418:1 Fraternal Benefit Societies Defined. – Any incorporated society, order or supreme lodge, without capital stock, including one exempted under RSA 418:36, I(b), 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 […]
418:10 Amendments to Laws. – I. A domestic society may amend its articles of incorporation or bylaws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. Such referendum may be held in accordance with the […]
418:11 Institutions. – A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted in RSA 418:4, I(b). Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held or leased by the society for this purpose shall […]
418:12 Reinsurance. – I. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which […]
418:13 Consolidations and Mergers. – I. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: (a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; (b) A sworn […]
418:14 Conversion of Fraternal Benefit Society Into a Mutual Life Company. – Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance laws for mutual life insurance companies. A plan of conversion shall be prepared in writing by […]
418:15 Benefits. – I. A society may provide the following contractual benefits in any form: (a) Death benefits; (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; and (g) Such other benefits as authorized […]
418:16 Beneficiaries. – I. 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 […]
418:17 Benefits Not Attachable. – No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment 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 […]
418:18 The Benefit Contract. – I. Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided in such contract. The certificate, together with any riders or endorsements, the laws of the society, the application for membership, the application […]
418:19 Nonforfeiture Benefits, Cash Surrender Values, Certificate Loans and Other Options. – I. For certificates issued prior to one year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law […]
418:2 Lodge System Defined. – I. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules, and ritual. Subordinate lodges shall be required by the laws of the society to hold regular […]
418:20 Investments. – A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers as provided in RSA 411-A. Provided, that any foreign society permitted or seeking to do business in this state, which invests its funds in […]
418:21 Funds. – I. 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. II. A […]
418:22 Exemptions. – Except as provided in this chapter, and except for RSA 405:53 through 405:60, inclusive, which are herein incorporated and made applicable hereto, societies shall be governed by this chapter and shall be exempt from all provisions of the insurance laws of this state not only in governmental relations with the state, […]
418:23 Taxation. – Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, and municipal tax, other than taxes on real estate and office equipment. Source. 2003, 182:1, eff. Jan. 1, 2004.
418:24 Valuation. – I. Standards of valuation for certificates issued prior to one year after the effective date of this chapter shall be those provided by the laws applicable immediately prior to the effective date of this chapter. II. The minimum standards of valuation for certificates issued on or after one year from the […]
418:25 Reports. – Reports shall be filed in accordance with the provisions of this section: I. Every society transacting business in this state shall annually, on or before March 1, unless for cause shown such time has been extended by the commissioner, file with the commissioner of insurance a true statement of its financial […]
418:26 Annual License. – On compliance with the foregoing conditions and if the society is found upon examination made by or under the direction of the commissioner to have complied with the laws of the state applicable to it, a license to transact business in this state shall be issued until June 14 thereafter. […]
418:27 Examination of Domestic Societies; No Adverse Publications. – I. 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 provided in RSA 400-A:37 and RSA 400-A:38 for examination of […]
