Title ISC, Insurance

§ 4401. Declaration of policy. (a) It is declared to be the policy of the state that employee welfare funds are of great benefit to employees and their families and that their growth should be encouraged; that the establishment and management of such funds vitally affect the wel…

§ 4402. Definitions. In this article: (a) "Employee welfare fund" or "fund" means any trust fund or other fund established or maintained jointly by one or more employers together with one or more labor organizations, whether directly or through trustees, to provide employee bene…

§ 4403. Registration. (a) The trustees of every employee welfare fund shall register such fund with the superintendent within three months of commencing to do business in this state. Such registration shall be in such form and shall contain such information relating to the organ…

§ 4404. Examinations; requirement. (a) The superintendent may examine into the affairs of any employee welfare fund as often as he deems it necessary, and he shall do so at least once in every five years. (b) The trustees of every fund shall be responsible for the maintenance of…

§ 4405. Examinations; conduct. (a) Whenever, pursuant to this article, the superintendent shall determine to examine the affairs of any employee welfare fund he shall make an order indicating the scope of the examination and may appoint as examiners one or more competent persons…

§ 4406. Examinations; publication. (a) All reports and copies of reports of examinations and investigations of any employee welfare fund, shall be confidential communications, shall not be subject to subpoena and shall not be made public unless, in the judgment of the superinten…

§ 4407. Examinations; expenses. (a) The expenses of every examination of the affairs of any employee welfare fund, including any appraisal of an interest in real property, made pursuant to any provision of this chapter, shall be paid by the employee welfare fund examined. (b) Fo…

§ 4408. Annual statement. (a) The trustees of every employee welfare fund shall file in the office of the superintendent, annually within five months after the close of the fiscal year used in maintaining the records of such fund, a statement, to be known as the annual statement…

§ 4409. Special statements. (a) In addition to any other statements or reports required by this article, the superintendent may make any inquiry to the trustees of any employee welfare fund or to any of its other officers, agents or employees or to any employer or labor organiza…

§ 4410. Annual report. (a) The trustees of every employee welfare fund shall within five months after the close of the fiscal year used in maintaining the records of such fund, annually file a report with the superintendent to be known as the annual report. (b) Such report shall…

§ 4411. Account statements by insurance companies, service plans and corporate trustees and agents. Every insurance company, hospital, surgical or medical service plan providing benefits under an employee welfare fund, and any corporate trustee or agent holding or administering …

§ 4412. Regulation under other laws. (a) Where the trustees of any employee welfare fund are subject to and comply with any law of this state other than this article or the law of any other state or of the United States with respect to registration, filing, examination, statemen…

§ 4413. Prohibitions. (a) The trustees of every employee welfare fund shall be responsible in a fiduciary capacity for all assets received, managed or disbursed by them, or under their authority, on behalf of such fund. (b) (1) No such fund and no employer or labor organization …

§ 4414. Supplementary regulations; extensions of time; service of process; records; loans; compliance. (a) The superintendent may from time to time promulgate appropriate supplementary rules and regulations to carry out the express provisions and purposes of this article. (b) Fo…

§ 4501. Definitions. In this article: (a) "Fraternal benefit society" means, except as used in section four thousand five hundred twenty-three of this article, an incorporated society, order or supreme lodge, without capital stock, formed, organized and carried on solely for the…

§ 4502. Incorporation and licensing of domestic societies; meeting of supreme governing body. An authorized domestic society may be organized and licensed in the manner prescribed in this section, and subject to the other requirements of this chapter applicable thereto. The succ…

§ 4503. Licensing of foreign and alien societies. (a) The superintendent may issue a license to do business in this state to any foreign or alien society which conforms to the requirements for foreign or alien insurers pursuant to section one thousand one hundred six of this cha…

§ 4504. Amendments to charter, constitution and by-laws; waiver of provisions. (a) A domestic society may amend its charter and by-laws by a majority vote at any regular meeting or special meeting (called for that purpose) of its supreme governing body, but no such amendment sha…

§ 4505. Insurance benefits authorized. (a) Any authorized society may obligate itself for the payment of only insurance benefits defined in subsections (h) through (p) of section four thousand five hundred one of this article, except that no benefits may be provided through grou…

§ 4506. Classes of membership. An authorized society may admit to membership two classes of members: insurance members and social members by whatever name known. Social members shall not be entitled to any of the benefits prescribed by section four thousand five hundred five of …

§ 4507. Juvenile members. (a) An authorized society may admit to adult insurance membership any person not less than fifteen years of age at nearest birthday. Any person so admitted prior to attaining the full age of eighteen years shall be deemed competent to contract for life …

§ 4508. Beneficiaries. (a) The adult 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 authorized society unless the owner waives this right by specifically requesting in writing t…

§ 4509. Certificates; applications; effect of changes in corporate documents. Every authorized society shall issue to each insured member, except a spouse or children under the age of twenty-one years insured as members pursuant to subsection (b) of section four thousand five hu…

§ 4510. Life insurance certificates; required and prohibited\nprovisions. (a) No certificate or other evidence of a life insurance\ncontract shall be delivered or issued for delivery in this state by any\nauthorized society unless it contains in substance the following\nprovisio…

§ 4511. Life insurance certificates and annuity contracts;\nnonforfeiture benefits and values; requirements and exceptions. (a)\nEvery certificate of life insurance except certificates for which\nreserves are computed on the Commissioners 1941 Standard Ordinary\nMortality Table,…

§ 4512. Accident and health and disability insurance certificates; compliance with rules and regulations. (a) No certificate or other evidence of any contract of accident insurance, disability income insurance, or health insurance or of any total and permanent disability insuran…

§ 4513. Annuity certificates; compliance with rules and regulations. No certificate or other evidence of any annuity contract and no application or rider or endorsement for use in connection therewith, shall be delivered or issued for delivery in this state unless it conforms wi…

§ 4514. Creation and maintenance of separate funds; premiums; assessments and other contributions of members. (a) Every authorized society shall create a separate fund or funds for the payment of all insurance benefits as defined in section four thousand five hundred one of this…

§ 4515. Conditions for avoiding separate funds. (a) Any authorized society which maintains reserves, including deficient premium reserves, at least equal to those required by the minimum standards of valuation hereinafter specified and which does not exceed the expense limits he…

§ 4516. Annual statement; valuation report; power of superintendent. (a) Every authorized society shall make special reports in compliance with section three hundred eight of this chapter, shall file its annual statement in conformity with the requirements of section three hundr…

§ 4517. Standard of valuation reserves. (a) The legal minimum standard of valuation for all life insurance certificates issued by an authorized society prior to January first, nineteen hundred fifty-seven shall be in accordance with provisions of law applicable thereto as of Dec…

§ 4518. Amounts credited on life insurance certificates. Any\nindividual life insurance certificate may provide that in addition to\nany minimum benefits guaranteed in the certificate, additional amounts\nmay be credited to the certificate. No such additional amounts shall be\ng…

§ 4519. Impairment of reserves and surplus; order to make good deficiency. (a) Whenever the superintendent determines that the admitted assets of an authorized society will be less than the sum of its required reserves, accrued liabilities, and minimum surplus within a period of…

§ 4520. Non-liability of officers and members. Officers and members of the supreme or any subordinate body of any authorized society shall not be individually liable for the payment of any benefits provided for in the laws and agreements of such society, but the same shall be pa…

§ 4521. Grounds for revocation or suspension of license. The superintendent may revoke or suspend the license to do business in this state of any domestic, foreign or alien society, if, after notice to and hearing of such society in accordance with sections three hundred four, t…

§ 4522. Exemptions of certain organizations. (a) Except as provided in subsection (b) hereof the following societies, corporations, unincorporated associations, and other organizations shall be exempt from the provisions of this chapter requiring the obtaining of a license to do…

§ 4523. Soliciting membership in unauthorized societies; penalties. (a) Any person, firm, association or corporation who or which shall solicit a member or members for, or in any way assist in procuring a member or members for, or collect payments or dues for or in connection wi…

§ 4524. Exemption from taxation. Every society organized or licensed under this article is hereby 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 tax, other than taxes o…

§ 4525. Application of other provisions of this chapter. Every authorized society shall be subject to the provisions of this article but shall not be subject to other provisions of this chapter except: (a) those specified in this article as applicable to such societies; (b) arti…

§ 4526. Investments of fraternal benefit societies. (a) For purposes of investments made pursuant to the provisions of section one thousand four hundred four of this chapter, the term "institution" shall only include a corporation, a joint-stock association, and a business trust…

§ 4527. Optional authority and regulation. (a) An authorized fraternal benefit society subject to this article and meeting the requirements of this section may obligate itself for the payment of the following benefits in addition to those authorized in section four thousand five…

§ 4528. New business limitations. Every authorized society shall limit the issuance of new life insurance certificates and new annuity contracts in accordance with requirements for new life insurance policies and new annuity contracts under section four thousand two hundred twen…

§ 4529. Subsidiaries authorized. (a) A domestic fraternal benefit society may invest in subsidiaries as authorized in article seventeen of this chapter for domestic life insurance companies, provided such society meets the requirements of subsection (b) of section forty-five hun…

§ 4530. Optional Investment Authority. (a) An authorized society meeting the requirements set forth in this section is authorized to invest its funds in, or otherwise acquire, or loan upon, the types of investments specified in sections one thousand four hundred two, one thousan…

§ 4601. Definitions. In this article: (a) "Employees" means the employees, officers, and agents of any person, firm or corporation or of one or more corporations having business interests in common. (b) "Employer" means the person, firm, corporation or one or more corporations h…

§ 4602. Creation of retirement systems. (a) The employees, an employer, or the employees and employer jointly, may create a retirement system by filing in the office of the superintendent a declaration of their intention to do so, in a form approved by the superintendent, subscr…

§ 4603. Benefits. (a) A system providing retirement benefits by agreement with an employer may also provide in the same agreement for withdrawal equities and benefits on account of disability or death. (b) A system may provide pension benefits by entering into agreements with an…

§ 4604. Contributions. (a) The participating employees, or the employer, or both may contribute to the funds of the system and the rates of contribution shall be fixed by the trustees upon the basis of actuarial recommendations and shall be adequate to support the benefits grant…

§ 4605. Reinsurance. (a) All or any part of the pension benefits of a system may be reinsured in an insurance company authorized to insure such risks in this state, as may be provided for in the by-laws or declaration of trust of the retirement system. (b) The reinsurance contra…

§ 4606. Reserves. (a) A system shall, except to the extent that its benefits are reinsured by an insurance company authorized to transact such business in this state, create and maintain reserves, calculated to be adequate to cover the liabilities on account of benefits payable …