The Chief of the Receivership Division shall make bond payable to the State of Alabama in the amount of $75,000.00, conditioned upon faithful performance of his duties, the premiums of which shall be borne by the state. In addition each receivership court may require adequate bond of said receiver if the court deems it necessary, the premiums of which shall be paid from funds of the receivership.
Structure Code of Alabama
Chapter 2 - Department and Commissioner of Insurance.
Article 2 - Receivership Division.
Section 27-2-50 - Established; Appointment, Term of Office, and Compensation of Chief.
Section 27-2-51 - Bond of Chief.
Section 27-2-52 - Offices, Equipment, and Personnel; Operating Expenses.
Section 27-2-53 - Appointment of Chief as Receiver - Generally.
Section 27-2-54 - Appointment of Chief as Receiver - Existing Receiverships.
Section 27-2-55 - Assumption by Receiver of Certain Former Powers, Duties, etc., of Commissioner.