In lieu of the assignment, transfer, or conveyance of securities and assets to the commissioner as provided for in subsection (a) of Section 27-6-6 and at all events in connection with any deposit heretofore or hereafter made through the commissioner, the commissioner may require or permit the depositing insurer to deliver to him a power of attorney, executed by the lawful owner of such securities or assets, authorizing the commissioner to transfer, sell, or exchange the same for the purposes of the law under which the same are deposited or held on deposit. The power of attorney shall specifically describe each of the securities and assets covered thereby and shall not be a general power of attorney covering all securities and assets on deposit or thereafter deposited.
Structure Code of Alabama
Chapter 6 - Administration of Deposits.
Section 27-6-1 - Deposits of Insurers - Authorized Deposits.
Section 27-6-2 - Deposits of Insurers - Purposes for Which Held.
Section 27-6-3 - Deposits of Insurers - Composition.
Section 27-6-4 - Deposits of Insurers - State Treasurer as Custodian.
Section 27-6-5 - Deposits of Insurers - Record of Securities and Assets.
Section 27-6-6 - Securities and Assets - Assignment and Reassignment, etc.; Appraisal or Valuation.
Section 27-6-7 - Securities and Assets - Power of Attorney to Sell, Etc.
Section 27-6-8 - Securities and Assets - Authority to Sell; Exception.
Section 27-6-9 - Power of Attorney - Safekeeping; Return.
Section 27-6-10 - Power of Attorney - New Power of Attorney.
Section 27-6-11 - Excess Deposits.
Section 27-6-12 - Rights of Solvent Insurers.
Section 27-6-13 - Sale of Surety Insurers' Special Deposit to Pay Outstanding Judgment.
Section 27-6-14 - Curing of Deficiency in Market Value of Deposit.
Section 27-6-15 - Release of Deposit - Generally.
Section 27-6-16 - Release of Deposit - Filing of Statement; Authorization of Release.