Section 10. A domestic society may amend its articles of incorporation, constitution or laws in accordance with the provisions thereof by action of its supreme legislative or governing body at any regular or special meeting thereof, or, if its articles of incorporation, constitution or laws so provide, by referendum. Such referendum may be held in […]
Section 11. Whoever with fraudulent intent alters, defaces, mutilates, destroys or conceals any record of any society made by or in the custody of the secretary thereof shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both.
Section 12. Any society may create, maintain, invest, disburse and apply a death fund, any part of which may in accordance with the by-laws of the society be designated and set apart as an emergency, a surplus or other similar fund, and a disability fund and a hospitalization and medical service fund. Such funds shall […]
Section 13. No society shall make any disbursements of fifteen dollars or more, except disbursements on account of the return of dues paid in advance, unless the same be evidenced by a voucher signed by or on behalf of the person receiving the money and correctly describing the consideration for the payment, and if the […]
Section 14. It shall be lawful for a society to create, maintain and operate charitable, benevolent or educational institutions for the benefit of its members and their families and dependents, and for the benefit of children insured by the society. For such purpose it may own, hold or lease personal property or real property located […]
Section 15. A society may pay benefits, other than insurance benefits, to its members from any special account or fund maintained for such purpose; provided, that if such benefits are of such a nature that they could constitute benefits within the classes of insurance set forth in section seventeen, a society making such payments may […]
Section 16. (a) The officers and members of the supreme, grand or any subordinate body of a society shall not be personally liable for the payment of any benefits provided by a society. (b) A person may be indemnified and reimbursed by a society for expenses reasonably incurred by, and liabilities imposed upon, such person […]
Section 17. A society authorized to do business in the commonwealth may provide for the payment of— (a) Death benefits in any form; (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 not exceeding in […]
Section 18. A society may provide for benefits on the lives of children under the minimum age for adult membership, but not greater than eighteen years of age at time of application therefor, upon the application of some adult person, as its by-laws or rules may provide, which benefits shall be in accordance with the […]
Section 19. Deferred payments or instalments of claims shall be considered as fixed liabilities on the happening of the contingency upon which such payments or instalments are thereafter to be paid. Such liability shall be the present value of such future payments or instalments upon the rate of interest and mortality assumed by the society […]
Section 1A. Notwithstanding any general or special law to the contrary, chapter 176V shall apply to fraternal benefit societies governed by this chapter.
Section 1B. Notwithstanding any general or special law to the contrary, chapter 176W shall apply to fraternal benefit societies governed by this chapter.
Section 2. A society having a supreme legislative or governing body and subordinate lodges or branches by whatever name known, into which members are elected, initiated or admitted in accordance with its constitution, by-laws, ritual and rules, which subordinate lodges or branches are required by the by-laws of the society to hold regular meetings at […]
Section 20. A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans and such other options as its by-laws may permit. As to each certificate issued, a society shall grant at least one paid-up nonforfeiture benefit, except in the case of pure endowment, annuity or reversionary annuity contracts, reducing term insurance contracts or […]
Section 21. (a) 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 its laws […]
Section 22. No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment 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 or liability of a member […]
Section 22A. No society shall by its by-laws or by any contract or policy made or issued by it in this commonwealth restrict the payment of benefits or any part thereof accruing under such by-laws, contract or policy upon the death of a member or of the person insured, as the case may be, to […]
Section 23. Every society authorized to do business in the commonwealth shall issue to each benefit member a certificate specifying the amount of benefits provided thereby. The certificate, together with any riders or endorsements attached thereto, the charter or articles of incorporation, the constitution and by-laws of the society, the application for membership, and declaration […]
Section 24. (a) No certificate shall be delivered or issued for delivery in this commonwealth unless a copy of the form has been filed with the commissioner in the manner provided for like policies issued by life insurers in this commonwealth. Every life, accident, health, or disability certificate and every annuity certificate issued on or […]
Section 25. Whenever it appears by a valuation certified to by a competent actuary that the actual assets of a society exceed its liabilities, including in liabilities the tabular reserves computed on the basis specified in section twenty by an amount equal to five per cent of said reserves, increased by an amount equal to […]
