4529 – Subsidiaries Authorized.
§ 4529. Subsidiaries authorized. (a) A domestic fraternal benefit society may invest in subsidiaries as authorized in article seventeen of this chapter for domestic life insurance companies, provided such society meets the requirements of subsection (b) of section forty-five hundred twenty-seven or section four thousand five hundred thirty of this article. (b) A domestic fraternal […]
4530 – Optional Investment Authority.
§ 4530. Optional Investment Authority. (a) An authorized society meeting the requirements set forth in this section is authorized to invest its funds in, or otherwise acquire, or loan upon, the types of investments specified in sections one thousand four hundred two, one thousand four hundred three, one thousand four hundred five, one thousand four […]
4528 – New Business Limitations.
§ 4528. New business limitations. Every authorized society shall limit the issuance of new life insurance certificates and new annuity contracts in accordance with requirements for new life insurance policies and new annuity contracts under section four thousand two hundred twenty-seven of this chapter, except that: (a) No such limitations shall apply to new life […]
4518 – Amounts Credited on Life Insurance Certificates.
§ 4518. Amounts credited on life insurance certificates. Any individual life insurance certificate may provide that in addition to any minimum benefits guaranteed in the certificate, additional amounts may be credited to the certificate. No such additional amounts shall be guaranteed or credited except upon reasonable assumptions as to investment income, mortality, persistency and expenses. […]
4519 – Impairment of Reserves and Surplus; Order to Make Good Deficiency.
§ 4519. Impairment of reserves and surplus; order to make good deficiency. (a) Whenever the superintendent determines that the admitted assets of an authorized society will be less than the sum of its required reserves, accrued liabilities, and minimum surplus within a period of five years or less, the superintendent may, in his or her […]
4520 – Non-Liability of Officers and Members.
§ 4520. Non-liability of officers and members. Officers and members of the supreme or any subordinate body of any authorized society shall not be individually liable for the payment of any benefits provided for in the laws and agreements of such society, but the same shall be payable only out of the funds of such […]
4521 – Grounds for Revocation or Suspension of License.
§ 4521. Grounds for revocation or suspension of license. The superintendent may revoke or suspend the license to do business in this state of any domestic, foreign or alien society, if, after notice to and hearing of such society in accordance with sections three hundred four, three hundred five and three hundred six of the […]
4522 – Exemptions of Certain Organizations.
§ 4522. Exemptions of certain organizations. (a) Except as provided in subsection (b) hereof the following societies, corporations, unincorporated associations, and other organizations shall be exempt from the provisions of this chapter requiring the obtaining of a license to do an insurance business and from all other requirements of this chapter except those provided in […]
4523 – Soliciting Membership in Unauthorized Societies; Penalties.
§ 4523. Soliciting membership in unauthorized societies; penalties. (a) Any person, firm, association or corporation who or which shall solicit a member or members for, or in any way assist in procuring a member or members for, or collect payments or dues for or in connection with the membership of, any fraternal benefit society that […]
4524 – Exemption From Taxation.
§ 4524. Exemption from taxation. Every society organized or licensed under this article is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax, other than taxes on real estate and office equipment.