(a) The deposit referred to in Section assets in trust” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”27″>27-33-2 shall be made under a written trust agreement between the insurer and the trustee, consistent with the provisions of this chapter, and shall be authenticated in such form and manner as the commissioner may designate or approve.

Terms Used In Alabama Code 27-33-5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(b) The agreement shall not be effective until filed with and approved in writing by the commissioner. The commissioner shall not approve any trust agreement found by him not to be in compliance with the law or the terms of which do not in fact provide reasonably adequate protection for the insurer’s policyholders or policyholders and creditors in the United States.
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