(a) The affairs of every domestic insurer shall be managed by not less than three directors, and at least one-third of the directors shall be bona fide residents of this state.
(b) Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than five years each and until their successors are elected and have qualified, and if to be elected for terms of more than one year, the insurer's bylaws shall provide for a staggered-term system under which the terms of a proportionate part of the members of the board of directors will expire on the date of each annual meeting of stockholders or members.
(c) If so provided in the insurer's bylaws, a director of a stock insurer shall be a stockholder thereof and a director of a mutual insurer shall be a policyholder thereof.
Structure Code of Alabama
Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.
Section 27-27-1 - Definitions.
Section 27-27-2 - Applicability of Chapter.
Section 27-27-3 - Power of Domestic Insurers to Indemnify Directors, Etc.
Section 27-27-4 - Solicitation Permit - Requirement.
Section 27-27-5 - Solicitation Permit - Application.
Section 27-27-6 - Solicitation Permit - Approval or Denial.
Section 27-27-7 - Solicitation Permit - Issuance; Contents; Compliance With Terms.
Section 27-27-8 - Solicitation Permit - Effect of Granting Permit.
Section 27-27-9 - Solicitation Permit - Modification or Revocation.
Section 27-27-10 - Solicitation Permit - Bond or Deposit in Lieu Thereof; Waiver of Same.
Section 27-27-11 - Licensing of Securities Salesmen.
Section 27-27-12 - Deposit of Solicitation Permit Funds in Escrow - Requirement.
Section 27-27-13 - Deposit of Solicitation Permit Funds in Escrow - Withdrawal and Refund.
Section 27-27-14 - Solicitation Permit for Subsequent Financing.
Section 27-27-15 - Domestic Mutual Insurers - Authorization to Transact Insurance.
Section 27-27-16 - Domestic Mutual Insurers - Bond or Deposit in Lieu Thereof.
Section 27-27-17 - Domestic Mutual Insurers - Solicitation of Qualifying Applications for Insurance.
Section 27-27-19 - Domestic Mutual Insurers - Failure to Complete Organization.
Section 27-27-21 - Domestic Mutual Insurers - Membership.
Section 27-27-22 - Domestic Mutual Insurers - Bylaws.
Section 27-27-23 - Directors of Domestic Insurers - Number; Election; Qualifications.
Section 27-27-24 - Directors of Domestic Insurers - Removal; Vacancies.
Section 27-27-25 - Corrupt or Dishonest Practices in Meeting of Stockholders or Members.
Section 27-27-26 - Pecuniary Interests of Officers, etc., of Domestic Insurers.
Section 27-27-27 - Exclusive Management and Production of Business Contracts by Domestic Insurers.
Section 27-27-28 - Notice of Change of Directors, Etc.
Section 27-27-30 - Voucher or Other Document for Disbursements.
Section 27-27-31 - Contingent Liability of Members of Domestic Mutual Insurers - Generally.
Section 27-27-33 - Collection of Assessments by Insurers.
Section 27-27-34 - Nonassessable Policies in Mutual Insurers - Generally.
Section 27-27-36 - Issuance of Participating or Nonparticipating Policies by Domestic Insurers.
Section 27-27-37 - Dividends - Domestic Stock Insurers.
Section 27-27-38 - Dividends - Domestic Mutual Insurers.
Section 27-27-39 - Dividends - Liability for Illegal Dividends by Domestic Insurers.
Section 27-27-40 - Loans by Domestic Insurers.
Section 27-27-41 - Deficiencies in Stock Insurer's Capital or Assets of Mutual Insurers - Generally.
Section 27-27-43 - Mutualization of Stock Insurers.
Section 27-27-44 - Conversion of Mutual Insurer Into Stock Insurer.
Section 27-27-45 - Merger and Consolidations - Domestic Stock Insurers.
Section 27-27-46 - Merger and Consolidations - Domestic Mutual Insurers.
Section 27-27-47 - Bulk Reinsurance - Domestic Stock Insurers.
Section 27-27-48 - Bulk Reinsurance - Domestic Mutual Insurers.
Section 27-27-49 - Distribution of Assets Upon Liquidation of Domestic Mutual Insurer.
Section 27-27-49.1 - Recovery.
Section 27-27-50 - Extinguishment and Nullification of Domestic Insurers' Corporate Charter.
Section 27-27-51 - Rules and Regulations as to Securities of Domestic Stock Insurers.
Section 27-27-52 - Insider Trading of Domestic Stock Insurer Equity Securities - Short Title.
Section 27-27-55 - Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales.
Section 27-27-61 - Applicability of Corporation Statutes to Domestic Insurers.