Alabama § 27-30-16 - Contracts - Annual Valuation - Benefits Payable in Cash.
Full text of Alabama Code of Alabama § 27-30-16 — Contracts - Annual Valuation - Benefits Payable in Cash., with citation guidance and answers to common questions.
§ 27-30-16. Contracts - Annual Valuation - Benefits Payable in Cash.
(a) The commissioner shall each year compute the net value as of December 31 of the preceding year of all benefits payable in cash under all outstanding contracts or policies of each mutual aid association. Such valuation shall be made upon the basis of the “combined experience” or “actuaries table” or “the American experience table” rate of mortality (Illinois standard of valuation), with interest at the rate of four percent per annum. The aggregate net value so ascertained of such contracts or policies of the association shall be deemed its liability on account of such cash benefits, other than accrued claims, for the purpose of any determination of its financial condition.
(b) Funds of the association in amount not less than the value of such benefits, as valued under this section, shall be held by the association in cash or in investments as authorized under Section 27-30-20.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-30-16
What does Code of Alabama § 27-30-16 cover?
Section 27-30-16 ("Contracts - Annual Valuation - Benefits Payable in Cash.") 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 § 27-30-16?
A common citation format is "Code of Alabama § 27-30-16" (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 § 27-30-16 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.