Code of Alabama
Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.
Section 27-27-54 - Insider Trading of Domestic Stock Insurer Equity Securities - Recovery of Certain Profits by Company.

For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to, and be recoverable by, the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. An action to recover such profit may be instituted in any court of competent jurisdiction by the company or by the owner of any security of the company in the name, and in behalf, of the company if the company shall fail or refuse to bring such action within 60 days after request or shall fail diligently to prosecute the same thereafter; but no such action shall be brought more than two years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale or the sale and purchase of the security involved or any transaction or transactions which the commissioner, by rules and regulations, may exempt as not comprehended within the purpose of this section.

Structure Code of Alabama

Code of Alabama

Title 27 - Insurance.

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 27-27-18 - Domestic Mutual Insurers - Deposit in Trust of Premiums or Fees on Qualifying Applications.

Section 27-27-19 - Domestic Mutual Insurers - Failure to Complete Organization.

Section 27-27-20 - Domestic Mutual Insurers - Authorization to Transact Additional Kinds of Insurance.

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 27-27-29 - Principal Place of Business and Home Office of Domestic Insurers; Maintenance of Assets in State; Removal of Records or Assets; Exceptions.

Section 27-27-30 - Voucher or Other Document for Disbursements.

Section 27-27-31 - Contingent Liability of Members of Domestic Mutual Insurers - Generally.

Section 27-27-32 - Contingent Liability of Members of Domestic Mutual Insurers - Levy of Assessments.

Section 27-27-33 - Collection of Assessments by Insurers.

Section 27-27-34 - Nonassessable Policies in Mutual Insurers - Generally.

Section 27-27-35 - Nonassessable Policies in Mutual Insurers - Revocation of Domestic Insurers Authority to Issue.

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 27-27-42 - Deficiencies in Stock Insurer's Capital or Assets of Mutual Insurers - Curing of Deficiency.

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 27-27-53 - Insider Trading of Domestic Stock Insurer Equity Securities - Ownership Statements.

Section 27-27-54 - Insider Trading of Domestic Stock Insurer Equity Securities - Recovery of Certain Profits by Company.

Section 27-27-55 - Insider Trading of Domestic Stock Insurer Equity Securities - Unlawful Sales.

Section 27-27-56 - Insider Trading of Domestic Stock Insurer Equity Securities - Exemptions From Sections 27-27-54 and 27-27-55; Prescription of Terms and Conditions Thereon.

Section 27-27-57 - Insider Trading of Domestic Stock Insurer Equity Securities - Applicability of Sections 27-27-53 Through 27-27-55.

Section 27-27-58 - Insider Trading of Domestic Stock Insurer Equity Securities - Equity Securities - Defined.

Section 27-27-59 - Insider Trading of Domestic Stock Insurer Equity Securities - Equity Securities - Applicability of Sections 27-27-53 Through 27-27-55.

Section 27-27-60 - Insider Trading of Domestic Stock Insurer Equity Securities - Rules and Regulations.

Section 27-27-61 - Applicability of Corporation Statutes to Domestic Insurers.