(a) For authority to transact such insurance in this state, a foreign title insurer shall have and maintain on deposit in this state for the better protection of its guaranty holders and creditors, resident in this state, under its contracts of title insurance, cash and securities eligible under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit shall be so made and maintained in trust with a bank or trust company located in this state, approved by the commissioner, having a capital and surplus of not less than $500,000.00.
(b) At its option, a domestic title insurer may maintain a deposit in like manner, amount, character and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
Structure Code of Alabama
Chapter 3 - Authorization of Insurers.
Section 27-3-1 - Certificate of Authority - Requirement.
Section 27-3-2 - Certificate of Authority - Exceptions - Generally.
Section 27-3-4 - Authority to Transact Insurance - Eligibility.
Section 27-3-5 - Authority to Transact Insurance - Use of Name by Insurer.
Section 27-3-6 - Authority to Transact Insurance - Kind or Combinations of Kinds - Restrictions.
Section 27-3-8 - Authority to Transact Insurance - Kind or Combinations of Kinds - Special Surplus.
Section 27-3-9 - Minimum Capital and Surplus for New Domestic Stock Life Insurance Company.
Section 27-3-11 - Deposit Requirements - Generally.
Section 27-3-12 - Deposit Requirements - Special Deposit - Surety Insurers.
Section 27-3-13 - Deposit Requirements - Special Deposit - Title Insurers.
Section 27-3-14 - Deposit Requirements - Alien Insurers - Generally.
Section 27-3-15 - Deposit Requirements - Alien Insurers - Trusteed Assets.
Section 27-3-16 - Lloyd's Insurers.
Section 27-3-17 - Application for Certificate of Authority - Filing.
Section 27-3-19 - Continuance, Expiration, Reinstatement and Amendment of Certificates.
Section 27-3-20 - Suspension or Revocation of Certificates - Mandatory Grounds; Notice and Hearing.
Section 27-3-21 - Suspension or Revocation of Certificates - Additional Grounds; Notice and Hearing.
Section 27-3-22 - Suspension or Revocation of Certificates - Order and Notices.
Section 27-3-24 - Service of Process on Insurers - Appointment of Commissioner as Agent.
Section 27-3-25 - Service of Process on Insurers - How Served; Time to Answer or Plead.
Section 27-3-26 - Annual Statement of Insurers; Furnishing of Other Information on Request.
Section 27-3-26.1 - Annual Submission of Statement of Actuarial Opinion; Application for Exemption.
Section 27-3-27 - Insurers to Do Business Through Licensed Agents, etc.; Exceptions.
Section 27-3-28 - Execution of Contracts Through Countersigning Resident Agent; Exceptions.