Alabama § 27-44-6 Creation of Association; Membership; Accounts; Supervision

Alabama Statutes

§ 27-44-6 — Creation of Association; Membership; Accounts; Supervision

Alabama § 27-44-6

Title 27Insurance

Ch. 44Life and Disability Insurance Guaranty Association

This text of Alabama § 27-44-6 (Creation of Association; Membership; Accounts; Supervision) 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 § 27-44-6 (2026).

Text

(a)There is created a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Section 27-44-10 and shall exercise its powers through a board of directors established under Section 27-44-7. For purposes of administration and assessment the association shall maintain three accounts:

(1)The disability insurance account;

(2)The life insurance account; and

(3)The annuity account.

(b)The association shall come under the immediate supervision of the commissioner and shall be subject to the appli

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(a) There is created a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Section 27-44-10 and shall exercise its powers through a board of directors established under Section 27-44-7. For purposes of administration and assessment the association shall maintain three accounts:
(1) The disability insurance account;
(2) The life insurance account; and
(3) The annuity account.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.