Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:44B-13. Reinsurance agreement to cede risks 13. 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 reinsure and authorized to do business …

17:44B-14. Consolidation, merger 14. a. 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 in full the terms and conditio…

17:44B-15. Conversion to domestic mutual insurer 15. a. A domestic fraternal benefit society which is organized pursuant to the provisions of this act may convert to a domestic mutual insurer by complying with the provisions of this section. b. A written plan of conversion settin…

17:44B-16. Provision of contractual benefits 16. a. A society may provide the following contractual benefits in any form, except in the form of group insurance: (1) death benefits; (2) endowment benefits; (3) annuity benefits; (4) temporary or permanent disability benefits; (5) h…

17:44B-17. Right to change beneficiary 17. 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 …

17:44B-18. Issuance of certificate specifying amount of benefits 18. a. 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 by the contract. The certificate, together with a…

17:44B-19. Certificates issued in 1998, compliance with prior law; after 1998 requirements 19. a. 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 o…

17:44B-2. Fraternal benefit society 2. Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of section 35 of this act, whether incorporated or not, conducted solely for the benefit of its members and their beneficiar…

17:44B-20. Investment of funds of society 20. A society shall invest its funds only in investments that are authorized by the laws of this State for the investment of assets of domestic life insurers and subject to the limitations thereon. Any foreign or alien society permitted o…

17:44B-21. Holding, investment, disbursement of assets 21. a. 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 surren…

17:44B-22. Societies governed by act 22. Except as otherwise provided in this act, societies shall be governed by this act and shall be exempt from all other provisions of the insurance laws of this State, not only in governmental relations with the State, but for every other pur…

17:44B-23. Society declared charitable, benevolent institution 23. Every society organized or licensed under this act is declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every State, county, district, municipal and school t…

17:44B-24. Standards of valuation for certificates 24. a. Standards of valuation for certificates issued prior to one year after the effective date of this act shall be those provided by the laws applicable immediately prior to the effective date of this act. b. The minimum stand…

17:44B-25. Filing of annual statement 25. a. Every society transacting business in this State shall annually, on or before March 1, unless for cause shown the time has been extended by the commissioner, file with the commissioner a true statement of its financial condition, trans…

17:44B-26. Authority to transact business, compliance with requirements of this act 26. Societies which are now authorized to transact business in this State, and all societies licensed on or after the effective date of this act, may continue in business until June 1 next succeed…

17:44B-27. Societies subject to examination 27. a. All societies shall be subject to examination by the commissioner in the same manner and subject to the same procedures as set forth in P.L.1993, c.236 (C.17:23-20 et seq.). b. A summary of the report of the commissioner and the …

17:44B-28. Licensing of foreign, alien society 28. No foreign or alien society shall transact business in this State without a license issued by the commissioner. Any foreign or alien society desiring admission to this State shall comply substantially with the requirements and li…

17:44B-29. Domestic societies subject to C.17B:32-31 et seq. 29. Domestic societies shall be subject to the provisions of P.L.1992, c.65 (C.17B:32-31 et seq.). L.1997,c.322,s.29.

17:44B-3. Lodge system 3. a. 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 …

17:44B-30. Deficiencies, notice of; corrections; remedies 30. a. When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this State: (1) has exceeded its powers; (2) has failed to comply with any of the provis…

17:44B-31. Application, petition for injunction by State 31. 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 commissi…

17:44B-32 Licensure of individual insurance producers; exemption for certain agents, member of fraternal benefits societies, conditions. 32. Individuals acting as insurance producers with respect to societies shall be licensed in accordance with the provisions of the "New Jersey …

17:44B-33. Societies, agents subject to N.J.S.17B:30-1 et seq. 33. Every society and agent authorized to do business in this State shall be subject to the provisions of N.J.S.17B:30-1 et seq., relating to trade practices; provided, however, that nothing in those provisions shall …

17:44B-34. Appointment of commissioner as attorney for foreign society 34. a. Every foreign and alien 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 pro…

17:44B-35. Nonapplicability of act 35. a. Nothing contained in this act shall be construed to affect or apply to: (1) societies which do not provide benefits by contract; (2) orders, societies or associations which admit to membership only persons engaged in one or more crafts or…

17:44B-36. Violations, penalties 36. a. Any person who: (1) makes a false or fraudulent statement to the commissioner, or the department, in any report or declaration required or authorized by this act, or (2) solicits membership for, or in any manner, assists in procuring member…

17:44B-37. Decisions, findings subject to review 37. All decisions and findings of the commissioner made under the provisions of this act shall be subject to review by proper proceedings in any court of competent jurisdiction in this State. L.1997,c.322,s.37.

17:44B-4. Representative form of government for society 4. A society has a representative form of government when: a. It has a supreme governing body constituted in one of the following ways: (1) Assembly. The supreme governing body is an assembly composed of delegates elected di…

17:44B-5. Purposes of society 5. a. A society shall operate for the benefit of members and their beneficiaries by: (1) providing benefits as specified in section 16 of this act; and (2) operating for one or more social, intellectual, educational, charitable, benevolent, moral, fr…

17:44B-6 Specification of eligibility, admission, rights, etc. 6. a. 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 minors, the minimum age for adult membership…

17:44B-7. Location of principal office; reports 7. a. 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, district, province or territory wherein such society has at least one subordinat…

17:44B-8. Immunity of officers, members from personal liability 8. a. 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. b. Any person may be indemnified and reimbursed…

17:44B-9. Waiver of society's laws by subordinates prohibited 9. The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, shall have the power or authority to waive any of the provisions of the laws of the society. This provisi…