Upon the issuance of a proper court order placing a domestic insurer in receivership or placing a foreign insurer in ancillary receivership for rehabilitation or liquidation, all policyholders, beneficiaries, and insureds of such insolvent insurer, with respect to claims arising from and within the coverage of and not in excess of the applicable limits of insurance policies and contracts issued by the insolvent insurer and the Alabama Life and Disability Insurance Guaranty Fund shall be preferred creditors of said insolvent insurer.
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.