reglab/housing_qa huggingface dataset:
AL Code § 27-27-22 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-22 - Domestic Mutual Insurers - Bylaws.

Section 27-27-22Domestic mutual insurers - Bylaws. (a) A domestic mutual insurer shall have bylaws for the government of its affairs. The initial board of directors of a domestic mutual insurer shall adopt original bylaws, subject to the approval of the insurer's members at the next succeeding meeting. The members shall have power to make, modify, and revoke bylaws. (b) The bylaws shall provide: (1) That each member is entitled to one vote upon each matter coming to a vote at meetings of members or to more votes in accordance with a reasonable classification of members as set forth in the bylaws and based upon the amount of insurance in force, number of policies held, or upon the amount of the premiums paid by such member or upon other reasonable factors. A member shall have the right to vote in person or by his written proxy made not less than 30 days prior to the meeting. No such proxy shall be made irrevocable for longer than a period of three years; (2) For election of directors by the members and the number, qualifications, terms of office, and powers of directors; (3) The time, notice, quorum, and conduct of annual and special meetings of members and voting thereat. The bylaws may provide that the annual meeting shall be held at a place, date, and time to be set forth in the policy and without giving other notice of such meeting; (4) The number, designation, election, terms, powers, and duties of the respective corporate officers; (5) For deposit, custody, disbursement, and accounting for corporate funds; and (6) For any other reasonable provisions customary, necessary, or convenient for the management or regulation of its corporate affairs. (c) The insurer shall promptly file with the commissioner a copy, certified by the insurer's secretary, of its bylaws and of every modification thereof or addition thereto. The commissioner shall disapprove any bylaw provision deemed by him to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or any class thereof. The insurer shall not, after receiving written notice of such disapproval and during the existence thereof, effectuate any bylaw provision so disapproved. (Acts 1971, No. 407, p. 707, §518.)
AL Code § 27-27-23 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-23 - Directors of Domestic Insurers - Number; Election; Qualifications.

Section 27-27-23Directors of domestic insurers - Number; election; qualifications. (a) The affairs of every domestic insurer shall be managed by not less than three directors, and at least one-third of the directors shall be bona fide residents of this state. (b) Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than five years each and until their successors are elected and have qualified, and if to be elected for terms of more than one year, the insurer's bylaws shall provide for a staggered-term system under which the terms of a proportionate part of the members of the board of directors will expire on the date of each annual meeting of stockholders or members. (c) If so provided in the insurer's bylaws, a director of a stock insurer shall be a stockholder thereof and a director of a mutual insurer shall be a policyholder thereof. (Acts 1971, No. 407, p. 707, §519.)
AL Code § 27-27-24 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-24 - Directors of Domestic Insurers - Removal; Vacancies.

Section 27-27-24Directors of domestic insurers - Removal; vacancies. (a) At a special meeting of stockholders or members called for that purpose, any director of a stock or mutual insurer may be removed from office by an affirmative vote of stockholders or members holding in the aggregate a majority of the voting power of all stockholders or members of an insurer entitled to vote at an election of directors. If the board of directors, or any member thereof, is so removed, new directors may be elected at the same meeting. (b) Vacancies in the board of directors may be filled by the remaining members of the board, and each person so elected shall be a director until his successor is elected by the stockholders or members at the next annual meeting of stockholders or members or at any special meeting of stockholders or members called for that purpose and held prior thereto. (Acts 1971, No. 407, p. 707, §520.)
AL Code § 27-27-25 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-25 - Corrupt or Dishonest Practices in Meeting of Stockholders or Members.

Section 27-27-25Corrupt or dishonest practices in meeting of stockholders or members. No person shall buy, or sell or barter a vote or proxy relative to any meeting of stockholders or members of an insurer or engage in any corrupt or dishonest practice in, or relative to, the conduct of any such meeting. Violation of this section shall be punishable as provided in Section 27-1-12. (Acts 1971, No. 407, p. 707, §521.)
AL Code § 27-27-27 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-27 - Exclusive Management and Production of Business Contracts by Domestic Insurers.

Section 27-27-27Exclusive management and production of business contracts by domestic insurers. (a) No domestic insurer shall hereafter make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with, and approved by, the commissioner. The contract shall be deemed approved unless disapproved by the commissioner within 20 days after date of filing, subject to such reasonable extension of time as the commissioner may require by notice given within such 20 days. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor. (b) Any such contract shall provide that any such manager or producer of its business shall, within 90 days after expiration of each calendar year, furnish the insurer's board of directors a written statement of amounts received under, or on account of, the contract and amounts expended thereunder during such calendar year, including the emoluments received therefrom by the respective directors, officers, and other principal management personnel of the manager or producer, and with such classification of items and further detail as the insurer's board of directors may reasonably require. (c) The commissioner shall disapprove any such contract if he finds that it: (1) Subjects the insurer to excessive charges; (2) Is to extend for an unreasonable length of time; (3) Does not contain fair and adequate standards of performance; or (4) Contains other inequitable provision, or provisions, which impair the proper interests of stockholders or members of the insurer. (d) This section does not apply as to contracts entered into prior to January 1, 1972, nor to extensions or amendments to such contracts. (Acts 1971, No. 407, p. 707, §523.)
AL Code § 27-27-28 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-28 - Notice of Change of Directors, Etc.

Section 27-27-28Notice of change of directors, etc. An insurer shall promptly give the commissioner written notice of any change of personnel among the directors or principal officers of the insurer. (Acts 1971, No. 407, p. 707, §524.)
AL Code § 27-27-30 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-30 - Voucher or Other Document for Disbursements.

Section 27-27-30Voucher or other document for disbursements. (a) No insurer shall make any disbursement of $25.00 or more unless evidenced by a voucher or other document correctly describing the consideration for the payment and support by a check or receipt endorsed or signed by, or on behalf of, the person receiving the money. (b) If the disbursement is for services and reimbursement, the voucher or other document, or some other writing referred to therein, shall describe the services and itemize the expenditures. (c) If the disbursement is in connection with any matter pending before any legislature or public body or before any public official, the voucher or other document shall also correctly describe the nature of the matter and of the insurer's interest therein. (Acts 1971, No. 407, p. 707, §526.)
AL Code § 27-27-31 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-31 - Contingent Liability of Members of Domestic Mutual Insurers - Generally.

Section 27-27-31Contingent liability of members of domestic mutual insurers - Generally. (a) Each member of a domestic mutual insurer shall, except as otherwise provided in this chapter with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be expressed in the policy and be in such maximum amount as is specified in the insurer's articles of incorporation. (b) Termination of the policy of any such member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force. (c) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition. (Acts 1971, No. 407, p. 707, §527.)
AL Code § 27-27-32 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-32 - Contingent Liability of Members of Domestic Mutual Insurers - Levy of Assessments.

Section 27-27-32Contingent liability of members of domestic mutual insurers - Levy of assessments. (a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under this title for authority to transact the kinds of insurance being transacted and the deficiency is not cured from other sources, its directors shall levy an assessment only upon its members who held policies providing for contingent liability at any time within the 12 months preceding the date notice of such assessment was mailed to them, and such members shall be liable to the insurer for the amount so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency and to provide a reasonable amount of working funds above such minimum amount of surplus, but such working funds so provided shall not exceed five percent of the insurer's liabilities as of the date as of which the amount of such deficiency was determined. (c) In levying an assessment on a policy providing for contingent liability, the assessment shall be computed on a basis of premium earned on such policy. (d) No member shall have an offset against any assessment for which he is liable on account of any claim for unearned premium or loss payable. (e) As to life insurance, any part of such an assessment upon a member which remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice may, if approved by the commissioner as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of such member. (Acts 1971, No. 407, p. 707, §528.)
AL Code § 27-27-33 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-33 - Collection of Assessments by Insurers.

Section 27-27-33Collection of assessments by insurers. (a) Any assessment made by an insurer under Section 27-27-32 or 27-27-42 is prima facie correct. The amount of such assessment to be paid by each member as determined by the insurer is likewise prima facie correct. (b) The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the address of the member last of record with the insurer. Failure of the member to receive the notice so mailed, within the time specified therein for the payment of the assessment or at all, shall be no defense in any action to collect the assessment. (c) If a member fails to pay the assessment within the period specified in the notice, which period shall not be less than 20 days after mailing, the insurer may institute an action to collect the same. (Acts 1971, No. 407, p. 707, §529.)
AL Code § 27-27-34 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-34 - Nonassessable Policies in Mutual Insurers - Generally.

Section 27-27-34Nonassessable policies in mutual insurers - Generally. (a) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the commissioner's order so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued. (b) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile. (Acts 1971, No. 407, p. 707, §530.)
AL Code § 27-27-35 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-35 - Nonassessable Policies in Mutual Insurers - Revocation of Domestic Insurers Authority to Issue.

Section 27-27-35Nonassessable policies in mutual insurers - Revocation of domestic insurers authority to issue. The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. During the absence of such authority, the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder nor renew any policy which is renewable at the option of the insurer without endorsing the same to provide for such contingent liability. (Acts 1971, No. 407, p. 707, §531.)
AL Code § 27-27-36 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-36 - Issuance of Participating or Nonparticipating Policies by Domestic Insurers.

Section 27-27-36Issuance of participating or nonparticipating policies by domestic insurers. Unless prohibited by its articles of incorporation, a domestic stock or domestic mutual insurer may issue any, or all, of its policies with, or without, participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonparticipating basis, and may determine the right to participate and the extent of participation of any class, or classes, of policies. Any such classification or determination shall be reasonable and shall not unfairly discriminate as between policyholders within the same such classifications. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged. (Acts 1971, No. 407, p. 707, §532.)
AL Code § 27-27-37 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-37 - Dividends - Domestic Stock Insurers.

Section 27-27-37Dividends - Domestic stock insurers. (a) A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from realized net profits on its business. (b) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the insurer under Section 27-27-40. (c) A dividend otherwise proper may be payable out of the insurer's surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof if payment is conditioned upon receipt of the commissioner's approval and the insurer does not pay the dividend until the commissioner has done the following: (1) Approved the payment of the dividend, or (2) Not disapproved the payment of the dividend within 30 days after receipt of notice from the insurer of the declaration thereof. (Acts 1971, No. 407, p. 707, §533; Acts 1994, No. 94-634, p. 1178, §2.)
AL Code § 27-27-38 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-38 - Dividends - Domestic Mutual Insurers.

Section 27-27-38Dividends - Domestic mutual insurers. (a) The directors of a domestic mutual insurer may, from time to time, apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained. (b) A dividend otherwise proper may be payable out of the savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus if payment is conditioned upon receipt of the commissioner's approval and the insurer does not pay the dividend until the commissioner has done the following: (1) Approved the payment of the dividend, or (2) Not disapproved the payment of the dividend within 30 days after receipt of notice from the insurer of the declaration thereof. (Acts 1971, No. 407, p. 707, §534; Acts 1994, No. 94-634, p. 1178, §2.)
AL Code § 27-27-39 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-39 - Dividends - Liability for Illegal Dividends by Domestic Insurers.

Section 27-27-39Dividends - Liability for illegal dividends by domestic insurers. (a) Any director of a domestic stock or mutual insurer who knowingly votes for, or concurs in, declaration or payment of a dividend to stockholders or members except as authorized in Sections 27-27-37 or 27-27-38 shall, upon conviction thereof, be guilty of a misdemeanor and shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by the insurer. (b) Any stockholder receiving such an illegal dividend shall be liable in the amount thereof to the insurer. (c) The commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid such an illegal dividend. (Acts 1971, No. 407, p. 707, §535.)
AL Code § 27-27-40 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.|Section 27-27-40 - Loans by Domestic Insurers.

Section 27-27-40Loans by domestic insurers. (a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement may provide for interest at a reasonable rate per annum, which interest shall, or shall not, constitute a liability of the insurer as to its funds other than such excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan. (b) Money so borrowed, together with the interest thereon if so stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated in the agreement or be the basis of any setoff, but, until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount thereof then unpaid together with any interest thereon accrued but unpaid. (c) Any such loan shall be subject to the commissioner's approval. The insurer shall, in advance of the loan, file with the commissioner a statement of the purpose of the loan and a copy of the proposed loan agreement. The loan and agreement shall be deemed approved unless, within 15 days after date of such filing, the insurer is notified of the commissioner's disapproval and the reasons therefor. The commissioner shall disapprove any proposed loan or agreement if he finds the loan is unnecessary or excessive for the purpose intended, or that the terms of the loan agreement are not fair and equitable to the parties and to other similar lenders, if any, to the insurer or that the information so filed by the insurer is inadequate. (d) Any such loan, or substantial portion thereof, shall be repaid by the insurer when no longer reasonably necessary for the purpose originally intended. No repayment of such a loan shall be made, unless in advance approved by the commissioner. (e) This section shall not apply to any loan other than one obtained upon a written agreement that such loan is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. (f) The value of the surplus debenture issued under this section shall not be considered as the deciding authority for valuing the asset received for the above note, but shall only be taken into account with all other factors in determining admitted value. (Acts 1971, No. 407, p. 707, §536; Acts 1980, No. 80-728, p. 1470.)