Alabama § 27-27-20 Domestic Mutual Insurers - Authorization to Transact Additional Kinds of Insurance

Alabama Statutes

§ 27-27-20 — Domestic Mutual Insurers - Authorization to Transact Additional Kinds of Insurance

Alabama § 27-27-20

Title 27Insurance

Ch. 27Organization and Corporate Procedures of Stock and Mutual Insurers

This text of Alabama § 27-27-20 (Domestic Mutual Insurers - Authorization to Transact Additional Kinds of Insurance) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-27-20 (2026).

Text

A domestic mutual insurer, after being authorized to transact one kind of insurance, may be authorized by the commissioner to transact such additional kinds of insurance as are permitted under Section 27-3-6, while otherwise in compliance with this title and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of Section 27-3-8 applicable to such a stock insurer.

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A domestic mutual insurer, after being authorized to transact one kind of insurance, may be authorized by the commissioner to transact such additional kinds of insurance as are permitted under Section 27-3-6, while otherwise in compliance with this title and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of Section 27-3-8 applicable to such a stock insurer.