Chapter 432 — Chapter 432

§432:2-405 Nonforfeiture benefits, cash surrender values, certificate loans and other options. (a) For certificates issued prior to one year after July 1, 1988, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option grant…

PART V. FINANCIAL §432:2-501 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 and subject to the limitations thereon. Any foreign or alien society permitted or seeking …

§432:2-502 Funds. (a) All assets shall be held, invested and disbursed for the use and benefit of the society. 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…

§432:2-503 Taxation. Every society organized and operating or licensed under this article shall be, from the time of such organization, exempt from every state, county, and municipal tax, except real property taxes and unemployment compensation taxes; provided that nothing in thi…

PART VI. REGULATION §432:2-601 Valuations. (a) Standards of valuation for certificates issued prior to one year after July 1, 1988, shall be those provided by the laws applicable immediately prior to July 1, 1988. (b) The minimum standards of valuation for certificates issued on …

§432:2-602 Reports. (a) 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 a true statement of its financial condition, transactions and affairs …

§432:2-603 Annual license. Societies that are now authorized to transact business in this State may continue to transact business until August 16, 2016. The authority of societies and all societies hereafter issued a certificate of authority, may thereafter be extended in accorda…

§432:2-604 Examination of societies; no adverse publications. (a) The commissioner, or any person the commissioner 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 author…

§432:2-605 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 th…

§432:2-606 Injunction, liquidation, receivership of domestic society. (a) When the commissioner upon investigation finds that a domestic society: the commissioner shall notify the society of such deficiency or deficiencies and state in writing the reasons for the commissioner's d…

§432:2-607 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: the commissioner shall notify the society of such de…

§432:2-608 Injunction. No application or petition for injunction against any domestic, foreign or alien society, or lodge, shall be recognized in any court of the State unless made by the attorney general upon request of the commissioner. [L 1987, c 347, pt of §2]

§432:2-609 Licensing of producers. (a) Fraternal benefit society producers shall be licensed in accordance with the provisions governing producers in articles 7 and 9A of chapter 431, except that the appointment shall be made by the fraternal benefit society. Fraternal benefit so…

§432:2-610 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 13 of the insurance code relating to unfair practices; provided, however, that nothing in such…

PART VII. MISCELLANEOUS §432:2-701 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 agai…

§432:2-702 Review. All decisions and findings of the commissioner made under the provisions of this article shall be subject to review by proper proceedings in any court of competent jurisdiction in this State. [L 1987, c 347, pt of §2]

§432:2-703 Penalties. (a) Any person who wilfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in any society, shall upon conviction be fined not less than $100 nor more than $500 or …

§432:2-704 Exemption of certain societies. (a) Nothing contained in this article shall be so construed as to affect or apply to: (b) Any such society or association described in subsections (a)(3) or (4) which provides for death or disability benefits for which benefit certificat…