To apply for a solicitation permit, the person shall:
(1) File with the commissioner a request therefor showing:
a. Name, type and purpose of insurer, corporation, syndicate, association, firm, partnership, or organization formed or proposed to be formed;
b. Names, addresses, business background, and qualifications of each person associated, or to be associated, in the enterprise or in the formation of the proposed insurer, corporation, syndicate, association, firm, partnership, or organization;
c. Full disclosure of the terms of all pertinent understandings and agreements existing or proposed among persons so associated; and copies of all such agreements, relative to the proposed financing of the insurer, corporation, syndicate, association, firm, partnership, or organization, or the formation thereof;
d. The plan according to which solicitations are to be made; and
e. Such additional information as the commissioner may reasonably require;
(2) Submit to the commissioner:
a. The executed and acknowledged triplicate originals of the proposed articles of incorporation of any proposed domestic insurer, a certified copy of the articles of incorporation of any proposed domestic insurer, a certified copy of the articles of incorporation of any foreign insurer or of any other corporation proposing to sell its securities as referred to in Section 27-27-4, and copy of any syndicate, association, firm, partnership, organization, or other similar agreement, by whatever name called, if funds for any of the purposes referred to in Section 27-27-4 are to be secured through the sale of any security, interest, or right in, or relative to, such syndicate, association, firm, partnership, or organization and, if the proposed insurer is a domestic reciprocal insurer, an original and duplicate copy of the proposed power of attorney and of any other agreements proposed as affecting investors, subscribers, the attorney-in-fact, and the insurer or proposed insurer;
b. Original and duplicate copy of any proposed bylaws;
c. Copy of any security, receipt, or certificate proposed to be issued and copy of the proposed application or subscription agreement therefor;
d. Copy of any insurance contract proposed to be offered by a proposed domestic mutual or reciprocal insurer and copy of application therefor;
e. Copy of any prospectus, advertising, or sales literature proposed to be used;
f. Copy of proposed form of any escrow agreement required; and
g. Irrevocable appointment of the commissioner as process agent to receive service of process issued in this state arising out of any transactions under a solicitation permit, if issued, the appointment to be on a form as prescribed and furnished by the commissioner;
(3) Deposit with the commissioner the fees required under Section 27-4-2 and otherwise by law to be paid for the application, for filing of the articles of incorporation of an insurer, for filing the subscribers' agreement and attorney-in-fact agreement, if the proposed insurer is a reciprocal, and for the solicitation permit, if granted; and
(4) In lieu of a special filing of the information, or part thereof, called for in subdivision (1) of this section, the commissioner may, in his discretion, accept a duplicate copy of any filing made with any other state or federal agency relative to the same offering or proposed offering.
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.