Alabama § 27-32-40 Priority of Claims of Policyholders and Beneficiaries - Classification of Policyholders and Beneficiaries

Alabama Statutes

§ 27-32-40 — Priority of Claims of Policyholders and Beneficiaries - Classification of Policyholders and Beneficiaries

Alabama § 27-32-40

Title 27Insurance

Ch. 32Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers

This text of Alabama § 27-32-40 (Priority of Claims of Policyholders and Beneficiaries - Classification of Policyholders and Beneficiaries) 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 § 27-32-40 (2026).

Text

The circuit court having jurisdiction over a receivership for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish between classes of policyholders or beneficiaries and establish priorities for each such class for payment of claims, sharing in the assets remaining or for reinsurance purposes. In establishing priorities among classes of policyholders and beneficiaries, death claims payable on life insurance contracts, cash surrenders payable, annuity holders, paid up policies, single premium policies, and other such classifications may be used by the court in establishing priorities for payment of claims or for reinsurance of policies.

Free access — add to your briefcase to read the full text and ask questions with AI

The circuit court having jurisdiction over a receivership for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish between classes of policyholders or beneficiaries and establish priorities for each such class for payment of claims, sharing in the assets remaining or for reinsurance purposes. In establishing priorities among classes of policyholders and beneficiaries, death claims payable on life insurance contracts, cash surrenders payable, annuity holders, paid up policies, single premium policies, and other such classifications may be used by the court in establishing priorities for payment of claims or for reinsurance of policies.