Alabama § 27-3-12 - Deposit Requirements - Special Deposit - Surety Insurers.
Full text of Alabama Code of Alabama § 27-3-12 — Deposit Requirements - Special Deposit - Surety Insurers., with citation guidance and answers to common questions.
§ 27-3-12. Deposit Requirements - Special Deposit - Surety Insurers.
(a) In addition to the deposit required under Sections 27-3-11 or 27-3-14, a surety insurer shall deposit and maintain deposited with the Treasurer of this state in trust for the benefit of holders, resident in this state, of the obligations of the insurer cash or securities eligible under Section 27-6-3 having a value at all times of at least $50,000.00; except, that a domestic surety insurer may take credit for the amount of such special deposit against the deposit otherwise required of it under Section 27-3-11, and except that a foreign insurer showing a deposit pursuant to subsection (c) of Section 27-3-11 in the amount of $200,000.00 shall not be required to comply with this section.
(b) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-3-12
What does Code of Alabama § 27-3-12 cover?
Section 27-3-12 ("Deposit Requirements - Special Deposit - Surety 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 § 27-3-12?
A common citation format is "Code of Alabama § 27-3-12" (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 § 27-3-12 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.