(a) The corporate charter of any corporation formed under the laws of this state more than three years prior to January 1, 1972, for the purpose of becoming an insurer and which corporation within such three-year period has not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the commissioner under laws then in force is hereby extinguished and nullified.
(b) The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer and which corporation during any period of 36 consecutive months after January 1, 1972, is not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the commissioner under laws currently in force is automatically hereby extinguished and nullified at the expiration of such 36-month period.
(c) The period during which any such corporation referred to in subsection (b) of this section is the subject of delinquency proceedings under Chapter 32 of this title shall not be counted as part of any such 36-month period.
(d) Upon merger or consolidation of a domestic insurer with another insurer under this chapter, the corporate charter of such merged or consolidated domestic insurer shall thereby automatically be extinguished and nullified.
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.