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2019 Code of Alabama
Title 27 - Insurance.
Chapter 2 - Department and Commissioner of Insurance.
Article 1 - General Provisions.
Section 27-2-34 - Order of supervision - Appointment of supervisor; acts which may be prohibited during period of supervision.
Universal Citation: AL Code § 27-2-34 (2019)
Section 27-2-34Order of supervision - Appointment of supervisor; acts which may be prohibited during period of supervision.
During the period of supervision the commissioner may appoint a supervisor and may provide that the insurer may not do the following things during the period of supervision without the prior approval of the commissioner or his duly appointed supervisors:
(1) Dispose of, convey, or encumber any of its assets or its business in force;
(2) Withdraw any of its bank accounts;
(3) Lend any of its funds;
(4) Invest any of its funds;
(5) Transfer any of its property;
(6) Incur any debt, obligation, or liability;
(7) Enter into any new reinsurance contract or treaty;
(8) Issue to the public policies of insurance.
(Acts 1975, No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)
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