(a) The deposit referred to in Section 27-33-2 shall be made under a written trust agreement between the insurer and the trustee, consistent with the provisions of this chapter, and shall be authenticated in such form and manner as the commissioner may designate or approve.
(b) The agreement shall not be effective until filed with and approved in writing by the commissioner. The commissioner shall not approve any trust agreement found by him not to be in compliance with the law or the terms of which do not in fact provide reasonably adequate protection for the insurer's policyholders or policyholders and creditors in the United States.
Structure Code of Alabama
Chapter 33 - Trusteed Assets of Alien Insurers.
Section 27-33-1 - Applicability of Chapter.
Section 27-33-2 - Deposit of Assets in Trust.
Section 27-33-3 - Existing Trusts.
Section 27-33-4 - Purpose and Duration of Trust.
Section 27-33-5 - Trust Agreement - Requirement; Approval by Commissioner.
Section 27-33-6 - Trust Agreement - Authority to Make and Execute.
Section 27-33-7 - Trust Agreement - Amendment.
Section 27-33-8 - Trust Agreement - Withdrawal of Approval.
Section 27-33-9 - Trusteed Assets - Title.
Section 27-33-10 - Trusteed Assets - Separation; Record.
Section 27-33-11 - Trusteed Assets - Trustee Statements.
Section 27-33-12 - Trusteed Assets - Examination.
Section 27-33-13 - Trusteed Assets - Withdrawal.
Section 27-33-14 - Trustees - Substitution.