reglab/housing_qa huggingface dataset:
AL Code § 27-31B-11 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-11 - Grounds and Procedures for Suspension or Revocation of License.

Section 27-31B-11Grounds and procedures for suspension or revocation of license. (a) The license of a captive insurance company to do an insurance business in this state may be suspended or revoked by the commissioner for any of the following reasons: (1) Insolvency or impairment of capital or surplus. (2) Failure to meet the requirements of Section 27-31B-6. (3) Refusal or failure to submit an annual report, as required by Section 27-31B-9, or any other report or statement required by law or by lawful order of the commissioner. (4) Failure to comply with its own charter, bylaws, or other organizational document. (5) Failure to submit to examination or any legal obligation relative thereto, as required by Section 27-31B-10. (6) Refusal or failure to pay the cost of examination, as required by Section 27-31B-10. (7) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders. (8) Failure otherwise to comply with the laws of this state. (b) If the commissioner finds, upon examination, hearing, or other evidence, that any captive insurance company has committed any of the acts specified in subsection (a), the commissioner may suspend or revoke the license if the commissioner deems it in the best interest of the public and the policyholders of the captive insurance company, notwithstanding any other provision of this title. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-12 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-12 - Legal Investments.

Section 27-31B-12Legal investments. (a) An association captive insurance company, risk retention group, and an industrial insured captive insurance company insuring the risks of an industrial insured group defined in paragraph b. of subdivision (19) of Section 27-31B-2 shall comply with the investment requirements contained in this title, as applicable; provided, however, that compliance with these investment requirements shall be waived for risk retention groups to the extent that credit for risks ceded to reinsurers is allowed pursuant to Section 27-31B-13 or to the extent otherwise deemed reasonable and appropriate by the commissioner. Chapter 37 of this title shall apply to association captives, risk retention groups, and industrial insured captive insurance companies insuring the risks of industrial insured groups defined in paragraph b. of subdivision (19) of Section 27-31B-2 except to the extent it is inconsistent with approved accounting standards in use by the association captive insurance company, risk retention group, or industrial insured captive insurance company insuring the risks of an industrial insured group as defined in paragraph b. of subdivision (19) of Section 27-31B-2. Notwithstanding any other provision of this title, the commissioner may approve the use of alternative reliable methods of valuation and rating. (b) No pure captive insurance company, agency captive insurance company, reinsurance captive company, special purpose financial captive insurance company, and industrial insured captive insurance company insuring the risks of an industrial insured group as defined in paragraph b. of subdivision (19) of Section 27-31B-2, or protected cell captive insurance company shall be subject to any restrictions on allowable investments whatever, including those limitations contained in Chapters 37 and 41. Notwithstanding the foregoing, the commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the company. (c) Only a pure captive insurance company or a protected cell captive insurance company may make loans to its parent company or affiliates. No loans to a parent company or any affiliate shall be permitted without prior written approval of the commissioner and must be evidenced by a note in a form approved by the commissioner. Loans of minimum capital and surplus funds required by Section 27-31B-6 are prohibited. Any loan made by a protected cell captive insurance company must be made from funds in the company's general account. (Act 2006-509, p. 1153, §1; Act 2016-191, p. 446, §1; Act 2021-162, §1.)
AL Code § 27-31B-13 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-13 - Reinsurance.

Section 27-31B-13Reinsurance. THIS SECTION WAS AMENDED BY ACT 2021-162 IN THE 2021 REGULAR SESSION, EFFECTIVE JULY 1, 2021. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. (a) A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded by any other insurer. (b) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with subdivisions (1) through (4) of subsection (c) of Section 27-5-12. A captive insurer shall not take credit for the reserves on risks or portions of risks ceded to reinsurers not complying with subdivisions (1) through (4) of subsection (c) of Section 27-5-12. (c) For all purposes of this chapter, insurance by a captive insurance company of any workers' compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-14 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-14 - Rating Organizations; Memberships.

Section 27-31B-14Rating organizations; memberships. No captive insurance company may be required to join a rating organization. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-15 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-15 - Exemption From Compulsory Associations.

Section 27-31B-15Exemption from compulsory associations.  No captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state. No captive insurance company, or its insured, or its parent or any affiliated company, or any member organization of its association or, in the case of a captive insurance company organized as a reciprocal insurer, any subscriber thereof, may receive any benefit from any plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-17 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-17 - Rules.

Section 27-31B-17Rules. The commissioner may establish and from time to time amend rules relating to captive insurance companies as are necessary to enable the commissioner to carry out this chapter. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-18 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-18 - Laws Applicable.

Section 27-31B-18Laws applicable. No provisions of this title, other than those contained in this chapter or referring specifically to captive insurance companies, shall apply to captive insurance companies. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-19 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-19 - Delinquency.

Section 27-31B-19Delinquency. (a) Except as otherwise provided in this section, the terms and conditions set forth in Chapter 32 and Article 2, commencing with Section 27-2-50, of Chapter 2, pertaining to rehabilitation, reorganization, conservation, and liquidation of insurers, shall apply in full to captive insurance companies formed or licensed under this chapter. (b) In the event of an action described in subsection (a) against a protected cell captive insurance company, both of the following shall apply: (1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell. (2) Its capital and surplus shall at all times be available to pay any expenses of or claims against the protected cell captive insurance company. (c) Notwithstanding the provisions of this title, in the event of an insolvency of a protected cell captive insurance company where the commissioner determines that one or more protected cells remain solvent, the commissioner may separate those cells from the protected cell captive insurance company, and may allow, on application from the sponsor, for the conversion of the protected cells into one or more new or existing captive insurance companies, pursuant to a plan of operation as the commissioner deems acceptable. (Act 2006-509, p. 1153, §1; Act 2016-191, §1.)
AL Code § 27-31B-20 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-20 - Rules for Controlled Unaffiliated Business.

Section 27-31B-20Rules for controlled unaffiliated business. The commissioner shall adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the captive insurance company. Until the rules under this section are adopted, the commissioner may by temporary order grant authority to a captive insurance company to insure risks. (Act 2006-509, p. 1153, §1; Act 2016-191, §1.)
AL Code § 27-31B-23 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-23 - Qualification of Sponsors.

Section 27-31B-23Qualification of sponsors. Repealed by Act 2016-191, §3, effective July 1, 2016. (Act 2006-509, p. 1153, §1.)
AL Code § 27-31B-24 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-24 - Participants in Protected Cell Captive Insurance Companies.

Section 27-31B-24Participants in protected cell captive insurance companies. (a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a protected cell captive insurance company formed or licensed under this chapter. (b) A sponsor may be a participant in a protected cell captive insurance company. (c) A participant need not be a shareholder of the protected cell captive insurance company or an affiliate of the company. (d) A participant shall insure only approved risks through a protected cell captive insurance company. (Act 2006-509, p. 1153, §1; Act 2016-191, §1.)
AL Code § 27-31B-25 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-25 - Incorporation of Protected Cells.

Section 27-31B-25Incorporation of protected cells.  (a) A protected cell of a protected cell captive insurance company may be formed as an incorporated protected cell. (b) Subject to the prior written approval of the protected cell captive insurance company and of the commissioner, an incorporated protected cell shall be entitled to enter into contracts and undertake obligations in its own name and for its own account. In the case of a contract or obligation to which the protected cell captive insurance company is not a party, either in its own name and for its own account or on behalf of a protected cell, the counterparty to the contract or obligation shall have no right or recourse against the protected cell captive insurance company and its assets other than against assets properly attributable to the incorporated protected cell that is a party to the contract or obligation. (c) The certificate of formation of an incorporated protected cell shall refer to the protected cell captive insurance company for which it is a protected cell and shall state that the protected cell is incorporated or organized for the limited purposes authorized by the protected cell captive insurance company's license. A copy of the prior written approval of the commissioner to add the incorporated protected cell, required by subdivision (7) of subsection (b) of Section 27-31B-22, shall be attached to and filed with the certificate of formation. (d) It is the intent of the Legislature under this section to provide protected cell captive insurance companies with the option to establish one or more protected cells as a separate corporation, mutual corporation, nonprofit, limited liability company, or other entity as allowed by law. This section shall not be construed to limit any rights or protections applicable to protected cells not established as corporations, mutual corporations, nonprofit corporations, limited liability companies, or other entities as allowed by law. (Act 2016-191, §2.)
AL Code § 27-31B-26 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-26 - Approval of Stock Captive Insurer to Become a Mutual Captive Insurer.

Section 27-31B-26Approval of stock captive insurer to become a mutual captive insurer. A stock captive insurer may become a mutual captive insurer under the plan or procedure as may be approved by the commissioner. The commissioner shall not approve any such plan, procedure, or mutualization unless: (1) It is equitable to stockholders and policyholders; (2) It is subject to approval by the holders of a majority of the insurer's outstanding capital stock having voting rights and by a majority of the insurer's policyholders who vote on such plan in person, by proxy, by mail, or e-mail pursuant to such notice and procedure as included in the plan or procedures approved by the commissioner. For purposes of this section a majority vote is one where, based on the number of votes returned, there are more votes for approval of the mutualization than there are for denial; (3) Mutualization will result in retirement of shares of the insurer's capital stock at a reasonable price as specified in the plan; (4) The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided by the general corporation laws of the state as to rights of nonconsenting stockholders with respect to consolidation or merger of private corporations; (5) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective; and (6) The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully under an approved plan of operation. (Act 2021-162, §2.)
AL Code § 27-31B-27 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-27 - Redomestication of Captive Insurance Companies.

Section 27-31B-27Redomestication of captive insurance companies. (a) Notwithstanding any other method authorized by law, a foreign or alien captive insurance company may become a domestic captive insurance company by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic captive insurance company of the same type with the approval of the commissioner. A company redomesticating to this state pursuant to this section may be organized under any lawful corporate form permitted by this chapter. (b) A redomestication pursuant to this section shall be authorized for captive insurance companies domiciled in foreign or alien jurisdictions that authorize the redomestication of captive insurance companies where, as a result of the actions taken by the company pursuant to this section to redomesticate to this state, shall no longer be a domestic legal entity of foreign or alien jurisdiction. A company seeking to redomesticate under this section must also provide evidence in a form satisfactory to the commissioner that the applicable regulatory authority of its domicile consents to the redomestication. (c) Upon the completion of a redomestication under this section, the captive insurance company shall be subject to the laws of this state and shall be considered domiciled in this state. The captive insurance company shall be deemed to have a formation date corresponding to its original formation date in the foreign or alien domicile. (d) For the purposes of examination, any examination conducted by the foreign or alien domicile that is substantially similar in scope to an examination that would have been done in this state had the company been domiciled in this state shall be recognized for the purposes of determining an examination period pursuant to Section 27-31B-10(a). (e) This section shall not be the exclusive means of redomesticating an insurance company to this state and shall not restrict the ability of an insurance company to undergo a merger, consolidation, transfer of assets and liabilities, or utilize any other means permitted by law to effect the transfer of operations of a foreign or alien insurance company to this state. (Act 2021-162, §2.)
AL Code § 27-31B-28 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31B - Alabama Captive Insurers Act.|Section 27-31B-28 - Risk Retention Groups to Comply With Certain Accreditation Standards.

Section 27-31B-28Risk retention groups to comply with certain accreditation standards. A risk retention group formed pursuant to this chapter shall comply with any provision determined to be applicable to the National Association of Insurance Commissioners' (NAIC) accreditation standards for Risk Retention Groups and any provision of this title determined to be applicable by the commissioner. Applicable provisions shall be adopted by the commissioner pursuant to, and in accordance with, Section 27-2-17. (Act 2021-162, §2.)
AL Code § 27-31C-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-1 - Short Title.

Section 27-31C-1Short title. This chapter may be cited as the Alabama Coastal Captive Insurance Company Act. (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-2 - Definitions.

Section 27-31C-2Definitions. For the purpose of this chapter : (1) ALABAMA COASTAL CAPTIVE INSURANCE COMPANY. A captive insurance company, as is defined by Section 27-31B-2(8), that is specifically formed to provide homeowners insurance coverage as limited in Section 27-31B-3(a)(4) and as defined and limited in the standard real property and contents insurance forms as approved by the commissioner. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (3) DEPARTMENT. The Alabama Department of Insurance. (4) PERIL. The cause of an insured loss. (5) STATE. The State of Alabama.  (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-5 - Formation Requirements.

Section 27-31C-5Formation requirements. (a) The requirements of Section 27-31B-8 apply to an Alabama Coastal Captive Insurance Company.  (b) The commissioner has discretion to restrict the form of an Alabama Coastal Captive Insurance Company to one or more of the types of defined captives listed in Section 27-31B-8, and has the discretion to accept or deny an application based on a finding that one or more of the incorporation or organization options available are not feasible for an Alabama Coastal Captive Insurance Company.  (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-6 - Exemptions From Chapter.

Section 27-31C-6Exemptions from chapter. The commissioner, by rule, regulation, or order, may exempt an Alabama Coastal Captive Insurance Company, on a case-by-case basis, from provisions of this chapter that are determined to be inappropriate given the nature of the risks to be insured and the intent of this chapter. (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-7 - Confidentiality of Information.

Section 27-31C-7Confidentiality of information. The confidentiality provisions of Sections 27-31B-9(b) and 27-31B-10 do not extend to final reports of its financial condition produced by the commissioner in inspecting or examining an Alabama Coastal Captive Insurance Company and do not extend to reports submitted by an Alabama Coastal Captive Insurance Company. All work papers, recorded information, documents, and their copies produced by, obtained by, or disclosed to the commissioner, his or her designee, or other persons made under this chapter must be given confidential treatment as provided in Sections 27-31-3(4), 27-31B-9(b), and 27-31B-10. (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-8 - Application Notice and Acknowledgement.

Section 27-31C-8Application notice and acknowledgement.  (a) An Alabama Coastal Captive Insurance Company shall include the following notice on each application form for insurance, as well as the declaration page of each policy, in no less than fourteen-point bold type: "NOTICE This policy is issued by a captive insurance company which is not subject to all of the insurance laws and regulations of the State of Alabama. Insurance solvency guaranty funds are not available for a captive insurance company." (b) An Alabama Coastal Captive Insurance Company shall include the following acknowledgement on each application form for insurance, as well as in each policy, in no less than fourteen-point bold type and directly above the applicant's or insured's signature: "I have read the notice contained in this application (or policy) and understand that State of Alabama insurance insolvency guaranty funds are not available for an Alabama Coastal Captive Insurance Company." (Act 2008-391, p. 742, §2.)
AL Code § 27-31C-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 31C - Alabama Coastal Captive Insurance Act.|Section 27-31C-9 - Findings of the Commissioner.

Section 27-31C-9Findings of the commissioner. The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the: (1) Coastal captive insurance company is capitalized adequately or properly reinsured or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level of risk to be retained by the coastal captive insurance company;  (2) Proposed business plan of the coastal captive insurance company provides for a reasonable and expected successful operation and is not hazardous to any policyholder;  (3) Proposed business plan, including any contracts or agreements to which the coastal captive insurance company is a party, and the intended operation of the coastal captive insurance company comply with this chapter and with any other applicable provisions of this title; and  (4) Proposed business plan and intended operation of the coastal captive insurance company satisfy the purpose of this chapter. (Act 2008-391, p. 742, §2.)