Alabama § 27-27-35 Nonassessable Policies in Mutual Insurers - Revocation of Domestic Insurers Authority to Issue

Alabama Statutes

§ 27-27-35 — Nonassessable Policies in Mutual Insurers - Revocation of Domestic Insurers Authority to Issue

Alabama § 27-27-35

Title 27Insurance

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

This text of Alabama § 27-27-35 (Nonassessable Policies in Mutual Insurers - Revocation of Domestic Insurers Authority to Issue) 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 § 27-27-35 (2026).

Text

The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. During the absence of such authority, the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder nor renew any policy which is renewable at the option of the insurer without endorsing the same to provide for such contingent liability.

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The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. During the absence of such authority, the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder nor renew any policy which is renewable at the option of the insurer without endorsing the same to provide for such contingent liability.