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2019 Code of Alabama
Title 27 - Insurance.
Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.
Section 27-27-13 - Deposit of solicitation permit funds in escrow - Withdrawal and refund.
Universal Citation: AL Code § 27-27-13 (2019)
Section 27-27-13Deposit of solicitation permit funds in escrow - Withdrawal and refund.
The commissioner shall withdraw all funds held in escrow under Section 27-27-12, and refund to securities subscribers or purchasers all sums paid in on securities subscriptions, less that part of such sums paid in as has been allowed and used for promotion, sales, and organization expenses, and shall dissolve the proposed domestic insurer, corporation, syndicate, or organization if:
(1) It fails to complete its organization or financing and obtain full payment for subscriptions and, if to be an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or
(2) The commissioner revokes the solicitation permit.
(Acts 1971, No. 407, p. 707, §509.)
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