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2019 Code of Alabama
Title 27 - Insurance.
Chapter 27 - Organization and Corporate Procedures of Stock and Mutual Insurers.
Section 27-27-19 - Domestic mutual insurers - Failure to complete organization.
Universal Citation: AL Code § 27-27-19 (2019)
Section 27-27-19Domestic mutual insurers - Failure to complete organization.
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one year from, and after, date of its certificate of incorporation, the corporation shall transact no further business, and the commissioner shall return, or cause to be returned, to the persons entitled thereto all advance deposits or payments of premiums held in trust under Section 27-27-18.
(Acts 1971, No. 407, p. 707, §515.)
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