Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in Section 27-31-15, and the return of any unused premium, savings, or credits then standing on subscribers’ accounts shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to such reasonable formula as the commissioner may approve.
Ala. Code § 27-31-27
Distribution of Assets Upon Liquidation of Domestic Insurer.
Applied in 1 court decision — leading case 328 N.J. Super. 344 - In Re Reorganization of Medical Inter-Insurance Exchange of New Jersey (2000)
Most recently applied in 328 N.J. Super. 344 - In Re Reorganization of Medical Inter-Insurance Exchange of New Jersey (February 2000)
(Acts 1971, No. 407, p. 707, §617.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.