stock insurer equity securities - Equity securities - Applicability of Sections 27-27-53 through 27-27-55. The provisions of Sections 27-27-53 through 27-27-55 shall not apply to equity securities of a domestic stock insurance company if: (1) Such securities shall be registered, or shall be required to be registered, pursuant to Section 12 of the Securities Exchange Act of 1934, as amended; or (2) Such domestic stock insurance company shall not have any class of its equity securities held of record by 100 or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of Sections 27-27-53 through 27-27-55 except for the provisions of this subdivision. (Acts 1971, No. 407, p. 707, §555.)
AL Code § 27-27-60 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-60 - Insider Trading of Domestic Stock Insurer Equity Securities - Rules and Regulations.

Section 27-27-60Insider trading of domestic stock insurer equity securities - Rules and regulations. The commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by Sections 27-27-53 through 27-27-59 and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction. No provision of Sections 27-27-53 through 27-27-55 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason. (Acts 1971, No. 407, p. 707, §556.)
AL Code § 27-27-61 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-61 - Applicability of Corporation Statutes to Domestic Insurers.

Section 27-27-61Applicability of corporation statutes to domestic insurers. The applicable statutes of this state relating to the powers and procedures of domestic private corporations formed for profit shall apply to domestic stock insurers and to domestic mutual insurers, except where in conflict with the express provisions of this title and the reasonable implications of such provisions. (Acts 1971, No. 407, p. 707, §498.)
AL Code § 27-28-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 28 - Holding Companies.|Section 27-28-1 - Plan for Exchange of Stock, etc., Between Domestic Stock Insurer and Holding Company - Authority.

Section 27-28-1Plan for exchange of stock, etc., between domestic stock insurer and holding company - Authority. A domestic stock insurance company, hereinafter referred to in this chapter as "domestic company," may cause a corporation to be organized under the laws of this state or any other state of the United States of America to act as a holding company, hereinafter referred to in this chapter as "holding company," which may, or may not, be an insurance corporation, and the domestic company and holding company may adopt a plan for an exchange of stock or other securities in which stockholders of the domestic company exchange their stock for shares of stock or other securities issued by the holding company pursuant to the provisions of Section 27-28-2. Such plan of exchange may provide for a direct exchange of stock or other securities between the stockholders of the domestic company and the holding company or may include provision for the merger of a wholly owned subsidiary of the holding company into the domestic company, in which stockholders of the domestic company receive shares of voting stock of the holding company in exchange for shares of stock of the domestic company and the holding company owns thereafter all of the outstanding stock of the domestic company. (Acts 1971, No. 1449, p. 2472.)
AL Code § 27-28-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 28 - Holding Companies.|Section 27-28-3 - Plan for Exchange of Stock, etc., Between Domestic Stock Insurer and Holding Company - Fees, etc., for Promotion of Plan.

Section 27-28-3Plan for exchange of stock, etc., between domestic stock insurer and holding company - Fees, etc., for promotion of plan. No director, officer, agent, or employee of any corporation which is a party to the plan of exchange, except as is expressly provided by the plan filed with the commissioner, shall receive any fee, commission, other compensation, or valuable consideration whatever for in any manner aiding, promoting, or assisting in the promotion of the plan of exchange. (Acts 1971, No. 1449, p. 2472.)
AL Code § 27-28-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 28 - Holding Companies.|Section 27-28-4 - Effect of Chapter on Powers of Commissioner and Authority to Engage in Insurance Business.

Section 27-28-4Effect of chapter on powers of commissioner and authority to engage in insurance business. Nothing contained in this chapter shall affect the power of the commissioner to regulate, supervise, and control insurance companies pursuant to the laws of the State of Alabama governing such companies, nor shall anything in this chapter be construed to authorize any insurance company to engage in any kind, or kinds, of insurance business not authorized by its charter or to authorize any holding company which is not an insurance corporation to engage directly in the business of insurance. Subsequent to the effective date of any plan of exchange, the commissioner, having due regard to the findings stated in subdivision (2) of Section 27-28-2, shall have authority to require that the affairs of the domestic company be conducted in such manner as to assure the continued safe conduct and transaction of the business of insurance of the domestic company. (Acts 1971, No. 1449, p. 2472.)
AL Code § 27-28-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 28 - Holding Companies.|Section 27-28-5 - Applicability of Alabama Business Corporation Act.

Section 27-28-5Applicability of Alabama Business Corporation Act. This chapter shall be supplemental to, and construed with, the provisions of the Alabama Business Corporation Act, as amended, but in the event there exists any conflict between the provisions of this chapter and the provisions of that act, the provisions of this chapter shall control. (Acts 1971, No. 1449, p. 2472.)
AL Code § 27-29-6.1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-6.1 - Registered Insurers - Supervisory Colleges.

Section 27-29-6.1Registered insurers - Supervisory colleges.  (a) With respect to any insurer registered under Section 27-29-4, and in accordance with subsection (c), the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this title. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following: (1) Initiating the establishment of a supervisory college. (2) Clarifying the membership and participation of other supervisors in the supervisory college. (3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor. (4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing. (5) Establishing a crisis management plan. (b) Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the commissioner's participation in a supervisory college in accordance with subsection (c), including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses. (c) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with Section 27-29-6, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The commissioner may enter into agreements in accordance with subsection (c) of Section 27-29-7 providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction. (Act 2014-324, p. 1151, §2.)
AL Code § 27-29-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-8 - Rules, Regulations, and Orders.

Section 27-29-8Rules, regulations, and orders. The commissioner may issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter. (Acts 1973, No. 1042, p. 1636, §9.)
AL Code § 27-29-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-11 - Delinquency Proceedings and Rehabilitation.

Section 27-29-11Delinquency proceedings and rehabilitation. Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof. (Acts 1973, No. 1042, p. 1636, §12.)
AL Code § 27-29-11.1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-11.1 - Recovery Rights of Receivers.

Section 27-29-11.1Recovery rights of receivers.  (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (1) from any parent corporation, holding company, person, or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock, or (2) any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee, where the distribution or payment pursuant to (1) or (2) is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c), and (d). (b) No distribution shall be recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations. (c) Any person who was a parent corporation, holding company, or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid shall be liable up to the amount of distributions or payments under subsection (a) which the person received. Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions that would have been received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable. (d) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty associations. (e) To the extent that any person liable under subsection (c) is insolvent or otherwise fails to pay claims due from it, its parent corporation, holding company, or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation, holding company, or person who otherwise controlled it. (Act 2014-324, p. 1151, §2.)
AL Code § 27-29-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 29 - Insurance Holding Company Systems.|Section 27-29-12 - Suspension, Revocation or Nonrenewal of Insurer's License or Authority to Do Business.

Section 27-29-12Suspension, revocation or nonrenewal of insurer's license or authority to do business. Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew such insurer's license or authority to do business in this state for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law. (Acts 1973, No. 1042, p. 1636, §13.)