44-1073. Terms, defined. As used in sections 44-1072 to 44-10,109, unless the context otherwise requires: (1) Benefit contract shall mean the agreement for provision of benefits authorized by section 44-1087, as that agreement is provided in the certificate described in subsection (1) of section 44-1090; (2) Benefit member shall mean an adult member who is […]
44-1074. Lodge system; requirements. (1) A society shall be deemed to be 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 by the laws of the society to […]
44-1075. Representative form of government; requirements. A society shall be deemed to have a representative form of government when: (1) It has a supreme governing body constituted in one of the following ways: (a) Assembly. The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies or […]
44-1076. Purposes and powers of society. (1) A society shall operate for the benefit of its members and their beneficiaries by: (a) Providing benefits as specified in section 44-1087; and (b) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which may […]
44-1077. Qualification for membership. (1) A society shall specify in its laws or rules: (a) Eligibility standards for each and every class of membership, except that if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not younger than fifteen nor older than twenty-one years of […]
44-1078. Location of office; meetings; communications to members; grievance procedures. (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 subordinate lodge, or in such other location […]
44-1079. Limitation on personal liability. (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 indemnified and reimbursed by any society for expenses reasonably incurred by, and liabilities imposed upon, such […]
44-1080. Membership; waiver of requirements. 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 on the society and every member and beneficiary […]
44-1081. Organization of society. A domestic society organized on or after September 6, 1985, shall be formed as follows: (1) 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 […]
44-1082. Amendments to laws of society; procedure. (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 be held in accordance with the provisions of its […]
44-1083. Creation of not-for-profit institution; authorized. 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)(b) of section 44-1076. Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society […]
44-1084. Reinsurance; authorized. (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 state, or if not so authorized, one which is […]
44-1085. Consolidation or merger; authorized; procedure. (1) A domestic society may consolidate or merge with any other society by complying with this section. It shall file with the Director of Insurance: (a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; (b) A sworn statement […]
44-1086. Conversion to mutual life insurance company. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of law. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. […]
44-1087. Benefits; authorized. (1) A society may provide the following contractual benefits in any form: (a) Death benefits; (b) Endowment benefits; (c) Annuity benefits; (d) Temporary or permanent disability benefits; (e) Hospital, medical, or nursing benefits; (f) Monument or tombstone benefits to the memory of deceased members; and (g) Such other benefits as authorized for […]
44-1088. Beneficiaries. (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 this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its laws […]
44-1089. Benefits; exempt from claims of creditors; exceptions. (1) No noninsurance benefit, charity, relief, or aid to be paid, provided, or rendered by any society shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any […]
44-1090. Benefit contract; contents. (1) Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided by the contract. The certificate, together with any riders or endorsements attached thereto, the laws of the society, the application for membership, the application […]
44-1091. Nonforfeiture benefits; cash surrender values; certificate loans; other options. (1) For certificates issued prior to one year after September 6, 1985, 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 prior to September 6, […]
44-1092. 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 accordance […]
