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.)
Section 27-34-36 – Annual Statements – Requirements.
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 27-34-52 – Review of Decisions and Findings of Commissioner.
Section 27-34-52 Review of decisions and findings of commissioner. All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review by the court in accordance with the provisions of Section 27-2-32. (Acts 1971, No. 407, p. 707, §724.)
Section 27-34-21 – Members – Qualifications for Membership.
Section 27-34-21 Members – Qualifications for membership. (a) A society may admit to benefit membership any person not less than 15 years of age, nearest birthday, who has furnished evidence of insurability acceptable to the society. Any such member who shall apply for additional benefits more than six months after becoming a benefit member shall […]
Section 27-34-22 – Members – Payment of Equitable Part of Deficiency.
Section 27-34-22 Members – Payment of equitable part of deficiency. A society shall provide in its constitution or laws that if its reserves as to all or any class of certificates become impaired, its board of directors, or corresponding body, may require that there shall be paid by the member of the society the amount […]
Section 27-34-23 – Benefits – Generally.
Section 27-34-23 Benefits – Generally. (a) A society authorized to do business in this state may provide for the payment of: (1) Death benefits in any form; (2) Endowment benefits; (3) Annuity benefits; (4) Temporary or permanent disability benefits as a result of disease or accident; (5) Hospital, medical, or nursing benefits due to sickness […]
Section 27-34-24 – Benefits – Lives of Children.
Section 27-34-24 Benefits – Lives of children. (a) A society may provide for benefits on the lives of children under the minimum age for adult membership but not greater than 19 years of age at time of application therefor, upon the application of some adult person, as its laws or rules may provide, which benefits […]