Alabama § 27-38-3 - Variable Contracts - Licensing of Insurer.
Full text of Alabama Code of Alabama § 27-38-3 — Variable Contracts - Licensing of Insurer., with citation guidance and answers to common questions.
§ 27-38-3. Variable Contracts - Licensing of Insurer.
(a) No insurer shall deliver, or issue for delivery, within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider among other things:
(1) The history and financial condition of the insurer;
(2) The character, responsibility, and fitness of the officers and directors of the insurer; and
(3) The law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts.
(b) If the company is a subsidiary of an admitted life insurer or affiliated with such insurer through common management or ownership, it may be deemed to have met the provisions of the section if either it or the parent or affiliated company meets the requirements of this section.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-38-3
What does Code of Alabama § 27-38-3 cover?
Section 27-38-3 ("Variable Contracts - Licensing of Insurer.") 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 § 27-38-3?
A common citation format is "Code of Alabama § 27-38-3" (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 § 27-38-3 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.