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 […]
4508 – Beneficiaries.
§ 4508. Beneficiaries. (a) The adult 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 authorized society unless the owner waives this right by specifically requesting in writing that the beneficiary designations be irrevocable. Subject to the […]
4509 – Certificates; Applications; Effect of Changes in Corporate Documents.
§ 4509. Certificates; applications; effect of changes in corporate documents. Every authorized society shall issue to each insured member, except a spouse or children under the age of twenty-one years insured as members pursuant to subsection (b) of section four thousand five hundred five of this article, a certificate specifying the amount or amounts of […]
4510 – Life Insurance Certificates; Required and Prohibited Provisions.
§ 4510. Life insurance certificates; required and prohibited provisions. (a) No certificate or other evidence of a life insurance contract shall be delivered or issued for delivery in this state by any authorized society unless it contains in substance the following provisions, or provisions which in the opinion of the superintendent are more favorable to […]
4511 – Life Insurance Certificates and Annuity Contracts; Nonforfeiture Benefits and Values; Requirements and Exceptions.
§ 4511. Life insurance certificates and annuity contracts; nonforfeiture benefits and values; requirements and exceptions. (a) Every certificate of life insurance except certificates for which reserves are computed on the Commissioners 1941 Standard Ordinary Mortality Table, the Commissioners 1958 Standard Ordinary Mortality Table or the Commissioners 1941 Standard Industrial Mortality Table, delivered or issued for […]
4512 – Accident and Health and Disability Insurance Certificates; Compliance With Rules and Regulations.
§ 4512. Accident and health and disability insurance certificates; compliance with rules and regulations. (a) No certificate or other evidence of any contract of accident insurance, disability income insurance, or health insurance or of any total and permanent disability insurance and no application or rider or endorsement for use in connection therewith shall be delivered […]
4513 – Annuity Certificates; Compliance With Rules and Regulations.
§ 4513. Annuity certificates; compliance with rules and regulations. No certificate or other evidence of any annuity contract and no application or rider or endorsement for use in connection therewith, shall be delivered or issued for delivery in this state unless it conforms with reasonable rules and regulations prescribed by the superintendent. Pursuant to the […]
4514 – Creation and Maintenance of Separate Funds; Premiums; Assessments and Other Contributions of Members.
§ 4514. Creation and maintenance of separate funds; premiums; assessments and other contributions of members. (a) Every authorized society shall create a separate fund or funds for the payment of all insurance benefits as defined in section four thousand five hundred one of this article, under all certificates or other contracts issued by it or […]