§ 20-878 – Benefit contract
20-878. Benefit contract A. A society shall issue to each owner of a benefit contract a certificate that specifies the amount of benefits provided under the certificate. The certificate shall state that it constitutes the benefit contract as of the date of issuance of the certificate, together with any riders or endorsements attached to the […]
§ 20-879 – Nonforfeiture benefits, cash surrender value, certificate loans and other options
20-879. Nonforfeiture benefits, cash surrender value, certificate loans and other options A. For certificates that are issued before January 1, 1996, 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 applicable provisions of law that were in effect before January […]
§ 20-880 – Investments
20-880. Investments A society shall invest its funds only in those investments that are authorized by this title. A foreign or alien society that is permitted or seeking to do business in this state and that invests its funds in accordance with the laws of the state, district, territory, country or province in which it […]
§ 20-881 – Funds
20-881. Funds A. Unless otherwise provided in the benefit contract, all assets shall be held, invested and disbursed for the use and benefit of the society, and no member or beneficiary has any individual rights in the assets and is not entitled to any apportionment on the surrender of any part of the assets. B. […]
§ 20-882 – Applicable insurance provisions
20-882. Applicable insurance provisions Fraternal benefit societies are governed by this article and are subject to and governed by the following articles and sections of this title to the extent that the articles and sections apply to the societies and are not modified by the provisions of this article: 1. Chapter 1, articles 1 and […]
§ 20-883 – Tax exemption; exception
20-883. Tax exemption; exception Every authorized society and every society that is exempt under section 20-893 is deemed to be a charitable and benevolent institution and is exempt from all state, county, district, municipal and school taxes, including the taxes prescribed by this title, except that a society is subject to the fees prescribed by […]
§ 20-884 – Valuation
20-884. Valuation A. The standards of valuation for certificates that are issued before January 1, 1996 are the standards of valuation that were in effect immediately before January 1, 1995. B. The minimum standards of valuation for certificates that are issued on or after January 1, 1996 shall be based on the following tables: 1. […]
§ 20-885 – Reports
20-885. Reports Each fraternal benefit society shall file reports as follows: 1. Unless the director extends the time for filing for good cause shown, on or before March 1, each society transacting business in this state shall annually file with the director a true statement of its financial condition, transactions and affairs for the preceding […]
§ 20-886 – Certificate of authority; termination
20-886. Certificate of authority; termination A certificate of authority issued to a society remains in effect on payment of the annual renewal fee prescribed by section 20-167 unless the society voluntarily terminates or the director suspends or revokes the certificate.
§ 20-887 – Examination of societies; limitation on disclosure
20-887. Examination of societies; limitation on disclosure A. The director or the director’s designee may examine any domestic, foreign or alien society that is authorized or applying for authorization to transact business in this state in the same manner as prescribed by section 20-156. B. The director shall not make public any financial statement, report […]