Alabama § 27-27-47 - Bulk Reinsurance - Domestic Stock Insurers.
Full text of Alabama Code of Alabama § 27-27-47 — Bulk Reinsurance - Domestic Stock Insurers., with citation guidance and answers to common questions.
§ 27-27-47. Bulk Reinsurance - Domestic Stock Insurers.
(a) A domestic stock insurer may reinsure all, or substantially all, of its insurance in force or a major class thereof with another insurer by an agreement of bulk reinsurance, but no such agreement shall become effective unless filed with the commissioner and approved by him in writing after a hearing thereon.
(b) The commissioner shall approve such agreement within a reasonable time after such filing unless he finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, he shall so notify the insurer in writing, specifying his reasons therefor. If the commissioner does not approve or disapprove such agreement and notify the insurer thereof in writing within 30 days after such filing, it shall conclusively be presumed that the agreement is approved by the commissioner.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-27-47
What does Code of Alabama § 27-27-47 cover?
Section 27-27-47 ("Bulk Reinsurance - Domestic Stock Insurers.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-27-47?
A common citation format is "Code of Alabama § 27-27-47" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-27-47 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.