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2019 Code of Alabama
Title 27 - Insurance.
Chapter 35 - Conversion of Fraternal Benefit Societies.
Section 27-35-11 - Conversion into stock or mutual life insurance company - Separate record of premiums; exemption from premium taxes.
Universal Citation: AL Code § 27-35-11 (2019)
Section 27-35-11Conversion into stock or mutual life insurance company - Separate record of premiums; exemption from premium taxes.
The insurer, after conversion from a fraternal benefit society, shall maintain separate records of premiums received by it on account of policies and certificates originally issued while a fraternal benefit society and continuing in force without material change as to form or basis of premium. All such premiums shall be exempt from premium taxes to the same extent, if any, as to which exempted if currently received by a domestic fraternal benefit society.
(Acts 1971, No. 407, p. 707, §737.)
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