§ 83-30-27. Consolidations and mergers
A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; A sworn statement by the president and secretary or corresponding officers […]
§ 83-30-29. Conversion of fraternal benefit society into a mutual or stock insurer
Any domestic fraternal benefit society organized and doing business under the laws of this state may be converted and licensed as a mutual life or mutual life and disability insurance company by compliance with all the requirements of Section 83-31-15. Any fraternal benefit society organized and doing business under the laws of this state may […]
§ 83-30-31. Benefits
A society may provide the following contractual benefits in any form: Death benefits; Endowment benefits; Annuity benefits; Temporary or permanent disability benefits; Hospital, medical or nursing benefits; Funeral benefits; Monument or tombstone benefits to the memory of deceased members; and Such other benefits as authorized for life insurers and which are not inconsistent with this […]
§ 83-30-33. Beneficiaries
The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its laws or rules, limit […]
§ 83-30-35. Benefits not attachable
No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or […]
§ 83-30-37. The benefit contract
Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided thereby. The certificate, together with any riders or endorsements attached thereto, the laws of the society, the application for membership, the application for insurance and declaration of insurability, if […]
§ 83-30-39. Nonforfeiture benefits, cash surrender values, certificate loans and other options
For certificates issued prior to one (1) year after July 1, 2001, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable immediately prior to July 1, 2001. For certificates issued on or after one (1) year […]
§ 83-30-41. Investments
A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers, and such securities shall be valued accordingly to the methods used in valuing similar securities held by life insurers. Any foreign or alien society permitted or seeking to […]
§ 83-30-15. No personal liability
The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liabilities imposed upon, such person in connection with or arising out […]
§ 83-30-17. Waiver
The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding on the society and every member and beneficiary of a member.