Alabama § 27-41-36 Prohibited Investments; Underwriting, Etc., of Offerings of Securities or Property

Alabama Statutes

§ 27-41-36 — Prohibited Investments; Underwriting, Etc., of Offerings of Securities or Property

Alabama·Title 27 Insurance·Ch. 41 Investments of Domestic Insurers and Health Maintenance Organizations

(a)After January 1, 1978, an insurer shall not invest in nor lend its funds upon the security of any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer, except as to policy loans authorized under Section 27-41-25 and except as provided in Sections 27-1-2, 27-27-26, and 27-37-2 of the Alabama Insurance Code.

(b)No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person; provided, that nothing in this subsection shall prevent an insurer from purchasing securities or property directly from any person so long as the purchase is made for investment purposes and not for the purpose of resale through public distribution.

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(a) After January 1, 1978, an insurer shall not invest in nor lend its funds upon the security of any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer, except as to policy loans authorized under Section 27-41-25 and except as provided in Sections 27-1-2, 27-27-26, and 27-37-2 of the Alabama Insurance Code.
(b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person; provided, that nothing in this subsection shall prevent an insurer from purchasing securities or property directly from any person so long as the purchase is made for investment purposes and not for the purpose of resale through public distribution.

Alabama § 27-41-36 (Prohibited Investments; Underwriting, Etc., of Offerings of Securities or Property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.