Section 27-44-6 - Creation of association; membership; accounts; supervision(a) There is created a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Section 27-44-10 and shall exercise its powers through a board of directors established under Section 27-44-7. For purposes of administration and assessment the association shall maintain three accounts:(1) The disability insurance account;(2) The life insurance account; and(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state.Ala. Code § 27-44-6 (1975)
Acts 1982, No. 82-561, p. 922, §6.