reglab/housing_qa huggingface dataset:
AL Code § 27-37-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 37 - Assets.|Section 27-37-8 - Valuation - Funeral Supplies and Equipment.

Section 27-37-8Valuation - Funeral supplies and equipment. Funeral supply inventories owned by the insurer shall be valued at an amount not exceeding cost to the insurer or market value, whichever is lower. Funeral equipment owned by the insurer shall be valued at an amount not in excess of cost to the insurer reduced by depreciation at the rate of not less than 18 percent per annum from date of acquisition of such equipment. (Acts 1971, No. 407, p. 707, §752.)
AL Code § 27-37-9 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 37 - Assets.|Section 27-37-9 - Valuation - Purchase Money Mortgages.

Section 27-37-9Valuation - Purchase money mortgages. Purchase money mortgages on real property shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or the unpaid balance of the debt secured by such mortgage, whichever is less. (Acts 1971, No. 407, p. 707, §753.)
AL Code § 27-38-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 38 - Separate Accounts and Variable Annuities.|Section 27-38-2 - Variable Contracts - Statement of Procedures for Determining Benefits; Death Benefit Provision.

Section 27-38-2Variable contracts - Statement of procedures for determining benefits; death benefit provision. (a) Any variable contract providing benefits payable in variable amounts delivered, or issued for delivery, in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract, including a group contract, and any certificate in evidence of variable benefits issued thereunder shall state that such dollar amount will vary to reflect investment experience and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis. (b) Variable annuity contracts delivered, or issued for delivery, in this state may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at time of death. Any such provision shall not be deemed to be life insurance and therefore shall not be subject to the provisions of this title governing life insurance contracts. A provision for any other benefit on death during the deferred period shall be subject to this title. (Acts 1969, No. 565, p. 1045, §1; Acts 1971, No. 407, p. 707, §755.)
AL Code § 27-38-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 38 - Separate Accounts and Variable Annuities.|Section 27-38-3 - Variable Contracts - Licensing of Insurer.

Section 27-38-3Variable contracts - Licensing of insurer. (a) No insurer shall deliver, or issue for delivery, within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider among other things: (1) The history and financial condition of the insurer; (2) The character, responsibility, and fitness of the officers and directors of the insurer; and (3) The law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts. (b) If the company is a subsidiary of an admitted life insurer or affiliated with such insurer through common management or ownership, it may be deemed to have met the provisions of the section if either it or the parent or affiliated company meets the requirements of this section. (Acts 1971, No. 407, p. 707, §756.)
AL Code § 27-38-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 38 - Separate Accounts and Variable Annuities.|Section 27-38-4 - Variable Contracts - Rules and Regulations.

Section 27-38-4Variable contracts - Rules and regulations. Notwithstanding any other provision of law, the commissioner shall have sole authority to regulate the issuance and sale of variable contracts and the licensing of persons selling such contracts and to issue reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this chapter. (Acts 1969, No. 565, p. 1045, §1; Acts 1971, No. 407, p. 707, §757.)
AL Code § 27-38-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 38 - Separate Accounts and Variable Annuities.|Section 27-38-5 - Reserve Liability for Variable Contracts.

Section 27-38-5Reserve liability for variable contracts. The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. (Acts 1971, No. 407, p. 707, §758; Acts 1985, 2nd Ex. Sess., No. 85-993, p. 357, §2.)
AL Code § 27-38-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 38 - Separate Accounts and Variable Annuities.|Section 27-38-6 - Applicability of Title.

Section 27-38-6Applicability of title. Except for Sections 27-15-16, 27-15-17, 27-15-22, 27-15-23, and 27-15-28.1 of this title, in the case of a variable annuity contract, and Sections 27-15-2, 27-15-3, 27-15-8.1, 27-15-9, 27-15-10, 27-15-11, and 27-15-28 of this title, in the case of a variable life insurance policy, and except as otherwise provided in this chapter, all pertinent provisions of this title shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract, delivered or issued for delivery in this state shall contain grace, reinstatement and nonforfeiture provisions appropriate to such a contract. (Acts 1969, No. 565, p. 1045, §2; Acts 1971, No. 407, p. 707, §759; Acts 1985, 2nd Ex. Sess., No. 85-993, p. 357, §3.)
AL Code § 27-39-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-1 - Definitions.

Section 27-39-1Definitions. For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTOMOBILE CLUB OR ASSOCIATION. A legal entity which, in consideration of dues, assessments, or periodic payments of money, promises its members or subscribers to assist them in matters relating to the ownership, operation, use, or maintenance of a motor vehicle; provided, however, that the definition of automobile clubs shall not include persons or associations or corporations which are organized and operated solely for the purpose of conducting, sponsoring, or sanctioning motor vehicle races, exhibitions, or contests upon race tracks or upon race courses established and marked as such for the duration of such particular event. (2) COMMISSIONER. The Commissioner of Insurance of the State of Alabama. (Acts 1971, No. 407, p. 707, §798.)
AL Code § 27-39-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-2 - Applicability of Chapter.

Section 27-39-2Applicability of chapter. This chapter shall be deemed and held exclusive authority for the organization and operation of automobile clubs and associations within this state, and such clubs and associations shall not be subject to any other laws respecting insurance companies of any class, kind, or character except as to the conduct of hearings by the commissioner and appeals therefrom; provided, however, that this chapter shall not affect the validity of any membership certificate of any automobile club or association issued and outstanding prior to January 1, 1972. Notwithstanding the aforementioned, nothing in this chapter shall be construed as authority for a licensed automobile club or association to provide or furnish insurance coverage unless such clubs shall have complied with all the laws and regulations required of insurance companies authorized to do business in this state. (Acts 1971, No. 407, p. 707, §805.)
AL Code § 27-39-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-3 - Incorporation and License Requirements.

Section 27-39-3Incorporation and license requirements. No automobile club or association shall do, or offer to do, business in the state unless the same shall be organized as a domestic or foreign corporation and shall be licensed by the commissioner. (Acts 1971, No. 407, p. 707, §799.)
AL Code § 27-39-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-4 - Clubs and Associations to Be Under Authority, etc., of Commissioner.

Section 27-39-4Clubs and associations to be under authority, etc., of commissioner. All automobile clubs and associations now organized and/or operating in the State of Alabama and all automobile clubs and associations hereafter organized and/or operating in the State of Alabama shall be under the authority, supervision, and control of the commissioner. (Acts 1971, No. 407, p. 707, §801.)
AL Code § 27-39-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-5 - Powers of Commissioner.

Section 27-39-5Powers of commissioner. (a) The commissioner shall have full and complete authority to grant certificates of authorization to automobile clubs and associations, to revoke such certificates, and to prescribe such rules and regulations as are reasonably necessary for the conduct of the business of such clubs and associations within the state and for carrying out the objects and purposes of this chapter. In determining if a certificate of authorization shall be issued, the commissioner shall take into consideration, along with all other factors, the name of the automobile club or association; and, if such name, emblem, or trademark is distinctive and not likely to mislead the public as to the nature or identity of the corporation using it or interfere with the transactions of any other automobile club already doing business in the state, it shall be entitled to be approved. (b) The commissioner shall also have the authority to conduct hearings as provided under this title. (Acts 1971, No. 407, p. 707, §800.)
AL Code § 27-39-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-7 - Licensing of Producers.

Section 27-39-7Licensing of producers. Persons representing any automobile club or association in soliciting automobile club or association memberships and the automobile club or association with respect thereto shall be subject to the provisions of Chapters 7 and 8A of this title, except that automobile club or association producers shall be exempt from the 40-hour prelicensing course and written examination requirements of Chapter 7 and the continuing education requirements of Chapter 8A of this title. (Acts 1971, No. 407, p. 707, § 803; Act 2001-702, p. 1509, § 15.)
AL Code § 27-39-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 39 - Automobile Clubs and Associations.|Section 27-39-8 - Penalty for Violation of Chapter.

Section 27-39-8Penalty for violation of chapter. It shall be unlawful for any person, firm, association, copartnership, corporation, company, or other organization to organize, operate, or in any way solicit members for an automobile club or association or to offer any of the motor club services as defined in Section 27-39-1 except in the manner provided in this chapter and under the rules and regulations promulgated by the commissioner. Any person, firm, association, copartnership, corporation, company, or other organization violating the provisions of this chapter shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine not exceeding $500.00, or be imprisoned not exceeding six months or punished by both fine and imprisonment, in the discretion of the court. (Acts 1971, No. 407, p. 707, §804.)
AL Code § 27-40-1 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-1 - Definitions.

Section 27-40-1Definitions. For the purposes of this chapter, the following words and phrases shall have the following meanings: (1) INSURANCE PREMIUM FINANCE COMPANY. A person engaged in the business of entering into premium finance agreements. (2) PREMIUM FINANCE AGREEMENT. An agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a service charge, as authorized and limited by this chapter, and charges for wind mitigation construction financing, as approved by the commissioner. (3) LICENSEE. A premium finance company holding a license issued under this chapter. (4) PERSON. An individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals however organized. (5) INSURANCE CONTRACT. The policy or contract of insurance which is the subject of premium financing under this chapter. (6) WIND MITIGATION CONSTRUCTION FINANCING. A construction loan agreement between the homeowner/policyholder under the policy or contract of homeowner insurance that is the subject of premium financing under this chapter, and an authorized lender for the purpose of wind mitigation upgrades to the insured home. (Acts 1975, No. 1042, p. 2088, §2; Acts 1986, No. 86-400, p. 586, §1; Acts 1995, No. 95-309, p. 567, §1; Act 2016-396, §1.)
AL Code § 27-40-2 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-2 - Exemptions From Chapter.

Section 27-40-2Exemptions from chapter. The provisions of this chapter shall not apply with respect to any of the following: (1) Any insurance company licensed to do business in this state. (2) Any banking or other financial institution regulated by the state, or savings and loan association, or credit union authorized to do business in this state, or any national banking institution or federal savings and loan association incorporated under the laws of the United States and located within this state. (3) A charge for insurance in connection with an installment sale of a motor vehicle or boat or mobile home. (4) The financing of insurance premiums in this state in accordance with the provisions of this title relating to rates of insurance. (5) Any insurance agent or agency licensed in Alabama that charges a collection fee on unpaid balances for insurance premiums under Section 27-12-17 or under the Alabama Consumer Credit Act. (Acts 1975, No. 1042, p. 2088, §1; Acts 1994, No. 94-118, p. 146, §1.)
AL Code § 27-40-3 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-3 - Licenses - Required; Fees; Information to Be Furnished Commissioner.

Section 27-40-3Licenses - Required; fees; information to be furnished commissioner. (a) No person shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of financing insurance premiums in this state without first having obtained a license as provided herein shall be guilty of a misdemeanor and upon conviction shall be punished by a fine of not more than $1,000.00 or by imprisonment for not more than one year, or both. (b) The annual license fee shall be $200.00; provided, that an insurance agency which finances its own business of less than $150,000.00 in premiums annually shall pay a fee of $50.00. The fee for said license shall be paid into the Insurance Department Examination Revolving Fund and the same is hereby appropriated for that use. (c) The person to whom the license or the renewal thereof may be issued shall file sworn answers subject to the penalties of perjury to such interrogatories as the commissioner may require. The commissioner shall have authority at any time to require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees and he may in his discretion refuse to issue or renew a license in the name of any firm, partnership, or corporation if he is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant's conduct meets the standards of this section. (Acts 1975, No. 1042, p. 2088, §3.)
AL Code § 27-40-4 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-4 - Licenses - Investigation and Qualifications of Applicant; Issuance.

Section 27-40-4Licenses - Investigation and qualifications of applicant; issuance. (a) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this section. If the commissioner does not so find, he shall, within 30 days after he has received such application, at the request of the applicant, give the applicant a full hearing. (b) The commissioner shall issue or renew a license as may be applied for when he is satisfied that the person to be licensed: (1) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for; (2) Has a good business reputation and has had experience, training, or education, so as to be qualified in the business for which the license is applied for; and (3) If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state. (Acts 1975, No. 1042, p. 2088, §4.)
AL Code § 27-40-5 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-5 - Licenses - Suspension or Revocation.

Section 27-40-5Licenses - Suspension or revocation. (a) The commissioner may revoke or suspend the license of any premium finance company when, and if, after complaint and investigation, it appears to the commissioner that: (1) Any license issued to such company was obtained by fraud; (2) There were any misrepresentations in the application for the license; (3) The holder of such license has otherwise shown himself untrustworthy or incompetent to act as a premium finance company; (4) Such company has violated any of the provisions of this chapter; or (5) No license shall issue or remain in force if any principal of the licensee has been convicted of a crime involving moral turpitude. (b) Before the commissioner shall revoke, suspend, or refuse to renew the license of any premium finance company, the aggrieved person shall be entitled to a hearing in accord with administrative procedures in effect in this state or if no such administrative procedures are set out, then in the same manner as provided in Section 27-2-28 et seq. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the commissioner may subject such company to a penalty of not more than $200.00 for each offense but not more than a maximum of $5,000.00 in the event multiple violations occurred, when in his judgment he finds that the public interest would not be harmed by the continued operation of such company. The amount of any such penalty shall be paid by such company to the commissioner. (c) If the commissioner refuses to issue to any person a license as a premium finance company, or he revokes, suspends, or refuses to renew the license of any premium finance company or he imposes a penalty on such company, after a hearing as provided under subsection (b), the applicant or licensee may appeal from such refusal to issue a license or from such adjudication in accordance with Section 27-2-32 et seq. (Acts 1975, No. 1042, p. 2088, §5.)
AL Code § 27-40-6 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-6 - Books and Records.

Section 27-40-6Books and records. (a) Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the commissioner. The commissioner may at any time require any licensee to bring such records as he may direct to the commissioner's office for examination. (b) Every licensee shall preserve its records of such premium finance transactions including cards used in a card system, if any, for at least three years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic form shall constitute compliance with this requirement. (Acts 1975, No. 1042, p. 2088, §6.)
AL Code § 27-40-7 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-7 - Promulgation and Enforcement of Rules and Regulations.

Section 27-40-7Promulgation and enforcement of rules and regulations. The commissioner shall have authority to make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter. (Acts 1975, No. 1042, p. 2088, §7.)
AL Code § 27-40-8 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 40 - Insurance Premium Finance Companies.|Section 27-40-8 - Contents and Style of Premium Finance Agreement.

Section 27-40-8Contents and style of premium finance agreement. (a) The contents and style of the premium finance agreement shall be as follows: (1) It shall be dated, signed by the insured or an authorized representative and the printed portion thereof shall be in at least eight-point type. (2) It shall contain the name and place of business of the insurance agent negotiating the related insurance contract, the name and residence, or place of business, of the insured as specified by the insured, the name and place of business of the premium finance company to which payments are to be made, a description of the insurance contracts or wind mitigation construction financing involved, and the amount of the premium or other charges therefor. (3) It shall set forth the following items where applicable: a. The total amount of the premiums and other approved charges. b. The amount of the down payment. c. The principal balance, that being the difference between items a. and b. d. The amount of the service charge. e. The balance payable by the insured, that being the sum of items c. and d. f. The number of installments required, the amount of each installment expressed in dollars, and the due date or period thereof. g. The annual percentage rate (APR) charged. (b) The items set out need not be stated in the sequence or order in which they appear, and additional items may be included to explain the computations made in determining the amount to be paid by the insured. (Acts 1975, No. 1042, p. 2088, §8; Acts 1986, No. 86-400, p. 586, §1; Acts 1995, No. 95-309, p. 567, §1; Act 2016-396, §1.)