§ 27-44-1 Short title
§ 27-44-2 Purpose of chapter
§ 27-44-3 Scope of chapter
§ 27-44-4 Construction of chapter
§ 27-44-5 Definitions
§ 27-44-6 Creation of association; membership; accounts; supervision
§ 27-44-7 Board of directors; selection of members; vacancies; organizational meeting; reimbursement for expenses
§ 27-44-8 Powers and duties of association
§ 27-44-9 Assessments
§ 27-44-10 Submission of plan of operation and amendments; promulgation of rules in absence of plan
§ 27-44-11 Duties and powers of commissioner; appeal and review; notification
§ 27-44-12 Duties of commissioner and board with regard to detection and prevention of insolvencies or impairment
§ 27-44-13 Credits for assessments paid
§ 27-44-14 Liability of unpaid assessments; records of negotiations and meetings; association deemed creditor of impaired or insolvent insurer; judicial distribution of ownership rights of insolvent insurer; recovery by receiver of certain distributions from contr
§ 27-44-15 Examination and regulation of association; annual report
§ 27-44-16 Tax exemptions
§ 27-44-17 Immunity under chapter
§ 27-44-18 Stay of proceedings; reopening default judgments
§ 27-44-20 Association, policyholders, beneficiaries, and insureds to have preferred creditor status
§ 27-44-21 Immediate access of associations in this and other states to assets of insolvent insurer; application to court; contents of proposal; notice

Terms Used In Alabama Code > Title 27 > Chapter 44

  • account: Either of the three accounts created under Section 27-44-6. See Alabama Code 15-15-26
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
  • Arrest: Taking physical custody of a person by lawful authority.
  • association: The Alabama Life and Disability Insurance Guaranty Association created under Section 27-44-6. See Alabama Code 15-15-26
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • BENEFIT PLAN: A specific employee, union, or association of natural persons benefit plan. See Alabama Code 15-15-26
  • Capital offense: A crime punishable by death.
  • commissioner: The Commissioner of Insurance of this state. See Alabama Code 15-15-26
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Conviction: A judgement of guilt against a criminal defendant.
  • COVERED POLICY: A policy or contract or portion of a policy or contract for which coverage is provided under Section 27-44-3. See Alabama Code 15-15-26
  • Docket: A log containing brief entries of court proceedings.
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • IMPAIRED INSURER: A member insurer which, after January 1, 2013, is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Alabama Code 15-15-26
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • INSOLVENT INSURER: A member insurer which, after January 1, 2013, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Alabama Code 15-15-26
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • MEMBER INSURER: An insurer licensed or that holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under Section 27-44-3, and includes an insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include any of the following:

    a. See Alabama Code 15-15-26

  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: An individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See Alabama Code 15-15-26
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • premiums: Direct gross insurance premiums and annuity considerations received on covered policies or contracts, less returned premiums and considerations thereon and dividends paid or credited to policyholders on such direct business. See Alabama Code 15-15-26
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • RECEIVERSHIP COURT: The court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the insurer. See Alabama Code 15-15-26
  • resident: A person who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired or insolvent insurer and to whom a contractual obligation is owed. See Alabama Code 15-15-26
  • state: A state, the District of Columbia, Puerto Rico, and a United States possession, territory, or protectorate. See Alabama Code 15-15-26
  • STRUCTURED SETTLEMENT ANNUITY: An annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. See Alabama Code 15-15-26
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • UNALLOCATED ANNUITY CONTRACT: An annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate. See Alabama Code 15-15-26
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.