Title 27 — Title 27

For purposes of this chapter, unless otherwise stated, the following terms have the meanings respectively ascribed to them by this section: (1) AFFILIATE. The term shall include an affiliate of, or person affiliated with, a specific person, and shall mean a person that directly, …

(a) Any insurer failing, without just cause, to file any registration statement as required in this chapter shall be required, after notice and hearing, to pay a penalty of up to one thousand dollars ($1,000) for each day’s delay, to be recovered by the commissioner and the penal…

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further t…

(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (1) from any parent corporation, holding company, person, or affiliate who otherwise controlled…

to Do Business. Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportuni…

Against Same. (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this chapter may appeal therefrom within 30 days after such action, determination, rule, or regulation is taken or issued, in accordanc…

This chapter may be cited as the Alabama Insurance Holding Company System Regulatory Act. History: (Acts 1973, No. 1042, p. 1636, §1.)

(a) Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the…

(a)(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market any voting security of a domestic insurer if, after the consummat…

Business in Alabama; Pre-acquisition Notification; Violation of Competitive Standards. (a) The following definitions shall apply for the purposes of this section only: (1) ACQUISITION. Any agreement or arrangement the consummation of which results in a person acquiring directly o…

(a)(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in…

and Other Distributions. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to all of the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost sharing services and…

Affiliates. (a) Subject to the limitation contained in this section and in addition to the powers which the commissioner has under Sections 27-2-7, 27-2-21, 27-2-23, and 27-2-26, relating to the examination of insurers, the commissioner shall also have the power to examine any in…

(a) With respect to any insurer registered under Section 27-29-4, and in accordance with subsection (c), the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with internatio…

(a)(1) The commissioner may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. The commissioner may otherwise acknowledge another regulatory official as the group- wide supervisor where the internationally active insur…

Commissioner; Disclosure and Sharing of Documents, Etc. (a)(1) All documents, materials, or other information, and copies thereof, in the possession or control of the department that are obtained by or disclosed to the commissioner or any other person in the course of an examinat…

The commissioner may issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this chapter. History: (Acts 1973, No. 1042, p. 1636, §9.)

Voting Securities. (a) Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent thereof has committed, or is about to commit, a violation of this chapter or of any rule, regulation, or order issued by the commissioner unde…