58-24-1. Fraternal benefit societies. Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of G.S. 58-24-185(a)(2) whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative […]
58-24-10. Representative form of government. A society has a representative form of government when: (a) It has a supreme governing body constituted in one of the following ways: (1) Assembly. – The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or […]
58-24-100. Investments. A society shall invest its funds only in investments that 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 must comply in substance with the investment […]
58-24-105. Funds. (a) All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract. (b) A society may […]
58-24-110. Exemptions. Except as herein provided, societies shall be governed by this Article and shall be exempt from all other provisions of the general insurance laws of this State unless they be expressly designated therein, or unless it is specifically made applicable by this Article. (1987, c. 483, s. 2.)
58-24-115. 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 not occupied by such society in carrying on its business. […]
58-24-120. Valuation. (a) Standards of valuation for certificates issued prior to one year after the effective date of this Article shall be those provided by the laws applicable immediately prior to January 1, 1988. (b) The minimum standards of valuation for certificates issued on or after one year from January 1, 1988, shall be based […]
58-24-125. Reports. Reports shall be filed in accordance with the provisions of this section. (a) Every society transacting business in this State shall annually, on or before the first day of March, unless for cause shown such time has been extended by the Commissioner, file with the Commissioner a true statement of its financial condition, […]
58-24-130. Perpetual license. Subject to timely payment of the annual license continuation fee and subject to any other applicable provisions of the insurance laws of this State, a license, other than a preliminary license, to a fraternal benefit society under this Article shall continue in full force and effect. For each license the society shall […]
58-24-135. Examination of societies; no adverse publications. (a) The Commissioner, or any person he or she may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this State in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements of notice and […]
58-24-140. Foreign or alien society – Admission. No foreign or alien society shall transact business in this State without a license issued by the Commissioner. Any such society desiring admission to this State shall comply substantially with the requirements and limitations of this Article applicable to domestic societies. Any such society may be licensed to […]
58-24-145. Injunction – Liquidation – Receivership of domestic society. (a) When the Commissioner upon investigation finds that a domestic society: (1) Has exceeded its powers; (2) Has failed to comply with any provision of this Article; (3) Is not fulfilling its contracts in good faith; (4) Has a membership of less than 400 after an […]
58-24-15. Terms used. Whenever used in this Article: (a) "Benefit contract" shall mean the agreement for provision of benefits authorized by G.S. 58-24-75, as that agreement is described in G.S. 58-24-90(a). (b) "Benefit member" shall mean an adult member who is designated by the laws or rules of the society to be a benefit member […]
58-24-150. Suspension, revocation or refusal of license of foreign or alien society. (a) When the Commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this State: (1) Has exceeded its powers; (2) Has failed to comply with any of the provisions of this Article; (3) Is not […]
58-24-155. Injunction. No application or petition for injunction against any domestic, foreign or alien society, or lodge thereof, shall be recognized in any court of this State unless made by the Attorney General upon request of the Commissioner. (1987, c. 483, s. 2; 1991, c. 720, s. 4.)
58-24-160. Licensing of agents. (a) Agents of societies shall be licensed in accordance with the provisions of the general insurance laws regulating the licensing, revocation, suspension or termination of license of resident and nonresident agents; provided that agents licensed pursuant to former G.S. 58-268 as of July 1, 1977, shall be exempt from examination. (b) […]
58-24-165. Unfair methods of competition and unfair and deceptive acts and practices. Every society authorized to do business in this State shall be subject to the provisions of Article 63 of this Chapter relating to unfair methods of competition and unfair or deceptive acts or practices; provided, however, that nothing in such provisions shall be […]
58-24-170. Service of process. (a) Every society authorized to do business in this State shall appoint in writing the Commissioner and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree in such writing that any […]
58-24-175. Review. All decisions and findings of the Commissioner made under the provisions of this Article shall be subject to review under G.S. 58-2-75. (1987, c. 483, s. 2; 1991, c. 720, ss. 4, 21.)
58-24-180. Penalties. (a) Any person, officer, member, or examining physician of any society authorized to do business under this Article who shall knowingly or willfully make any false or fraudulent statement or representation in or with reference to any application for membership, or for the purpose of obtaining money from or benefit in any society […]
