Title Minnesota Statutes, Minnesota Statutes

64B.05 PURPOSES AND POWERS. § Subdivision 1.Purposes. A society shall operate for the benefit of members and their beneficiaries by: (1) providing benefits as specified in section 64B.16; and (2) operating for one or more social, intellectual, educational, charitable, benevolent,…

64B.06 QUALIFICATIONS FOR MEMBERSHIP. § Subdivision 1.Qualifications. A society shall specify in its laws or rules: (1) eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult members…

64B.07 LOCATION OF OFFICE, MEETINGS, COMMUNICATIONS TO MEMBERS, GRIEVANCE PROCEDURES. § Subdivision 1.Location of office; meetings. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, di…

64B.08 PERSONAL LIABILITY; INDEMNIFICATION; INSURANCE; ADVANCES. § Subdivision 1.No personal liability. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. § Subd. 2.Ind…

64B.09 WAIVER. The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, may waive any of the provisions of the laws of the society. The provision is binding on the society and every member and beneficiary of a member. History: …

64B.10 ORGANIZATION. § Subdivision 1.Regulation. A domestic society organized on or after August 1, 1985 shall be formed according to subdivisions 2 to 6. § Subd. 2.Formation. Seven or more citizens of the United States, a majority of whom are citizens of this state, who desire t…

64B.11 AMENDMENTS TO LAWS. § Subdivision 1.Amendment procedure. A domestic society may amend its laws 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. The referen…

64B.12 INSTITUTIONS. A society may create, maintain, and operate, or may establish organizations to operate, not for profit institutions to further the purposes permitted by section 64B.05, subdivision 1, clause (2). The institutions may furnish services free or at a reasonable c…

64B.13 REINSURANCE. (a) 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…

64B.14 CONSOLIDATIONS AND MERGERS. § Subdivision 1.Requirements. 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: (1) a certified copy of the written contract containing the t…

64B.15 CONVERSION OF FRATERNAL BENEFIT SOCIETY INTO MUTUAL LIFE INSURANCE COMPANY. A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the financial requirements for a mutual life insurance company. A plan o…

64B.16 BENEFITS. § Subdivision 1.Scope. A society may provide the following contractual benefits on an individual or nongroup basis: (1) death benefits; (2) endowment benefits; (3) annuity benefits; (4) temporary or permanent disability benefits; (5) hospital, medical, or nursing…

64B.17 BENEFICIARIES. § Subdivision 1.Change; eligibility; rights. The owner of a benefit contract may at all times 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…

64B.18 BENEFITS NOT ATTACHABLE. The cash value, proceeds, or benefits under any matured or unmatured life insurance or annuity contract issued before, on, or after June 2, 1987, by any society authorized to do business under this chapter, is exempt from attachment, garnishment, e…

64B.19 BENEFIT CONTRACT. § Subdivision 1.Certificate. 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 thereby. The certificate, together with any riders or endorsements …

64B.20 NONFORFEITURE BENEFITS, CASH SURRENDER VALUES, CERTIFICATE LOANS, AND OTHER OPTIONS. § Subdivision 1.Prior certificates. For certificates issued prior to one year after August 1, 1985, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender va…

64B.21 INVESTMENTS. A society shall invest its funds only in investments 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 that …

64B.22 FUNDS. § Subdivision 1.Assets. 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…

64B.23 EXEMPTIONS. § Subdivision 1.Application of chapter. Except as herein provided, the societies shall be governed exclusively 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, but fo…

64B.24 TAXATION. Fraternal benefit societies are declared to be charitable institutions, and the property held and used for lodge purposes, and the funds of these societies shall be exempt from taxation under the general tax or revenue laws of this state, except that the real est…

64B.25 VALUATION. § Subdivision 1.Prior certificates. Standards of valuation for certificates issued prior to one year after August 1, 1985 shall be those provided by the laws applicable immediately prior to August 1, 1985. § Subd. 2.Future certificates. The minimum standards of …

64B.26 REPORTS. Reports shall be filed in accordance with the provisions of this section. 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 co…

64B.27 ANNUAL LICENSE. Societies that are now authorized to transact business in this state may continue this business until the first day of June next succeeding August 1, 1985. The authority of the societies and all societies hereafter licensed, may thereafter be renewed annual…

64B.28 EXAMINATION OF SOCIETIES; NO ADVERSE PUBLICATIONS. § Subdivision 1.Procedure. 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 s…

64B.29 FOREIGN OR ALIEN SOCIETY; ADMISSION. No foreign or alien society shall transact business in this state without a license issued by the commissioner. Any society desiring admission to this state shall comply substantially with the requirements and limitations of this chapte…

64B.30 DOMESTIC ASSOCIATIONS; EXAMINATION; REHABILITATION; DISSOLUTION. § Subdivision 1.Visitation and examination. The commissioner, or any person the commissioner may appoint, shall have the power of visitation and examination into the affairs of any domestic society. The commi…

64B.31 SUSPENSION, REVOCATION, OR REFUSAL OF LICENSE OF FOREIGN OR ALIEN SOCIETY. § Subdivision 1.Grounds for revocation. When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (1) has exceeded it…

64B.32 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. History: 1985 c 49 s 32

64B.33 LICENSING OF AGENTS. Agents of societies shall be licensed in accordance with the provisions of chapters 60A and 60K regulating the licensing, revocation, suspension, or termination of license of resident and nonresident agents, except as otherwise provided in section 60K.…

64B.34 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 chapter 72A relating to prohibitions and penalties in general and the regulation of trade practices; provi…

64B.35 SERVICE OF PROCESS. § Subdivision 1.Appointment of commissioner as attorney. 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 …

64B.36 REVIEW. All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review by proper proceedings in any court of competent jurisdiction in this state. History: 1985 c 49 s 36

64B.37 PENALTIES. § Subdivision 1.Violations generally. Any person violating the provisions of section 64B.14, subdivisions 2 and 3, shall be guilty of a felony; and, upon conviction, liable to a fine of not more than $10,000, or to imprisonment for not more than five years, or t…

64B.38 CERTAIN ORGANIZATIONS EXEMPT. § Subdivision 1.Application of chapter. Nothing contained in this chapter shall be construed to affect or apply to: (1) grand or subordinate lodges of Masons, Odd Fellows, Elks, or Knights of Pythias, exclusive of the insurance branch of the s…

64B.39 BENEFICIARY ASSOCIATIONS. § Subdivision 1.Definitions. "Beneficiary association" means a corporation, society, or voluntary association heretofore organized and now existing and carried on for the sole benefit of its members and their families, relatives, or dependents, bu…

64B.40 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 64B.40 to 64B.48, the terms defined in this section have the meanings given them. § Subd. 2.Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has …

64B.41 RISK-BASED CAPITAL REPORTS. § Subdivision 1.General requirements. Every society shall, on or before each March 1, prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing the in…

64B.42 FRATERNAL ACTION LEVEL EVENT. § Subdivision 1.Definition. "Fraternal action level event" means, with respect to a society, any of the following events: (1) the filing of a risk-based capital report by the society that indicates that: (i) the society's total adjusted capita…

64B.43 FRATERNAL AUTHORIZED CONTROL LEVEL EVENT; DOMESTIC SOCIETIES. § Subdivision 1.Definitions. (a) For purposes of this section, the terms in this subdivision have the meanings given. (b) "Fraternal authorized control level event" means any of the following events: (1) the fil…

64B.44 HEARINGS. Upon notification to a society by the commissioner: (1) that the risk-based capital report is being adjusted by the commissioner; (2) that the society's risk-based capital plan or revised risk-based capital plan is unsatisfactory, and that the notification consti…

64B.45 PROHIBITION ON ANNOUNCEMENTS. Except as otherwise required under sections 64B.40 to 64B.48, the making, publishing, dissemination, circulating, or placing before the public, or causing, directly or indirectly to be made, published, disseminated, circulated, or placed befor…

64B.46 SUPPLEMENTAL PROVISIONS. Sections 64B.40 to 64B.48 are supplemental to other laws of this state and do not preclude or limit other powers or duties of the commissioner under those laws, including, but not limited to, chapters 60B and 60G. History: 2010 c 275 art 2 s 8

64B.47 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the Department of Commerce or its employees or agents for an action taken by them in the performance of their powers and duties under sections 64B.40 to 64B.48. Histo…

64B.48 NOTICES. All notices by the commissioner to a society that may result in regulatory action under sections 64B.40 to 64B.48 are effective upon dispatch if transmitted by registered or certified mail, or, in the case of other transmission, are effective upon the society's re…