Section 418:12 – Reinsurance.
418:12 Reinsurance. – I. 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 […]
Section 418:13 – Consolidations and Mergers.
418:13 Consolidations and Mergers. – I. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: (a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; (b) A sworn […]
Section 418:14 – Conversion of Fraternal Benefit Society Into a Mutual Life Company.
418:14 Conversion of Fraternal Benefit Society Into a Mutual Life Company. – Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance laws for mutual life insurance companies. A plan of conversion shall be prepared in writing by […]
Section 418:15 – Benefits.
418:15 Benefits. – I. 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 […]
Section 418:16 – Beneficiaries.
418:16 Beneficiaries. – I. 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 […]
Section 418:17 – Benefits Not Attachable.
418:17 Benefits Not Attachable. – No money or other 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 debt […]
Section 418:2 – Lodge System Defined.
418:2 Lodge System Defined. – I. 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 by the laws of the society to hold regular […]
Section 418:3 – Representative Form of Government Defined.
418:3 Representative Form of Government Defined. – I. A society has a representative form of government when the supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delegates as may be prescribed in the society’s […]
Section 418:4 – Purposes and Powers.
418:4 Purposes and Powers. – I. A society shall operate for the benefit of members and their beneficiaries by: (a) Providing benefits as specified in RSA 418:15; 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 also […]
Section 418:5 – Qualifications for Membership.
418:5 Qualifications for Membership. – I. A society shall specify in its laws or rules: (a) 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 at not less than age 15 and not greater […]