Alabama § 27-41-5 Authorization of Investments by Board of Directors, Etc

Alabama Statutes

§ 27-41-5 — Authorization of Investments by Board of Directors, Etc

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

An insurer shall not make any investment or loan exceeding 10 percent of the admitted assets of the insurer, other than loans on policies or annuity contracts, unless authorized, approved, or ratified by the board of directors of the insurer or by the committee or person as the board of directors shall expressly authorize. The action of the board of directors, the committee, or other persons so authorized shall be recorded and regular reports thereof shall be submitted to the board of directors. This requisite shall not apply to funeral supplies authorized for mutual aid associations under Section 27-41-38 which are purchased in the regular course of business under the general supervision of the association’s board of directors.

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An insurer shall not make any investment or loan exceeding 10 percent of the admitted assets of the insurer, other than loans on policies or annuity contracts, unless authorized, approved, or ratified by the board of directors of the insurer or by the committee or person as the board of directors shall expressly authorize. The action of the board of directors, the committee, or other persons so authorized shall be recorded and regular reports thereof shall be submitted to the board of directors. This requisite shall not apply to funeral supplies authorized for mutual aid associations under Section 27-41-38 which are purchased in the regular course of business under the general supervision of the association’s board of directors.

Alabama § 27-41-5 (Authorization of Investments by Board of Directors, Etc) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.