Effective – 01 Jan 1993 378.601. Fraternal benefit society, defined. — Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of subdivision (1) of subsection 1 of section 378.640* whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, […]
Effective – 01 Jan 1993 378.602. Lodge system, requirements — children’s wages permitted, limitation. — 1. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and ritual. Subordinate lodges shall be required […]
Effective – 01 Jan 1993 378.603. Representative form of government, requirements. — A society has a representative form of government when: (1) It has a supreme governing body constituted in one of the following ways: (a) The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies […]
Effective – 01 Jan 1993 378.604. Definitions. — As used in this chapter, the following terms shall mean: (1) “Benefit contract”, the agreement for provision of benefits authorized by section 378.616, as that agreement is described in subsection 1 of section 378.619; (2) “Benefit member”, an adult member who is designated by the laws or […]
Effective – 01 Jan 1993 378.605. Operation, purpose — laws and rules, power to adopt. — 1. A society shall operate for the benefit of members and their beneficiaries by: (1) Providing benefits as specified in section 378.616; and (2) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious […]
Effective – 01 Jan 1993 378.606. Laws and rules, requirements — membership rights nonassignable. — 1. A society shall specify in its laws or rules: (1) Eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult membership shall be set […]
Effective – 01 Jan 1993 378.607. Principal office, meetings, location — official publication, annual statement, requirements. — 1. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province or territory wherein such society has at least one […]
Effective – 01 Jan 1993 378.608. Liability, immunity from, when — indemnification, when — insurance, purchase of for officers allowed. — 1. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. 2. Any person may be […]
Effective – 01 Jan 1993 378.609. Waiver of laws, restriction on, when. — The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding […]
Effective – 01 Jan 1993 378.610. Organization of, how — articles of incorporation, contents — filing — membership requirements. — 1. A domestic society organized on or after January 1, 1993, shall be formed when seven or more citizens of the United States, a majority of whom are citizens of this state, who desire to […]
Effective – 01 Jan 1993 378.611. Amendment of laws, procedures — amendments furnished to members. — 1. A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. Such referendum may […]
Effective – 01 Jan 1993 378.612. Society may operate nonprofit organizations — may not own funeral home. — 1. A society may create, maintain and operate, or may establish organizations to operate not-for-profit institutions to further the purposes permitted by subdivision (1) of subsection 1 of section 378.605. Such institutions may furnish services free or […]
Effective – 01 Jan 1993 378.613. Reinsurance agreements, allowed — limitations. — 1. 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 […]
Effective – 01 Jan 1993 378.614. Merger or consolidation, allowed when — requirements — approval of director required — effects. — 1. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the director: (1) A certified copy of the written contract […]
Effective – 01 Jan 1993 378.615. Conversion to mutual life insurance company, allowed when. — 1. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall […]
Effective – 01 Jan 1993 378.616. Benefits authorized — rules to specify allowable beneficiaries. — 1. A society may provide the following contractual benefits in any form: (1) Death benefits; (2) Endowment benefits; (3) Annuity benefits; (4) Temporary or permanent disability benefits; (5) Hospital, medical or nursing benefits; and (6) Monument or tombstone benefits to […]
Effective – 01 Jan 1993 378.617. Change of beneficiary, allowed — funeral benefits, payment of, limitation — no beneficiary, effect. — 1. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives […]
Effective – 01 Jan 1993 378.619. Certificate of ownership, issued to owner, when, contents — life benefit contract, minor effects — impairment of class of certificates, effects — filing with director, when — minor, transfer of control of contract to, when. — 1. Every society authorized to do business in this state shall issue to […]
Effective – 01 Jan 1993 378.620. Cash surrender value of certificate, computation of. — 1. For certificates issued prior to one year after January 1, 1993, 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 provisions of law applicable immediately […]
Effective – 01 Jan 1993 378.621. Investment of funds. — 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 […]
