(a) Any insurer may retain, invest in or acquire, the whole or any part of, the capital stock of any other insurer, or insurers, or have a common management with any other insurer, or insurers, unless such retention, investment, acquisition, or common management is inconsistent with any other provision of this title or unless, by reason thereof, the business of such insurers with the public is conducted in a manner which substantially lessens competition generally in the insurance business.
(b) Any person otherwise qualified may be a director of two or more insurers which are competitors, unless the effect thereof is to lessen substantially competition between insurers generally.
Structure Code of Alabama
Chapter 12 - Trade Practices Law.
Section 27-12-1 - Purpose of Chapter; Short Title.
Section 27-12-2 - General Prohibition Against Unfair Competition, Etc.
Section 27-12-7 - False Statements and Entries.
Section 27-12-8 - Boycotts, Coercion, and Intimidation.
Section 27-12-9 - Malicious Statements on Financial Condition.
Section 27-12-10 - Financial Inducements to Purchase Insurance.
Section 27-12-11 - Life, Annuity, and Disability Insurance - Unfair Discrimination in Rates, Etc.
Section 27-12-14 - Inducements as to Property, Casualty, or Surety Insurance.
Section 27-12-15 - Purchase of Insurance as Condition Precedent to Sale or Loan on Property.
Section 27-12-16 - Common Ownership, Management, and Directorships.
Section 27-12-18 - Statement of Charges; Hearing, Order, and Review Thereon.
Section 27-12-19 - Service of Statements, Notices, Orders, and Other Processes.
Section 27-12-20 - Review of Commissioner's Cease and Desist Orders.
Section 27-12-21 - Proceedings on Unfair Competition, etc., Not Defined Under Chapter - Generally.
Section 27-12-23 - False Statements, etc., in Insurance Application.
Section 27-12-24 - Refusal of Insurer to Pay or Settle Claims.