Title ISC, Insurance

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

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

§ 4403. Registration. (a) The trustees of every employee welfare fund\nshall register such fund with the superintendent within three months of\ncommencing to do business in this state. Such registration shall be in\nsuch form and shall contain such information relating to the\no…

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

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

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

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

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

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

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

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

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

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

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

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

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

§ 4503. Licensing of foreign and alien societies. (a) The\nsuperintendent may issue a license to do business in this state to any\nforeign or alien society which conforms to the requirements for foreign\nor alien insurers pursuant to section one thousand one hundred six of\nthis…

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

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

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

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

§ 4508. Beneficiaries. (a) The adult owner of a benefit contract shall\nhave the right at all times to change the beneficiary or beneficiaries\nin accordance with the laws or rules of the authorized society unless\nthe owner waives this right by specifically requesting in writin…

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

§ 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;\ncompliance with rules and regulations. (a) No certificate or other\nevidence of any contract of accident insurance, disability income\ninsurance, or health insurance or of any total and permanent disability\nins…

§ 4513. Annuity certificates; compliance with rules and regulations.\nNo certificate or other evidence of any annuity contract and no\napplication or rider or endorsement for use in connection therewith,\nshall be delivered or issued for delivery in this state unless it\nconform…

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

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

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

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

§ 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\ndeficiency. (a) Whenever the superintendent determines that the admitted\nassets of an authorized society will be less than the sum of its\nrequired reserves, accrued liabilities, and minimum surplus within a\nperio…

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

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

§ 4522. Exemptions of certain organizations. (a) Except as provided in\nsubsection (b) hereof the following societies, corporations,\nunincorporated associations, and other organizations shall be exempt\nfrom the provisions of this chapter requiring the obtaining of a license\nt…

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

§ 4524. Exemption from taxation. Every society organized or licensed\nunder this article is hereby declared to be a charitable and benevolent\ninstitution, and all of its funds shall be exempt from all and every\nstate, county, district, municipal and school tax, other than taxe…

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

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

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

§ 4528. New business limitations. Every authorized society shall limit\nthe issuance of new life insurance certificates and new annuity\ncontracts in accordance with requirements for new life insurance\npolicies and new annuity contracts under section four thousand two\nhundred …

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

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

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

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

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

§ 4604. Contributions. (a) The participating employees, or the\nemployer, or both may contribute to the funds of the system and the\nrates of contribution shall be fixed by the trustees upon the basis of\nactuarial recommendations and shall be adequate to support the benefits\ng…

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

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