Alabama § 27-27-34 - Nonassessable Policies in Mutual Insurers - Generally.
Full text of Alabama Code of Alabama § 27-27-34 — Nonassessable Policies in Mutual Insurers - Generally., with citation guidance and answers to common questions.
§ 27-27-34. Nonassessable Policies in Mutual Insurers - Generally.
(a) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the commissioner’s order so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued.
(b) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-27-34
What does Code of Alabama § 27-27-34 cover?
Section 27-27-34 ("Nonassessable Policies in Mutual Insurers - Generally.") 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 § 27-27-34?
A common citation format is "Code of Alabama § 27-27-34" (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 § 27-27-34 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.