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2019 Code of Alabama
Title 27 - Insurance.
Chapter 24 - Surety Insurance Contracts.
Section 27-24-3 - Sole surety - Mutual or reciprocal surety insurers.
Universal Citation: AL Code § 27-24-3 (2019)
Section 27-24-3Sole surety - Mutual or reciprocal surety insurers.
An authorized mutual or reciprocal surety insurer which has and maintains a surplus over and above all of its liabilities of $500,000.00, upon meeting all of the requirements of this title, except as to capital stock, may become and be accepted as sole surety on bonds or undertakings required or permitted by the laws of this state or by the charters, ordinances, rules, and regulations of any county, municipal corporation, board, body, organization, or public officer; provided, however, that any such bond or undertaking executed by such insurer shall be nonassessable and shall not provide for any contingent liability.
(Acts 1947, No. 533, p. 388; Acts 1971, No. 407, p. 707, §488.)
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