2009 Alabama Code
Title 27 — INSURANCE.
Chapter 33 — TRUSTEED ASSETS OF ALIEN INSURERS.
Section 27-33-2 Deposit of assets in trust.
Section 27-33-2Deposit of assets in trust.
(a) An alien insurer may use Alabama as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(b) The deposit, together with other trust deposits of the insurer held in the United States for the same purpose, shall be in amount not less than the deposits required of an alien insurer under Section 27-3-14 and shall consist of cash and/or securities eligible for the investment of the funds of like domestic insurers.
(c) Such a deposit may be referred to as "trusteed assets."
(Acts 1971, No. 407, p. 707, §657.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
