reglab/housing_qa huggingface dataset:
AL Code § 27-31-29 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31 - Reciprocal Insurers.|Section 27-31-29 - Proceedings When Assets of Insurer Insufficient.

Section 27-31-29Proceedings when assets of insurer insufficient. (a) If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall forthwith make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency, but subject to the limitation set forth in the power of attorney or policy. (b) If the attorney fails to make up such deficiency or to make the assessment within 30 days after the commissioner orders him to do so or if the deficiency is not fully made up within 60 days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this title. (c) If liquidation of such an insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the commissioner determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney or other persons, but including the reasonable cost of the liquidation. (Acts 1971, No. 407, p. 707, §619.)
AL Code § 27-31A-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-1 - Short Title and Purpose.

Section 27-31A-1Short title and purpose. The purpose of this chapter is to regulate the formation and the operation of risk retention groups and purchasing groups in this state formed pursuant to the federal Liability Risk Retention Act of 1986, to the extent permitted by federal law. This chapter shall be known and may be cited as the "Alabama Risk Retention Act." (Acts 1993, No. 93-674, p. 1226, §1.)
AL Code § 27-31A-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-3 - Risk Retention Groups Chartered in This State.

Section 27-31A-3Risk retention groups chartered in this state. (a)(1) A risk retention group shall, pursuant to this title, be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations, and requirements applicable to the insurers chartered and licensed in this state and with Section 27-31A-4, to the extent the requirements are not a limitation on laws, rules, regulations, or requirements of this state. (2) Notwithstanding any other provision to the contrary, all risk retention groups chartered in this state shall file with the department and the National Association of Insurance Commissioners (NAIC) an annual statement in a form prescribed by the NAIC and, if required by the commissioner, in electronic format. The statement shall be completed in accordance with its instructions and the NAIC Accounting Practices and Procedures Manual.  (b) Before it may offer insurance in any state, each risk retention group shall also submit for approval to the Commissioner of Insurance a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study within 10 days of the change. The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of the plan or study is approved by the commissioner. (c) At the time of filing its application for charter, the risk retention group shall provide to the commissioner in summary form the following information: The identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services, or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt of this information, the commissioner shall forward the information to the National Association of Insurance Commissioners. Notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of Section 27-31A-4 or any other sections of this chapter. (Acts 1993, No. 93-674, p. 1226, §3; Act 2014-377, p. 1407, §5.)
AL Code § 27-31A-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-5 - Compulsory Associations.

Section 27-31A-5Compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, or claimants against its insureds, receive any benefit from any fund for claims arising under the insurance policies issued by that risk retention group. (b) When a purchasing group obtains insurance covering its members' risks from an insurer, not authorized in this state or a risk retention group, no risk, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state. (c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the Alabama Insurance Guaranty Association, subject to Chapter 42 (commencing with Section 27-42-1), Title 27. (d) Notwithstanding Article 2 (commencing with Section 27-26-20), Chapter 26, Title 27, the commissioner may require or exempt a risk retention group from participating in any mechanism established or authorized under the law of this state for the equitable apportionment among insurers of casualty insurance losses and expenses incurred on policies written through that mechanism. The risk retention group shall submit sufficient information to the commissioner to enable the commissioner to apportion on a nondiscriminatory basis the risk retention group's proportionate share of any losses and expenses. (Acts 1993, No. 93-674, p. 1226, §5.)
AL Code § 27-31A-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-6 - Countersignatures Not Required.

Section 27-31A-6Countersignatures not required. A policy of insurance issued to a risk retention group, or any member of that group, shall not be required to be countersigned as otherwise provided in Section 27-3-28 or 27-7-28. (Acts 1993, No. 93-674, p. 1226, §6.)
AL Code § 27-31A-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-7 - Purchasing Groups - Exemption From Certain Laws.

Section 27-31A-7Purchasing groups - Exemption from certain laws. A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to casualty insurance for the purchasing group, from any law that would do any of the following: (1) Prohibit the establishment of a purchasing group. (2) Make it unlawful for an insurer to provide or offer to provide insurance on a basis providing, to a purchasing group or its members, advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters. (3) Prohibit a purchasing group or its members from purchasing insurance on a group basis described in subdivision (2) of this section. (4) Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time. (5) Require that a purchasing group must have a minimum number of members, common ownership or affiliation, or certain legal form. (6) Require that a certain percentage of a purchasing group must obtain insurance on a group basis. (7) Otherwise discriminate against a purchasing group or any of its members. (8) Require that any insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent or broker residing in this state. (Acts 1993, No. 93-674, p. 1226, §7.)
AL Code § 27-31A-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-8 - Notice and Registration Requirements of Purchasing Groups.

Section 27-31A-8Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall include all of the following: (1) Identify the state in which the group is domiciled. (2) Identify all other states in which the group intends to do business. (3) Specify the lines and classifications of liability insurance which the purchasing group intends to purchase. (4) Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of any company. (5) Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state. (6) Identify the principal place of business of the group. (7) Provide other information as may be required by the commissioner to verify that the purchasing group is qualified under subdivision (10) of Section 27-31A-2. (b) A purchasing group shall, within 10 days, notify the commissioner of any changes in any of the items set forth in subsection (a) of this section. (c) The purchasing group shall register with and designate the commissioner, or other appropriate authority, as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be determined by the commissioner, except that the requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Products Liability Risk Retention Act of 1981, and: (1) Which in any state of the United States: a. Was domiciled before April 1, 1986, and b. Is domiciled on and after October 27, 1986; (2) Which: a. Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state, and b. Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; and (3) Which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986. (d) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish the information as may be required by the commissioner to do all of the following: (1) Verify that the entity qualifies as a purchasing group. (2) Determine where the purchasing group is located. (3) Determine appropriate tax treatment. (e) Any purchasing group which was doing business in this state prior to the enactment of this chapter shall, within 30 days after May 17, 1993, furnish notice to the commissioner pursuant to subsection (a) of this section and furnish information, as may be required, pursuant to subsections (b) and (c) of this section. (Acts 1993, No. 93-674, p. 1226, §8.)
AL Code § 27-31A-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-9 - Restrictions on Insurance Purchased by Purchasing Groups.

Section 27-31A-9Restrictions on insurance purchased by purchasing groups. (a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of the state. (b) A purchasing group which obtains casualty insurance from an insurer not admitted in this state, or a risk retention group, shall inform each of the members of the group which have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state, and that the risk retention group or that insurer may not be subject to all insurance laws and regulations of this state. (c) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole. Coverage may provide for a deductible or self-insured retention applicable to individual members. (d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance. (Acts 1993, No. 93-674, p. 1226, §9.)
AL Code § 27-31A-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-10 - Purchasing Group Taxation.

Section 27-31A-10Purchasing group taxation. Premium taxes and taxes on premiums paid for coverage of risks resident, or located in this state by a purchasing group, or any members of the purchasing groups shall be both: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds. (2) Paid first by the insurance source, and if not by that source, by the agent or broker for the purchasing group, and if not by the agent or broker then by the purchasing group, and if not by the purchasing group then by each of its members. (Acts 1993, No. 93-674, p. 1226, §10.)
AL Code § 27-31A-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-11 - Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups.

Section 27-31A-11Administrative and procedural authority regarding risk retention groups and purchasing groups. The commissioner is authorized to make use of any of the powers established under the Insurance Code of this state to enforce the laws of this state not specifically preempted by the Risk Retention Act of 1986, including the commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties, and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the commissioner can rely on the procedural laws of this state. The injunctive authority of the commissioner, in regard to risk retention groups, is restricted by the requirement that any injunction be issued by a court of competent jurisdiction. (Acts 1993, No. 93-674, p. 1226, §11.)
AL Code § 27-31A-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-12 - Duty of Producers to Obtain License.

Section 27-31A-12Duty of producers to obtain license. (a) Risk retention groups. Persons representing or aiding a risk retention group in the solicitation or negotiation of liability insurance in this state and the risk retention group with respect thereto shall be subject to Chapters 7 and 8A of this title. (b) Purchasing groups. (1) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless the person, firm, association, or corporation is licensed as an insurance producer in accordance with Chapter 7, commencing with Section 27-7-1, of this title. (2) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless that person, firm, association, or corporation is licensed as an insurance producer in accordance with Chapter 7, commencing with Section 27-7-1, of this title. (3) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless the person, firm, association, or corporation is licensed as a surplus line broker in accordance with Chapter 10, commencing with Section 27-10-1, of this title. (c) Residence requirement. For purposes of acting as a producer for a risk retention group or purchasing group, pursuant to subsections (a) and (b), any requirement of residence in this state shall not apply. (d) Notice. Every person, firm, association, or corporation licensed, pursuant to the provisions of Chapter 7, commencing with Section 27-7-1, of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by subdivision (6) of Section 27-31A-4 in the case of a risk retention group and subsection (b) of Section 27-31A-9 in the case of a purchasing group. (Acts 1993, No. 93-674, p. 1226, § 12; Act 2001-702, p. 1509, § 15.)
AL Code § 27-31A-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-13 - Binding Effect of Orders Issued in u.s. District Court.

Section 27-31A-13Binding effect of orders issued in U.S. district court. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states, or in any territory or possession of the United States, upon a finding that the group is in hazardous financial or financially impaired condition shall be enforceable in the courts of the state. (Acts 1993, No. 93-674, p. 1226, §13.)
AL Code § 27-31A-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-14 - County Self-Insurance Funds.

Section 27-31A-14County self-insurance funds. This chapter shall not apply to any liability self-insurance fund established by counties pursuant to Title 11, Chapter 30. (Acts 1993, No. 93-674, p. 1226, §14.)
AL Code § 27-31A-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31A - Risk Retention Act.|Section 27-31A-15 - Rules and Regulations.

Section 27-31A-15Rules and regulations. The commissioner may promulgate and enforce, and from time to time amend, the rules and regulations relating to risk retention groups as may be necessary to carry out this chapter. (Acts 1993, No. 93-674, p. 1226, §15.)
AL Code § 27-31B-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-1 - Short Title.

Section 27-31B-1Short title. This chapter shall be known and may be cited as the "Alabama Captive Insurers Act." (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-4 - Fees.

Section 27-31B-4Fees. (a) The commissioner shall collect the following fees in connection with Section 27-31B-3: (1) Filing application for license, two hundred dollars ($200). (2) License fee, for initial license and each annual renewal thereof, three hundred dollars ($300). (b) All fees collected pursuant to this section shall be deposited in the State Treasury to the credit of the Insurance Department Fund. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-5 - Names of Companies.

Section 27-31B-5Names of companies. No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the State of Alabama. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-7 - Dividends.

Section 27-31B-7Dividends. No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner.  (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-10 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-10 - Examinations and Investigations.

Section 27-31B-10Examinations and investigations. (a) At least once in three years, and whenever the commissioner determines it to be prudent, the commissioner shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with this chapter. The commissioner, upon application, may enlarge the three-year period to five years, provided the captive insurance company is subject to a comprehensive annual audit during that period of a scope satisfactory to the commissioner by independent auditors approved by the commissioner. The expenses and charges of the examination shall be in accordance with Section 27-2-25. (b) All examination reports, preliminary examination reports or results, working papers, recorded information, documents, and copies thereof produced by, obtained by, or disclosed to the commissioner or any other person in the course of an examination made under this section are confidential and are not subject to subpoena and may not be made public by the commissioner or an employee or agent of the commissioner without the written consent of the company, except to the extent provided in this subsection. Nothing in this subsection shall prevent the commissioner from using the information in furtherance of the commissioner's regulatory authority under this title. The commissioner may grant access to the information to public officers having jurisdiction over the regulation of insurance in any other state or country, or to law enforcement officers of this state or any other state or agency of the federal government at any time, so long as the officers receiving the information agree in writing to hold it in a manner consistent with this section. (c)(1) This section applies to all business written by a captive insurance company, except that the examination for a branch captive insurance company shall be of branch business and branch operations only, as long as the branch captive insurance company provides annually to the commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of the jurisdiction. (2) As a condition of licensure, an alien captive insurance company shall grant authority to the commissioner for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed. (d) To the extent that Sections 27-2-22 through 27-2-32, do not contradict this section, the sections shall apply to captive insurance companies licensed under this chapter. (Act 2006-509, p. 1153, §1.)