Ala. Code § 27-30-9 (1975) Certificate of Authority - Issuance Or Refusal

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-30-9 (1975)

If, upon completion of the application for a certificate of authority, the commissioner finds:

(1) That the documents filed with the application are lawful and equitable in terms and have been properly executed and filed;

(2) That the applicant has the amount of unimpaired paid-in capital stock and/or surplus as required under this chapter and has made the deposit required under Section 27-30-18;

(3) That the forms of contracts, policies, or other agreements proposed to be used by the association in this state fulfill the requirements of Section 27-30-14 and are not disapproved by him on any ground referred to in subsection (c) of Section 27-30-14;

(4) That the proposed schedule of fees, dues, contributions, or other sums to be charged or received by the association are provided for on a practical and feasible basis and would be adequate in amount to cover the risks and obligations to be assumed by the association under its certificates, policies, and agreements, together with its reasonable expenses of operation;