Title 27 — Title 27
0 chapters · 1,534 sections in this title.
Ala. Code § 27-37-1 Assets - Generally
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In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: (1) Cash in the possession of the insurer or in transit under its control, and including the true balance of any depo…
Ala. Code § 27-37-2 Assets - Exclusions
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In addition to assets impliedly excluded by the provisions of Section 27-37-1, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Good will, trade names, and other like intangible assets; (2) Advances to offic…
Ala. Code § 27-37-3 Assets and Liabilities as Deductions
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Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets and deductions from assets may be charged as liabilities in accordance with the form of an annual statement applicable to the insurer as prescribed by the …
Ala. Code § 27-37-4 Disallowance of Assets or Credits for Deception
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(a) The commissioner shall disallow as an asset or as a credit against liabilities any reinsurance found by him after a hearing thereon to have been arranged for on a temporary basis for the purpose principally of deception as to the ceding insurer’s financial condition as at the…
Ala. Code § 27-37-5 Valuation - Bonds and Other Evidences of Debt
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(a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer shall, if amply secured and not in default as to principal or interest, be valued as follows: (1) If purchased at par, at the par value; (2) If purchased above or below par, on th…
Ala. Code § 27-37-6 Valuation - Other Securities; Preferred or Guaranteed Stocks or Shares
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(a) Securities, other than those referred to in Section 27-37-5, held by an insurer shall be valued, in the discretion of the commissioner, at their market value, or at their appraised value or at prices determined by him as representing their fair market value. (b) Preferred or …
Ala. Code § 27-37-7 Valuation - Real Property and Personal Property Acquired Pursuant to
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Chattel Mortgages. (a) Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at …
Ala. Code § 27-37-8 Valuation - Funeral Supplies and Equipment
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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 …
Ala. Code § 27-37-9 Valuation - Purchase Money Mortgages
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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. History: (Acts 1971, No. 407, p. 707, §753.)