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 […]
4501 – Definitions.
§ 4501. Definitions. In this article: (a) “Fraternal benefit society” means, except as used in section four thousand five hundred twenty-three of this article, an incorporated society, order or supreme lodge, without capital stock, formed, organized and carried on solely for the benefit of its members and of their beneficiaries and not for profit, operating […]
4502 – Incorporation and Licensing of Domestic Societies; Meeting of Supreme Governing Body.
§ 4502. Incorporation and licensing of domestic societies; meeting of supreme governing body. An authorized domestic society may be organized and licensed in the manner prescribed in this section, and subject to the other requirements of this chapter applicable thereto. The successive steps shall be as follows: (a) The proposed incorporators, who shall be natural […]
4503 – Licensing of Foreign and Alien Societies.
§ 4503. Licensing of foreign and alien societies. (a) The superintendent may issue a license to do business in this state to any foreign or alien society which conforms to the requirements for foreign or alien insurers pursuant to section one thousand one hundred six of this chapter, other than subsection (e) thereof, and which […]
4504 – Amendments to Charter, Constitution and By-Laws; Waiver of Provisions.
§ 4504. Amendments to charter, constitution and by-laws; waiver of provisions. (a) A domestic society may amend its charter and by-laws by a majority vote at any regular meeting or special meeting (called for that purpose) of its supreme governing body, but no such amendment shall take effect unless and until filed with the superintendent […]
4505 – Insurance Benefits Authorized.
§ 4505. Insurance benefits authorized. (a) Any authorized society may obligate itself for the payment of only insurance benefits defined in subsections (h) through (p) of section four thousand five hundred one of this article, except that no benefits may be provided through group insurance. Any benefit defined in subsections (h) through (q) of section […]
4506 – Classes of Membership.
§ 4506. Classes of membership. An authorized society may admit to membership two classes of members: insurance members and social members by whatever name known. Social members shall not be entitled to any of the benefits prescribed by section four thousand five hundred five of this article, and shall have no voice or vote in […]
4507 – Juvenile Members.
§ 4507. Juvenile members. (a) An authorized society may admit to adult insurance membership any person not less than fifteen years of age at nearest birthday. Any person so admitted prior to attaining the full age of eighteen years shall be deemed competent to contract for life insurance benefits, and to exercise and enjoy every […]