Section 27-34-20 – Creation, etc., of Charitable, Benevolent, or Educational Institutions.
Section 27-34-20 Creation, etc., of charitable, benevolent, or educational institutions. (a) It shall be lawful for a society to create, maintain, and operate charitable, benevolent, or educational institutions for the benefit of its members and their families and dependents and for the benefit of children insured by the society. For such purpose, it may own, […]
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 […]
Section 27-34-9 – Articles of Incorporation – Contents.
Section 27-34-9 Articles of incorporation – Contents. Seven or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some officer, competent to take acknowledgment of deeds, articles of incorporation, in which shall be stated: (1) […]
Section 27-34-25 – Paid-Up Nonforfeiture Benefits, Cash Surrender Values, and Certificate Loans, Etc.
Section 27-34-25 Paid-up nonforfeiture benefits, cash surrender values, and certificate loans, etc. (a) A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans, and such other options as its laws may permit. As to certificates issued on and after January 1, 1972, a society shall grant at least one paid-up nonforfeiture benefit, except […]
Section 27-34-10 – Articles of Incorporation – Filing With Other Documents; Bond; Preliminary Certificate.
Section 27-34-10 Articles of incorporation – Filing with other documents; bond; preliminary certificate. Such articles of incorporation, duly certified copies of the constitution, laws, and rules, copies of all proposed forms of certificates, applications therefor, and circulars to be issued by the society and a bond conditioned upon the return to applicants of the advanced […]
Section 27-34-26 – Beneficiaries.
Section 27-34-26 Beneficiaries. (a) The member shall have the right at all times to change the beneficiary, or beneficiaries, in accordance with the constitution, laws, or rules of the society. Every society by its constitution, laws, or rules may limit the scope of beneficiaries and shall provide that no beneficiary shall have or obtain any […]
Section 27-34-11 – Preliminary Certificate – Time to Complete Organization.
Section 27-34-11 Preliminary certificate – Time to complete organization. No preliminary certificate granted under the provisions of this section shall be valid after one year from its date or after such further period, not exceeding one year, as may be authorized by the commissioner upon cause shown, unless the 500 applicants required in this chapter […]