If, upon completion of the application for a certificate of authority, the commissioner finds:

(1) That the documents filed with the application are lawful and equitable in terms and have been properly executed and filed;

Terms Used In Alabama Code 27-30-9

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) That the applicant has the amount of unimpaired paid-in capital stock and/or surplus as required under this chapter and has made the deposit required under Section 27-30-18;
(3) That the forms of contracts, policies, or other agreements proposed to be used by the association in this state fulfill the requirements of Section 27-30-14 and are not disapproved by him on any ground referred to in subsection (c) of Section 27-30-14;
(4) That the proposed schedule of fees, dues, contributions, or other sums to be charged or received by the association are provided for on a practical and feasible basis and would be adequate in amount to cover the risks and obligations to be assumed by the association under its certificates, policies, and agreements, together with its reasonable expenses of operation;
(5) That the management and affairs of the association will be conducted under the actual and active control, direction, and supervision of directors or trustees, officers, and other management personnel, each of whom is an individual of good character and reputation and with sufficient education, training, or experience to be reasonably competent in the fulfillment of his duties and responsibilities relative to the association; and
(6) That the applicant is otherwise entitled to a certificate of authority under this chapter, he shall issue to the association a proper certificate of authority; if he does not so find, the commissioner shall issue his order refusing such certificate. The commissioner shall act upon an application for a certificate of authority within a reasonable period after its completion.
  Previous section
Next section  
 Chapter 30 Contents