reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.05 - Conditions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For each plan
			 of insurance with separate rates for Preferred and Standard Nonsmoker lives, an
			 insurer may use the Super Preferred Nonsmoker, Preferred Nonsmoker, and
			 Residual Standard Nonsmoker tables to substitute for the Nonsmoker mortality
			 table found in the 2001 CSO Mortality Table to determine minimum reserves. At
			 the time of election and annually thereafter, except for business valued under
			 the Residual Standard Nonsmoker Table, the appointed actuary shall certify
			 that:
(a) The present value of death benefits
			 over the next ten years after the valuation date, using the anticipated
			 mortality experience without recognition of mortality improvement beyond the
			 valuation date for each class, is less than the present value of death benefits
			 using the valuation basic table corresponding to the valuation table being used
			 for that class.
(b) The present
			 value of death benefits over the future life of the contracts, using
			 anticipated mortality experience without recognition of mortality improvement
			 beyond the valuation date for each class, is less than the present value of
			 death benefits using the valuation basic table corresponding to the valuation
			 table being used for that class.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.06 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or its application to any
				person or circumstance is for any reason held to be invalid, the remainder of
				the chapter and the application of the provision to other persons or
				circumstances shall not be affected.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to 27-26A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-139 - RECOGNITION OF PREFERRED MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 482-1-139-.07 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective on January 1, 2007, upon
				its approval by the Commissioner of Insurance and upon its having been on file
				as a public document in the office of the Secretary of State for ten
				days.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is issued under the authority of
Code
				of Ala. 1975
, §§
								27-2-17 and
				27-12-1 et seq.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1 et. seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The purpose of
			 this chapter is to set forth standards to protect active duty service members
			 of the United States Armed Forces from dishonest and predatory insurance sales
			 practices by declaring certain identified practices to false, misleading,
			 deceptive or unfair.
(2) Nothing
			 herein shall be construed to create or imply a private cause of action for a
			 violation of this chapter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1 et. seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall apply only to the solicitation or sale of
				any life insurance or annuity product by an insurer or insurance producer to an
				active duty service member of the United States Armed Forces.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1 et. seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.04 - Exemptions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This chapter
			 shall not apply to solicitations or sales involving any of the following:
(a) Credit insurance.
(b) Group life insurance or group annuities
			 where there is no in-person, face-to-face solicitation of individuals by an
			 insurance producer or where the contract or certificate does not include a side
			 fund.
(c) An application to the
			 existing insurer that issued the existing policy or contract when a contractual
			 change or a conversion privilege is being exercised; or, when the existing
			 policy or contract is being replaced by the same insurer pursuant to a program
			 filed with and approved by the commissioner; or, when a term conversion
			 privilege is exercised among corporate affiliates.
(d) Individual stand-alone health policies,
			 including disability income policies.
(e) Contracts offered by Servicemembers'
			 Group Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI), as
			 authorized by
			 38
			 U.S.C. Section 1965 et seq., and contracts
			 offered by State Sponsored Life Insurance (SSLI) as authorized by
			 37 U.S.C. Section
			 707
et seq.
(f) Life insurance contracts offered through
			 or by a non-profit military association, qualifying under Section 501 (c) (23)
			 of the Internal Revenue Code (IRC), and which are not underwritten by an
			 insurer.
(g) Contracts used to fund
			 any of the following:
1. An employee pension
			 or welfare benefit plan that is covered by the Employee Retirement and Income
			 Security Act (ERISA).
2. A plan
			 described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as
			 amended, if established or maintained by an employer.
3. A government or church plan defined in
			 Section 414 of the IRC, a government or church welfare benefit plan, or a
			 deferred compensation plan of a state or local government or tax exempt
			 organization under Section 457 of the IRC.
4. A nonqualified deferred compensation
			 arrangement established or maintained by an employer or plan sponsor.
5. Settlements of or assumptions of
			 liabilities associated with personal injury litigation or any dispute or claim
			 resolution process.
6. Preneed
			 funeral or cemetery contracts.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.05 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
As used in this chapter, these words and terms have the
				following meanings, unless the context clearly indicates otherwise:
(a) "Active Duty" means full-time duty in the
			 active military service of the United States and includes members of the
			 reserve component (National Guard and Reserve) while serving under published
			 orders for active duty or full-time training. The term does not include members
			 of the reserve component who are performing active duty or active duty for
			 training under military calls or orders specifying periods of less than 31
			 calendar days.
(b) "Department of
			 Defense (DoD) Personnel" means all active duty service members and all civilian
			 employees, including nonappropriated fund employees and special government
			 employees, of the Department of Defense.
(c) "Door to Door" means a solicitation or
			 sales method whereby an insurance producer proceeds randomly or selectively
			 from household to household without prior specific appointment.
(d) "General Advertisement" means an
			 advertisement having as its sole purpose the promotion of the reader's or
			 viewer's interest in the concept of insurance, or the promotion of the insurer
			 or the insurance producer.
(e)
			 "Insurer" means an insurance company required to be licensed under the laws of
			 this state to provide life insurance products, including annuities. For purpose
			 of this chapter, "insurer" also includes a fraternal benefit society licensed
			 pursuant to Chapter 34 of the Alabama Insurance Code and a mutual aid
			 association licensed pursuant to Chapter 30 of the Alabama Insurance
			 Code.
(f) "Insurance producer"
			 means a person required to be licensed under the laws of this state to sell,
			 solicit or negotiate life insurance, including annuities.
(g) "Known" or "Knowingly" means, depending
			 on its use herein, the insurance producer or insurer had actual awareness, or
			 in the exercise of ordinary care should have known, at the time of the act or
			 practice complained of, that the person solicited is either of the following:
1. A service member.
2. A service member with a pay grade of E-4
			 or below.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.06 - Practices Declared False, Misleading, Deceptive Or Unfair On A Military Installation

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The
			 following acts or practices when committed on a military installation by an
			 insurer or insurance producer with respect to the in-person, face-to-face
			 solicitation of life insurance are declared to be false, misleading, deceptive
			 or unfair:
(a) Knowingly soliciting the
			 purchase of any life insurance product "door to door" or without first
			 establishing a specific appointment for each meeting with the prospective
			 purchaser.
(b) Soliciting service
			 members in a group or "mass" audience or in a "captive" audience where
			 attendance is not voluntary.
(c)
			 Knowingly making appointments with or soliciting service members during their
			 normally scheduled duty hours.
(d)
			 Making appointments with or soliciting service members in barracks, day rooms,
			 unit areas, or transient personnel housing or other areas where the
			 installation commander has prohibited solicitation.
(e) Soliciting the sale of life insurance
			 without first obtaining permission from the installation commander or the
			 commander's designee.
(f) Posting
			 unauthorized bulletins, notices or advertisements.
(g) Failing to present DD Form 2885,
Personal Commercial Solicitation Evaluation,
to service
			 members solicited or encouraging service members solicited not to complete or
			 submit a DD Form 2885.
(h)
			 Knowingly accepting an application for life insurance or issuing a policy of
			 life insurance on the life of an enlisted member of the United States Armed
			 Forces without first obtaining for the insurer's files a completed copy of any
			 required form which confirms that the applicant has received counseling or
			 fulfilled any other similar requirement for the sale of life insurance
			 established by regulations, directives or rules of the DoD or any branch of the
			 Armed Forces.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.08 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of these rules or the application thereof to
				any person or circumstance is held invalid for any reason, the invalidity shall
				not affect the other provisions or any other application of these rules which
				can be given effect without the invalid provisions or application. To this end
				all provisions of this chapter are declared to be severable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1 et. seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-140 - MILITARY SALES PRACTICES › Section 482-1-140-.09 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective December 21, 2007, upon its
				approval by the Commissioner of Insurance, and upon its having been on file as
				a public document in the office of the Secretary of State for ten
				days.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1 et. seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to Sections
				27-2-17,
				27-3-26, and
				27-7-43,
Code of Ala.
				1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.02 - Purpose And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The purpose
			 of this chapter is to improve the Alabama Insurance Department's surveillance
			 of the financial condition of insurers by requiring all of the following:
(a) An annual audit of financial statements
			 reporting the financial position and the results of operations of insurers by
			 independent certified public accountants.
(b) Communication of Internal Control Related
			 Matters Noted in an Audit.
(c)
			 Management's Report of Internal Control over Financial Reporting.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.04 - General Requirements Related To Filing And Extensions For Filing Of Annual Audited Financial Reports And Audit Committee Appointment

Current through Register Vol. 42, No. 9, June 28, 2024
(1) All insurers
			 shall have an annual audit by an independent certified public accountant and
			 shall file an audited financial report with the commissioner on or before June
			 1 for the year ended December 31 immediately preceding. The commissioner may
			 require an insurer to file an audited financial report earlier than June 1 with
			 ninety (90) days advance notice to the insurer.
(2) Extensions of the June 1 filing date may
			 be granted by the commissioner for thirty-day periods upon a showing by the
			 insurer and its independent certified public accountant of the reasons for
			 requesting an extension and determination by the commissioner of good cause for
			 an extension. The request for extension must be submitted in writing not less
			 than ten (10) days prior to the due date in sufficient detail to permit the
			 commissioner to make an informed decision with respect to the requested
			 extension.
(3) If an extension is
			 granted in accordance with the provisions in paragraph 2, a similar extension
			 of thirty (30) days is granted to the filing of Management's Report of Internal
			 Control over Financial Reporting.
(4) Every insurer required to file an annual
			 audited financial report pursuant to this chapter shall designate a group of
			 individuals as constituting its audit committee, as defined in chapter
			 482-1-141-.03. The audit
			 committee of an entity that controls an insurer may be deemed to be the
			 insurer's audit committee for purposes of this chapter at the election of the
			 controlling person.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.05 - Contents Of Annual Audited Financial Report

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The annual audited financial report shall
			 report the financial position of the insurer as of the end of the most recent
			 calendar year and the results of its operations, cash flows and changes in
			 capital and surplus for the year then ended in conformity with statutory
			 accounting practices prescribed, or otherwise permitted, by the Department of
			 Insurance of the state of domicile.
(2) The annual audited financial report shall
			 include the following:
(a) Report of
			 independent certified public accountant.
(b) Balance sheet reporting admitted assets,
			 liabilities, capital and surplus.
(c) Statement of operations.
(d) Statement of cash flows.
(e) Statement of changes in capital and
			 surplus.
(f) Notes to financial
			 statements. These notes shall be those required by the appropriate NAIC
Annual Statement
Instructions
and the NAIC
Accounting Practices and Procedures Manual.
The notes shall
			 include a reconciliation of differences, if any, between the audited statutory
			 financial statements and the annual statement filed pursuant to Section
			 27-3-26,
Code of Ala.
			 1975
, with a written description of the nature of these
			 differences.
(g) The financial
			 statements included in the audited financial report shall be prepared in a form
			 and using language and groupings substantially the same as the relevant
			 sections of the annual statement of the insurer filed with the commissioner,
			 and the financial statement shall be comparative, presenting the amounts as of
			 December 31 of the current year and the amounts as of the immediately preceding
			 December 31. (However, in the first year in which an insurer is required to
			 file an audited financial report, the comparative data may be
			 omitted).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.07 - Qualifications Of Independent Certified Public Accountant

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The commissioner shall not recognize a
			 person or firm as a qualified independent certified public accountant if the
			 person or firm:
(a) Is not in good standing
			 with the AICPA and in all states in which the accountant is licensed to
			 practice, or, for a Canadian or British company, that is not a chartered
			 accountant.
(b) Has either directly
			 or indirectly entered into an agreement of indemnity or release from liability
			 (collectively referred to as
indemnification)
with respect to
			 the audit of the insurer.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.08 - Consolidated Or Combined Audits

Current through Register Vol. 42, No. 9, June 28, 2024
An insurer may make written application to the commissioner for
				approval to file audited consolidated or combined financial statements in lieu
				of separate annual audited financial statements if the insurer is part of a
				group of insurance companies that utilizes a pooling or 100 percent reinsurance
				agreement that affects the solvency and integrity of the insurer's reserves and
				the insurer cedes all of its direct and assumed business to the pool. In such
				cases, a columnar consolidating or combining worksheet shall be filed with the
				report, as follows:
(1) Amounts shown
			 on the consolidated or combined audited financial report shall be shown on the
			 worksheet.
(2) Amounts for each
			 insurer subject to this section shall be stated separately.
(3) Noninsurance operations may be shown on
			 the worksheet on a combined or individual basis.
(4) Explanations of consolidating and
			 eliminating entries shall be included.
(5) A reconciliation shall be included of any
			 differences between the amounts shown in the individual insurer columns of the
			 worksheet and comparable amounts shown on the annual statements of the
			 insurers.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.09 - Scope Of Audit And Report Of Independent Certified Public Accountant

Current through Register Vol. 42, No. 9, June 28, 2024
Financial statements furnished pursuant to rule
				482-1-141-.05 shall be examined
				by the independent certified public accountant. The audit of the insurer's
				financial statements shall be conducted in accordance with generally accepted
				auditing standards. In accordance with AU Section 319 of the Professional
				Standards of the AICPA,
Consideration of Internal Control in a
				Financial Statement
Audit,
the independent certified
				public accountant should obtain an understanding of internal control sufficient
				to plan the audit. To the extent required by AU 319, for those insurers
				required to file a Management's Report of Internal Control over Financial
				Reporting pursuant to rule
				482-1-141-.17, the independent
				certified public accountant should consider (as that term is defined in
				Statement on Auditing Standards (SAS) No. 102,
Defining Professional
				Requirements in Statements on Auditing Standards
or its replacement)
				the most recently available report in planning and performing the audit of the
				statutory financial statements. Consideration shall be given to the procedures
				illustrated in the
Financial Condition Examiners
Handbook
promulgated by the National
				Association of Insurance Commissioners as the independent certified public
				accountant deems necessary.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.10 - Notification Of Adverse Financial Condition

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The insurer required to furnish the
			 annual audited financial report shall require the independent certified public
			 accountant to report, in writing, within five (5) business days to the board of
			 directors or its audit committee any determination by the independent certified
			 public accountant that the insurer has materially misstated its financial
			 condition as reported to the commissioner as of the balance sheet date
			 currently under audit or that the insurer does not meet the minimum capital and
			 surplus requirement of the Alabama insurance code as of that date. An insurer
			 that has received a report pursuant to this paragraph shall forward a copy of
			 the report to the commissioner within five (5) business days of receipt of the
			 report and shall provide the independent certified public accountant making the
			 report with evidence of the report being furnished to the commissioner. If the
			 independent certified public accountant fails to receive the evidence within
			 the required five (5) business day period, the independent certified public
			 accountant shall furnish to the commissioner a copy of its report within the
			 next five (5) business days.
(2) No
			 independent certified public accountant shall be liable in any manner to any
			 person for any statement made in connection with the above paragraph if the
			 statement is made in good faith in compliance with paragraph (1).
(3) If the accountant, subsequent to the date
			 of the audited financial report filed pursuant to this chapter, becomes aware
			 of facts that might have affected his or her report, the commissioner notes the
			 obligation of the accountant to take such action as prescribed in Volume 1,
			 Section AU 561 of the Professional Standards of the AICPA.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.11 - Communication Of Internal Control Related Matters Noted In An Audit

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In addition to
			 the annual audited financial report, each insurer shall furnish the
			 commissioner with a written communication as to any unremediated material
			 weaknesses in its internal controls over financial reporting noted during the
			 audit. Such communication shall be prepared by the accountant within sixty (60)
			 days after the filing of the annual audited financial report, and shall contain
			 a description of any unremediated material weakness (as the term material
			 weakness is defined by Statement on Auditing Standard 60, Communication of
			 Internal Control Related Matters Noted in an Audit, or its replacement) as of
			 December 31 immediately preceding (so as to coincide with the audited financial
			 report discussed in rule
			 482-1-141-.04(1)
			 in the insurer's internal control over financial reporting noted by the
			 accountant during the course of their audit of the financial statements. If no
			 unremediated material weaknesses were noted, the communication should so
			 state.
(2) The insurer is required
			 to provide a description of remedial actions taken or proposed to correct
			 unremediated material weaknesses, if the actions are not described in the
			 accountant's communication.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.12 - Accountant's Letter Of Qualifications

Current through Register Vol. 42, No. 9, June 28, 2024
The accountant shall furnish the insurer in connection with,
				and for inclusion in, the filing of the annual audited financial report, a
				letter stating all of the following:
(1) That the accountant is independent with
			 respect to the insurer and conforms to the standards of his or her profession
			 as contained in the Code of Professional Ethics and pronouncements of the AICPA
			 and the Rules of Professional Conduct of the Alabama Board of Public
			 Accountancy, or similar code.
(2)
			 The background and experience in general, and the experience in audits of
			 insurers of the staff assigned to the engagement and whether each is an
			 independent certified public accountant. Nothing within this chapter shall be
			 construed as prohibiting the accountant from utilizing such staff as he or she
			 deems appropriate where use is consistent with the standards prescribed by
			 generally accepted auditing standards.
(3) That the accountant understands the
			 annual audited financial report and his or her opinion thereon will be filed in
			 compliance with this chapter and that the commissioner will be relying on this
			 information in the monitoring and regulation of the financial position of
			 insurers.
(4) That the accountant
			 consents to the requirements of rule
			 482-1-141-.13 and that the
			 accountant consents and agrees to make available for review by the
			 commissioner, or the commissioner's designee or appointed agent, the
			 workpapers, as defined in rule
			 482-1-141-.13.
(5) A representation that the accountant is
			 properly licensed by an appropriate state licensing authority and is a member
			 in good standing in the AICPA.
(6)
			 A representation that the accountant is in compliance with the requirements of
			 rule 482-1-141-.07.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.13 - Definition, Availability And Maintenance Of Independent Certified Public Accountants Workpapers

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Workpapers are the records kept by the independent certified public accountant
			 of the procedures followed, the tests performed, the information obtained, and
			 the conclusions reached pertinent to the accountant's audit of the financial
			 statements of an insurer. Workpapers, accordingly, may include audit planning
			 documentation, work programs, analyses, memoranda, letters of confirmation and
			 representation, abstracts of company documents and schedules or commentaries
			 prepared or obtained by the independent certified public accountant in the
			 course of his or her audit of the financial statements of an insurer and which
			 support the accountant's opinion.
(2) Every insurer required to file an audited
			 financial report pursuant to this chapter, shall require the accountant to make
			 available for review by insurance department examiners, all workpapers prepared
			 in the conduct of the accountant's audit and any communications related to the
			 audit between the accountant and the insurer, at the offices of the insurer, at
			 the insurance department or at any other reasonable place designated by the
			 commissioner. The insurer shall require that the accountant retain the audit
			 workpapers and communications until the insurance department has filed a report
			 on examination covering the period of the audit but no longer than seven (7)
			 years from the date of the audit report.
(3) In the conduct of the aforementioned
			 periodic review by the insurance department examiners, it shall be agreed that
			 photocopies of pertinent audit workpapers may be made and retained by the
			 department. Such reviews by the department examiners shall be considered
			 investigations and all working papers and communications obtained during the
			 course of such investigations shall be afforded the same confidentiality as
			 other examination workpapers generated by the department.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.15 - Internal Audit Function Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
(a)
			 Exemption. An insurer is exempt from the requirements of this rule if:
1. The insurer has annual direct written and
			 unaffiliated assumed premium, including international direct and assumed
			 premium but excluding premiums reinsured with the Federal Crop Insurance
			 Corporation and Federal Flood Program, less than $500,000,000; and,
2. If the insurer is a member of a Group of
			 insurers, the group has annual direct written and unaffiliated assumed premium
			 including international direct and assumed premium, but excluding premiums
			 reinsured with the Federal Crop Insurance Corporation and Federal Flood
			 Program, less than $1, 000, 000, 000.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.16 - Conduct Of Insurer In Connection With The Preparation Of Required Reports And Documents

Current through Register Vol. 42, No. 9, June 28, 2024
(1) No director
			 or officer of an insurer shall, directly or indirectly:
(a) Make or cause to be made a materially
			 false or misleading statement to an accountant in connection with any audit,
			 review or communication required under this chapter.
(b) Omit to state, or cause another person to
			 omit to state, any material fact necessary in order to make statements made, in
			 light of the circumstances under which the statements were made, not misleading
			 to an accountant in connection with any audit, review or communication required
			 under this chapter.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.17 - Management's Report Of Internal Control Over Financial Reporting

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Every insurer
			 required to file an audited financial report pursuant to this chapter that has
			 annual direct written and assumed premiums, excluding premiums reinsured with
			 the Federal Crop Insurance Corporation and Federal Flood Program, of
			 $500,000,000 or more shall prepare a report of the insurer's or group of
			 insurers' internal control over financial reporting, as these terms are defined
			 in rule 482-1-141-.03. The report shall
			 be filed with the commissioner along with the Communication of Internal Control
			 Related Matters Noted in an audit described under rule
482-1-141-.il
. Management's Report of Internal Control
			 over Financial Reporting shall be as of December 31 immediately preceding.
(2) Notwithstanding the premium
			 threshold in paragraph (1), the commissioner may require an insurer to file
			 Management's Report of Internal Control over Financial Reporting if the insurer
			 is in any RBC level event, or meets any one or more of the standards of an
			 insurer deemed to be in hazardous financial condition as defined in Chapter
			 482-1-101.
(3) An insurer or a
			 group of insurers that is
(a) directly subject
			 to Section 404;
(b) part of a
			 holding company system whose parent is directly subject to Section
			 404;
(c) not directly subject to
			 Section 404 but is a SOX Compliant Entity; or
(d) a member of a holding company system
			 whose parent is not directly subject to Section 404 but is a SOX Compliant
			 Entity; may file its or its parent's Section 404 Report and an addendum in
			 satisfaction of this rule
			 482-1-141-.17 requirement
			 provided that those internal controls of the insurer or group of insurers'
			 audited statutory financial statements (those items included in paragraphs (2)
			 through (7) of Rule
			 482-1-141-.05 were included in
			 the scope of the Section 404 Report. The addendum shall be a positive statement
			 by management that there are no material process with respect to the
			 preparation of the insurer's or group of insurers' audited statutory financial
			 statements (those items included in paragraphs (2) through (7) of Rule
			 482-1-141-.05 excluded from the
			 Section 404 Report. If there are internal controls of the insurer or group of
			 insurers that have a material impact on the preparation of the insurer's or
			 group of insurer's audited statutory financial statements and those internal
			 controls were not included in the scope of the Section 404 Report, the insurer
			 or group of insurers may either file (i) a rule
			 482-1-141-.17 report, or (ii) the
			 Section 404 Report and a rule
			 482-1-141-.17 report for those
			 internal controls that have a material impact on the preparation of the
			 insurer's or group of insurers' audited statutory financial statements not
			 covered by the Section 404 Report.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.18 - Exemptions And Effective Dates

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Upon written application of any insurer, the commissioner may grant an
			 exemption from compliance with any and all provisions of this chapter if the
			 commissioner finds, upon review of the application, that compliance with this
			 chapter would constitute a financial or organizational hardship upon the
			 insurer. An exemption may be granted at any time and from time to time for a
			 specified period or periods. Within ten (10) days from a denial of an insurer's
			 written request for an exemption from this chapter, the insurer may request in
			 writing a hearing on its application for an exemption. The hearing shall be
			 held in accordance with the regulations of the Alabama Department of Insurance
			 pertaining to administrative hearing procedures.
(2) Domestic insurers retaining a certified
			 public accountant on the effective date of this chapter who qualify as
			 independent shall comply with this chapter for the year ending December 31,
			 2008 and each year thereafter unless the commissioner permits
			 otherwise.
(3) Domestic insurers
			 not retaining a certified public accountant on the effective date of this
			 chapter who qualifies as independent may meet the following schedule for
			 compliance unless the commissioner permits otherwise.
(a) As of December 31, 2008, file with the
			 commissioner an audited financial report.
(b) For the year ending December 31, 2008 and
			 each year thereafter, such insurers shall file with the commissioner all
			 reports and communication required by this chapter.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.19 - Canadian And British Companies

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In the case of Canadian and British
			 insurers, the annual audited financial report shall be defined as the annual
			 statement of total business on the form filed by such companies with their
			 supervision authority duly audited by an independent chartered
			 accountant.
(2) For such insurers,
			 the letter required in paragraph (2) of Rule
			 482-1-141-.06 shall state that
			 the accountant is aware of the requirements relating to the annual audited
			 financial report filed with the commissioner pursuant to rule
			 482-1-141-.04 and shall affirm
			 that the opinion expressed is in conformity with those requirements.
Previous Rule .18 was renumbered .19 per certification filed
				  June 14, 2018; effective January 1,
				  2019.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.20 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any section or portion of a section of this chapter or its
				applicability to any person or circumstance is held invalid by a court, the
				remainder of the chapter or the applicability of the provision to other persons
				or circumstances shall not be affected.
Previous Rule .19was renumbered .20 per certification filed
				  June 14, 2018; effective January 1,
				  2019.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-141 - ANNUAL FINANCIAL REPORTING › Section 482-1-141-.21 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective January 1, 2019, upon its
				approval by the Commissioner of Insurance and upon its having been on file as a
				public document in the office of the Secretary of State for ten
				days.
Previous Rule .20 was renumbered .21 per certification filed
				  June 14, 2018; effective January 1,
				  2019.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-3-26,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to Section
				27-2-17,
Code of Ala.
				1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is intended to implement and interpret Sections
				27-3-17,
				27-27-4 through 14, 27-27-23,
				27-27-24 and 27-29-3
Code of Ala. 1975
, for the purpose
				of setting standards for the reporting of biographical data relating to company
				officers, directors, promoters and incorporators, or other persons similarly
				situated.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall apply to all persons proposing to form an
				insurer under the laws of this state and to all nondomestic insurers applying
				for admission to this state and to all insurers authorized to do business in
				this state except as follows:
(1)
			 Domestic fraternal benefit societies.
(2) Nonprofit service plans and;
(3) Motor club service companies.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.04 - Report Of Organization Of A Domestic Insurer Or Admission Of A NonDomestic Insurer

Current through Register Vol. 42, No. 9, June 28, 2024
Biographical information in form and substance substantially in
				accordance with the current NAIC Biographical affidavit and authorization,
				(Attachment A) shall be furnished to the commissioner of insurance by all
				promoters, incorporators, directors, trustees and principal officers or
				proposed directors and principal officers, as the case may be, of an insurer
				being organized or of an insurer applying for admission. Financial and
				character reports of any such persons may be ordered by the commissioner and
				the cost or expense of such reports shall be paid by the incorporators as an
				organization expense or by the insurer applying for
				admission.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.05 - Definition

Current through Register Vol. 42, No. 9, June 28, 2024
The term "officer" as used in this chapter shall include the
				president, one or more vice presidents, secretary, treasurer, chief actuary,
				general counsel, comptroller and any person, however described, who enjoys in
				fact the executive authority of any such officers.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.06 - Reporting With Respect To New Officers And Directors Subsequent To Organization Or Admission

Current through Register Vol. 42, No. 9, June 28, 2024
A report shall be provided by each domestic insurer to which
				this chapter applies with respect to the appointment or election of any new
				director, trustee or officer elected or appointed within fifteen (15) days
				after such appointment or election. Such report shall be prepared by the
				company in form and substance substantially in accordance with the current NAIC
				Biographical affidavit, (Attachment A).
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.07 - Subsequent Reports

Current through Register Vol. 42, No. 9, June 28, 2024
When such a report has been provided to the commissioner by a
				company in accordance with paragraphs .04 and .06 of this chapter, no further
				report concerning subsequent changes in his status as an officer or director of
				such company need be reported to the commissioner provided; however, the
				company shall promptly report to the commissioner any information concerning
				the conviction of an officer or director for a felony or the naming of a
				director, trustee or officer, other than as a party plaintiff or complainant,
				in any criminal action or in a civil action in which fraud was an
				issue.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.08 - Addition Information

Current through Register Vol. 42, No. 9, June 28, 2024
The commissioner may request from any company such additional
				information with respect to any of its officers or directors as he may deem
				necessary and such request shall be promptly complied with by the company to
				which such request is directed.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.09 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If a court holds any paragraph or portion of a paragraph of
				this chapter or the applicability thereof to any person or circumstance
				invalid, the remainder of the chapter shall not be affected
				thereby.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Section 482-1-142-.10 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective ten (10) days from the date
				of certification that the properly executed chapter was delivered to the
				Secretary of State and January 1, 2008.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-142 - BIOGRAPHICAL DATA RELATING TO COMPANY OFFICERS AND DIRECTORS › Attachment A - National Association Of Insurance Commissioners Biographical Affidavit

Current through Register Vol. 42, No. 9, June 28, 2024
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Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-143 - PRENEED INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 482-1-143-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to §§
								27-2-17 and 27'-36-7,
Code of Ala. 1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-36-7.