Code of Alabama
Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.
Section 27-41-5 - Authorization of Investments by Board of Directors, Etc.

An insurer shall not make any investment or loan exceeding 10 percent of the admitted assets of the insurer, other than loans on policies or annuity contracts, unless authorized, approved, or ratified by the board of directors of the insurer or by the committee or person as the board of directors shall expressly authorize. The action of the board of directors, the committee, or other persons so authorized shall be recorded and regular reports thereof shall be submitted to the board of directors. This requisite shall not apply to funeral supplies authorized for mutual aid associations under Section 27-41-38 which are purchased in the regular course of business under the general supervision of the association's board of directors.

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Structure Code of Alabama

Code of Alabama

Title 27 - Insurance.

Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.

Section 27-41-1 - Applicability of Chapter.

Section 27-41-2 - Definitions.

Section 27-41-3 - Investments Which May Be Counted as Admitted Assets Generally; Investments and Obligations for Investments Deemed Eligible Investments Under Chapter Generally; Filing With Commissioner of Certified Statements as to Investments or Ob...

Section 27-41-4 - General Requirements as to Eligibility of Investments.

Section 27-41-5 - Authorization of Investments by Board of Directors, Etc.

Section 27-41-6 - Limitations Upon Investments Generally.

Section 27-41-7 - Particular Investments - Bonds, Notes, etc., of United States.

Section 27-41-8 - Particular Investments - Loans Guaranteed by United States.

Section 27-41-9 - Particular Investments - Bonds, etc., of States or Counties, Municipalities, School Districts, etc., Therein Generally.

Section 27-41-10 - Particular Investments - Bonds, etc., Issued by States, Counties, Municipalities, etc., to Provide Funds for Public Projects, Etc.

Section 27-41-11 - Particular Investments - Bonds, etc., of Local Public Housing Authorities.

Section 27-41-12 - Particular Investments - Obligations Issued or Guaranteed by Certain Federal Agencies.

Section 27-41-13 - Particular Investments - Bonds, etc., Issued, etc., by Canadian Government, Provinces Thereof, Etc.

Section 27-41-14 - Particular Investments - Obligations Issued, etc., by International Bank for Reconstruction and Development and National Mortgage Association.

Section 27-41-15 - Particular Investments - Obligations of American and Canadian Institutions Generally.

Section 27-41-16 - Particular Investments - Preferred or Guaranteed Stocks or Shares of American Corporations.

Section 27-41-17 - Particular Investments - Common Stocks or Shares and Capital Stocks of American and Canadian Corporations.

Section 27-41-18 - Particular Investments - American Insurance Stocks.

Section 27-41-19 - Particular Investments - Transportation Equipment Trust Obligations; Notes, etc., Secured by Leases, Agreements, etc., Relating to Manufacturing, Mining, etc., Machinery, Etc.

Section 27-41-20 - Particular Investments - Leased Line Obligations of Railroads; Terminal Obligations of Railroads and Other Common Carriers.

Section 27-41-21 - Particular Investments - Obligations of Religious Institutions or Societies.

Section 27-41-22 - Particular Investments - Loans Secured by Liens on Interests in Oil, Gas, or Condensate Properties, Etc.

Section 27-41-23 - Particular Investments - Certificates, etc., Issued by Trustees or Receivers of Institutions Being Administered Under Court Direction.

Section 27-41-24 - Particular Investments - Loans Secured by Pledges of Securities or Pledges or Assignments of Life Insurance Policies.

Section 27-41-25 - Particular Investments - Policy Loans.

Section 27-41-26 - Particular Investments - Shares or Savings Accounts of Savings and Loan Associations.

Section 27-41-27 - Particular Investments - Securities, etc., of Foreign Countries.

Section 27-41-28 - Particular Investments - Bonds, etc., Guaranteed or Insured by United States Under Federal Law or Secured by Mortgages on Ships, Barges, Etc.

Section 27-41-29 - Particular Investments - Bonds, etc., Secured by Mortgages or Deeds of Trust on Real Property, etc., Generally.

Section 27-41-30 - Particular Investments - Loans, Notes, etc., Secured by Mortgages and Leases on Real Property.

Section 27-41-31 - Particular Investments - Data Processing and Accounting Systems.

Section 27-41-32 - Particular Investments - Investments Relating to Agricultural Property Securing Evidences of Indebtedness Held by Insurers and Subject to Mortgage Foreclosure or Insolvency Proceedings.

Section 27-41-33 - Particular Investments - Loans on Personal Property; Chattel Mortgages.

Section 27-41-34 - Particular Investments - Real Estate.

Section 27-41-34.1 - Particular Investments - Oil and Gas Producing Properties and Facilities.

Section 27-41-35 - Miscellaneous Investments.

Section 27-41-36 - Prohibited Investments; Underwriting, etc., of Offerings of Securities or Property.

Section 27-41-37 - Investments of Mutual Aid Associations - Generally.

Section 27-41-38 - Investments of Mutual Aid Associations - Funeral Supply Inventories and Funeral Equipment.

Section 27-41-39 - Investments of Foreign and Alien Insurers; Cash Equivalents.

Section 27-41-40 - Effect of Failure to Dispose of Real Estate, Personal Property, Securities, etc., Within Prescribed Period of Time.

Section 27-41-41 - Only Eligible Investments to Be Counted as Admitted Assets; Treatment of Investments Partially Qualifying as Eligible Investments.