(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in Section 27-44-3(a) against failure in the performance of contractual obligations, under life and disability insurance policies and annuity contracts specified in Section 27-44-3(b), because of the impairment or insolvency of the member insurer that issued the policies or contracts.
(b) To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited by this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Structure Code of Alabama
Chapter 44 - Life and Disability Insurance Guaranty Association.
Section 27-44-1 - Short Title.
Section 27-44-2 - Purpose of Chapter.
Section 27-44-3 - Scope of Chapter.
Section 27-44-4 - Construction of Chapter.
Section 27-44-5 - Definitions.
Section 27-44-6 - Creation of Association; Membership; Accounts; Supervision.
Section 27-44-8 - Powers and Duties of Association.
Section 27-44-9 - Assessments.
Section 27-44-11 - Duties and Powers of Commissioner; Appeal and Review; Notification.
Section 27-44-13 - Credits for Assessments Paid.
Section 27-44-15 - Examination and Regulation of Association; Annual Report.
Section 27-44-16 - Tax Exemptions.
Section 27-44-17 - Immunity Under Chapter.
Section 27-44-18 - Stay of Proceedings; Reopening Default Judgments.