Article 7 FRATERNAL BENEFIT SOCIETIES

Article 7 FRATERNAL BENEFIT SOCIETIES

40-738 Definitions.
40-739 Operation on lodge system; subordinate lodges required to hold regular meetings; lodges for children.
40-740 Representative form of government; election and voting criteria.
40-741 Definitions.
40-742 Operation for benefit of members; authorized insurance business and purposes; specification of persons who may be covered; adoption of laws and rules governing society's operation.
40-743 Laws and rules; provisions relating to membership to be specified.
40-744 Location of principal office; supreme governing body, location of meetings, minutes of proceedings; official publication for notices; mailings; grievance or complaint procedures.
40-745 Personal liability of supreme governing body officers and members; indemnification and reimbursement for expenses and liabilities of directors, officers, employees and agents of society and other entities; liability insurance.
40-746 Society's laws nonwaivable by subordinate bodies, officers or members.
40-747 Beneficiary designations; payment of funeral benefits to persons incurring expense therefor; payment of proceeds when no lawful beneficiary.
40-748 Benefits not subject to attachment, garnishment or process.
40-749 Benefit contracts; certificate to be issued to owners; statements on application representations; effect of amendments to society's laws; contracts on lives of minors; impairment of reserves; copies of documents to be received as evidence; certificates to be filed with commissioner; standard contract provision requirements; transfer of contract to minor on attaining minimum age; assignment of contracts.
40-750 Valuation of paid-up nonforfeiture benefits, cash surrender values and loan or other options.
40-751 Investment of funds.
40-752 Holding of assets; creation of special funds; establishment of separate accounts; issuance of contracts on variable basis.
40-753 Insurance laws application to societies.
40-754 Standards of valuation for certificates; mortality tables; maintenance of reserves in excess of those required.
40-755 Annual statement to include valuation of certificates in force; certification or verification of actuary.
40-756 Licenses continued in force upon payment of fees; certified copy of license prima facie evidence licensee is society.
40-757 Examinations; notice and opportunity to respond; payment of expenses.
40-758 Foreign and alien societies to procure license to transact business in state; filing and other requirements.
40-759 Deficiencies in operation by domestic society; notice to correct; show cause requirement upon failure to correct; injunction or quo warranto action by attorney general; recommencement of business; liquidation; receiver; procedures applicable to society voluntarily discontinuing business.
40-760 Deficiencies in operation by foreign or alien society; notice to correct; show cause requirement upon failure to correct; suspension, revocation or refusal of authority to do business; certain contracts authorized to be continued.
40-761 Application or petition for injunction required to be made by attorney general on request of commissioner.
40-762 Agents, licensing, certification and examination; exemption therefrom for certain agents, representatives and members; society to maintain record of exempted representatives; information thereof and of change of exempt status to be furnished to commissioner; continuing education requirements.
40-763 Societies and agents subject to law regulating trade practices; construction and application thereof.
40-764 Formation requirements; incorporators; articles of incorporation; documents to be filed with commissioner; bond; preliminary certificate of authority, expiration; solicitation of members upon receipt of preliminary certificate; conditions precedent to incurring liabilities or paying benefits; issuance of certificate of authority; societies incorporated on act's effective date not required to reincorporate.
40-765 Amendment of domestic society's laws; procedures; approval by commissioner; amendments or synopsis thereof to be furnished to members; amendments and additions to be furnished to commissioner; printed copies prima facie evidence of legal adoption.
40-766 Establishment and operation of not for profit institutions to further purposes of society; compensation for institutions' services; annual statement to include property held for such purposes.
40-767 Reinsurance; limitations; credit for reserves on ceded risks.
40-768 Consolidation or merger of domestic society; documents and evidence to be filed with commissioner; approval of commissioner; effective date; societies incorporated under laws of foreign state; transfer of rights and property to society resulting or remaining after transaction; affidavit prima facie evidence of furnishing notice or documents.
40-769 Conversion of society into mutual or stock life insurance company.
40-770 Same; submission of proposal to supreme legislative body; notice to be furnished members and policyholders; meeting of subordinate lodges or branches on proposal; election of delegates to supreme legislative body; approval of plan by commissioner; options for members or policyholders upon conversion.
40-771 Same; adoption of resolution by delegates to supreme legislative body; certificate to be filed with commissioner by directors of society; contents.
40-772 Same; report of meeting to be filed with commissioner.
40-773 Same; conversion into stock company; purchase of stock; notice to members or policyholders of right to purchase; preference; limitation; nonmembers of society.
40-774 Same; status of corporation upon conversion; reserves on policies issued prior to conversion; succession to rights and property of society; power of commissioner to order divestiture or revaluation.
40-775 Same; preservation of rights of members, policyholders and creditors of society as obligations of new corporation; appointment of commissioner as process agent.
40-776 Same; obligation of new corporation to perform obligations of society; preservation of pending legal actions.
40-777 Appointment of commissioner as process agent; time for society to file pleadings after receiving copy of notice.
40-778 Review of commissioner's decisions.
40-779 Penalties for violations.
40-780 Application of act to exempted societies and organizations; information required by commissioner.
40-781 Rules and regulations.
40-782 Severability of act.

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