(a) Each mutual aid association shall, prior to issuance of its certificate of authority, deposit and thereafter maintain on deposit with the Treasurer of the State of Alabama securities of the kind authorized under subsection (d) of this section, in the amount of not less than $5,000.00. If in any calendar year the gross premium receipts of the association from business done within this state exceed $50,000.00, the association shall, not later than the March 30 next following such calendar year, increase the amount of its deposit so made and maintained in accordance with the following schedule:
(b) Any such deposit is so made and shall be so held by the State Treasurer in trust for the benefit and protection of the contract or policyholders in this state of the depositing mutual aid association.
(c) The term "gross premium receipts" as used in this section shall include all sums received by the association as fees, dues, premiums, contributions, or by whatever other name called from its contract or policyholders as consideration for, or in connection with, such contracts and policies.
(d) All such deposits shall consist of assets, approved by the commissioner, such as are eligible for deposit generally under subsection (a) of Section 27-6-3.
Structure Code of Alabama
Chapter 30 - Mutual Aid Associations.
Section 27-30-1 - "Mutual Aid Association" Defined.
Section 27-30-2 - Applicability of Chapter - Generally.
Section 27-30-3 - Applicability of Chapter - Exceptions.
Section 27-30-4 - Authorization to Act As, or For, Association - Generally.
Section 27-30-5 - Authorization to Act As, or For, Association - Requirements.
Section 27-30-6 - Capital Stock or Surplus Requirements for Existing Associations.
Section 27-30-7 - Name of Association.
Section 27-30-8 - Certificate of Authority - Application.
Section 27-30-9 - Certificate of Authority - Issuance or Refusal.
Section 27-30-10 - Certificate of Authority - Expiration; Renewal.
Section 27-30-11 - Certificate of Authority - Suspension or Revocation - Grounds.
Section 27-30-12 - Certificate of Authority - Suspension or Revocation - Procedure.
Section 27-30-14 - Contracts - Issuance; Contents; Approval by Commissioner.
Section 27-30-15 - Contracts - Limits of Risk.
Section 27-30-16 - Contracts - Annual Valuation - Benefits Payable in Cash.
Section 27-30-17 - Contracts - Annual Valuation - Benefits, Aid, or Services Other Than Cash.
Section 27-30-18 - Deposit - Amounts; Purpose; Kind.
Section 27-30-19 - Deposit - Administration.
Section 27-30-20 - Funds of Association.
Section 27-30-21 - Accounts and Records.
Section 27-30-22 - Annual Statement; Furnishing of Other Information.
Section 27-30-23 - Duty of Officers and Agents.
Section 27-30-24 - Examinations by Commissioner.
Section 27-30-25 - Exemption of Resident Members', etc., Interest From Process.
Section 27-30-26 - Incorporation and Financing of New Associations.
Section 27-30-27 - Qualification of Corporation for Original Certificate of Authority.
Section 27-30-28 - Increase or Decrease of Capital Stock.
Section 27-30-29 - Membership; Meetings of Members; Voting Rights.
Section 27-30-30 - Directors or Trustees.
Section 27-30-32 - Applicability of Chapters 7 and 8a.
Section 27-30-33 - Applicability of Other Provisions.
Section 27-30-34 - Provision of Domestic Life and Disability Insurance Pursuant to Chapter 3.