Section 27-34-31 – Life Benefit Certificate – Prohibited Provisions.
Section 27-34-31 Life benefit certificate – Prohibited provisions. After January 1, 1973, no life benefit certificate shall be delivered or issued for delivery in this state containing, in substance, any of the following provisions: (1) Any provision limiting the time with which any action may be commenced to less than two years after the cause […]
Section 27-34-47 – Service of Process.
Section 27-34-47 Service of process. (a) Every society authorized to do business in this state shall appoint, in writing, the commissioner and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served and shall agree, in such writing, that […]
Section 27-34-32 – Accident or Health and Total or Permanent Disability Insurance Contracts.
Section 27-34-32 Accident or health and total or permanent disability insurance contracts. (a) No domestic, foreign, or alien society authorized to do business in this state shall issue or deliver in this state any certificate or other evidence of any contract of accident insurance or health insurance or of any total and permanent disability insurance […]
Section 27-34-48 – Consolidation or Merger – Procedure.
Section 27-34-48 Consolidation or merger – Procedure. (a) 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: (1) A certified copy of the written contract containing, in full, the terms and conditions of the consolidation or merger; (2) A […]
Section 27-34-33 – Reinsurance.
Section 27-34-33 Reinsurance. A domestic society may, by a reinsurance agreement, cede any individual risk or risks, in whole or in part, to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state or, if not so authorized, one which is approved […]
Section 27-34-49 – Consolidation or Merger – Effect.
Section 27-34-49 Consolidation or merger – Effect. Upon the consolidation or merger effective as provided in Section 27-34-48, all the rights, franchises, and interests of the consolidated or merged societies in, and to, every species of property, real, personal, or mixed, and things in action thereunto belonging shall be vested in the society resulting from, […]
Section 27-34-34 – Assets; Funds; Expenses.
Section 27-34-34 Assets; funds; expenses. (a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment or the surrender of any part thereof except as provided in the contract. (b) A […]
Section 27-34-50 – Actions to Enjoin or in Quo Warranto; Liquidation; Receivership.
Section 27-34-50 Actions to enjoin or in quo warranto; liquidation; receivership. (a) When the commissioner upon investigation finds that a domestic society: (1) Has exceeded its powers; or (2) Has failed to comply with any provision of this chapter; or (3) Is not fulfilling its contracts in good faith; or (4) Has a membership of […]
Section 27-34-35 – Investments.
Section 27-34-35 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 subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in […]
Section 27-34-51 – Applications for Injunctions.
Section 27-34-51 Applications for injunctions. No application or petition for injunction against any domestic, foreign, or alien society, or branch thereof, shall be recognized in any court of this state unless made by the Attorney General upon request of the commissioner. (Acts 1971, No. 407, p. 707, §723.)