Section 27-34-28 Personal liability for payment of benefits. The officers and members of the supreme, grand, or any subordinate body of a society shall not be personally liable for payment of any benefits provided by a society. (Acts 1911, No. 476, p. 700; Acts 1971, No. 407, p. 707, §699.)
Section 27-34-29 Issuance of certificate to each benefit member; matters constituting agreement. (a) Every society authorized to do business in this state shall issue to each benefit member a certificate specifying the amount of benefits provided thereby. The certificate, together with any riders or endorsements attached thereto, the charter or articles of incorporation, the constitution […]
Section 27-34-3 When society deemed as having representative form of government. A society shall be deemed to have a representative form of government when: (1) It provides in its constitution or laws for a supreme legislative or governing body, composed of representatives elected either by the members or by delegates elected, directly or indirectly, by […]
Section 27-34-30 Life benefit certificate – Filing with commissioner; standard provisions. (a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery, in this state unless a copy of the form has been filed with the commissioner. (b) The certificate shall contain in substance the following standard provisions or, in […]
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 27-34-32 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 27-34-33 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 27-34-34 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 27-34-35 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 27-34-36 Annual statements – Requirements. (a) Report shall be filed and synopses of annual statements shall be published in accordance with the provisions of this section. (b) Every society transacting business in this state shall annually, on or before March 1, unless for cause shown such time has been extended by the commissioner, file […]
Section 27-34-37 Annual statements – Valuation of certificates; reserves. (a) As a part of the annual statement required under Section 27-34-36, each society shall, on or before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding; provided, however, that the commissioner may, in his discretion for […]
Section 27-34-38 Annual statements – Failure to file. A society neglecting to file the annual statement in the form and within the time provided by this chapter shall forfeit $100.00 for each day during which such neglect continues; and, upon notice by the commissioner to that effect, its authority to do business in this state […]
Section 27-34-39 Examinations – Domestic societies. (a) The commissioner, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society, and he shall make such examination at least once in every three years. He may employ assistants for the purpose of such examination, and he, […]
Section 27-34-4 Applicability of chapter – Generally. Except as provided in this chapter, societies shall be governed by this chapter and shall be exempt from all other provisions of the insurance laws of this state, not only in governmental relations with the state, but for every other purpose. No law hereafter enacted shall apply to […]
Section 27-34-40 Examinations – Foreign and alien societies. The commissioner, or any person whom he may appoint, may examine any foreign or alien society transacting, or applying for admission to transact, business in this state. He may employ assistants and he, or any person he may appoint, shall have free access to all books, papers, […]
Section 27-34-41 Examinations – Publication of financial statement, report, or finding. Pending, during or after an examination or investigation of a society, either domestic, foreign, or alien, the commissioner shall make public no financial statement, report, or finding nor shall he permit to become public any financial statement, report, or finding affecting the status, standing, […]
Section 27-34-42 Exemption from taxation. Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal, and school tax other than taxes on real estate and office equipment. (Acts 1911, No. 476, […]
Section 27-34-43 Applicability of Chapters 7 and 8A. Persons representing a fraternal benefit society in the solicitation of applications for insurance or annuities and the fraternal benefit society with respect thereto shall be subject to the provisions of Chapters 7 and 8A of this title. (Acts 1971, No. 407, p. 707, §715; Act 2001-702, p. […]
Section 27-34-44 Agents – Solicitation without license. Repealed by Act 2001-702, p. 1509, § 16, effective January 1, 2002. (Acts 1971, No. 407, p. 707, §716.)
Section 27-34-45 Misrepresentations. No person shall cause or permit to be made, issued, or circulated in any form: (1) Any misrepresentation or false or misleading statement concerning the terms, benefits, or advantages of any fraternal insurance contract now issued, or to be issued, in this state or the financial condition of any society; (2) Any […]
