Title 56, Insurance

A director, an officer, a member, an insurance producer, or an employee of a county mutual insurance company who knowingly or intentionally, directly or indirectly, uses or employs, or allows another person to use or employ, money, funds, securities, or assets of the county mutua…

The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. All rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.

(a) Every state stock fire insurance company organized and incorporated under the laws of this state and operating under this chapter, before commencing business, must file or deposit with the commissioner of commerce and insurance the following:(1) A properly certified copy of i…

(a) False swearing to the statement required by § 56-23-101 shall be deemed perjury, and those who commit it shall be punished as in other cases of perjury. (b) The company in whose interest the false statement is made shall be denied the right to do business for twelve (12) mont…

For the purpose of determining the financial condition of a ceding insurer, only if the reinsurance is effected by the ceding insurer in any assuming insurer authorized to do such business in this state, or in any other state of the United States or the District of Columbia, the …

For the purpose of determining the financial condition of any assuming insurer, the insurer shall be charged with an amount in its unearned premium liability equal to the amount of the deductions specified in § 56-23-103, and in its valuation reserve liability with an amount at l…

Chapter 5 of this title shall apply to every stock fire insurance company operating under this chapter.

Every company subject to this chapter shall make an annual report to the commissioner, by March 1 of each year as of December 31 of the preceding year, on blank forms prepared and furnished by the commissioner for that purpose, setting forth the transactions of the company during…

Any state stock fire insurance company organized under the laws of this state is empowered to contract with any insurance company authorized to do business in this state to reinsure the whole or any part of any risk it has outstanding by reason of the issuance of its policy of in…

(a) No company doing business under this chapter shall reinsure any of its business in any unauthorized company, except upon the written approval of the commissioner. (b) The company shall pay the tax prescribed by chapter 4, part 2 of this title on all business it reinsures in c…

Every such company shall be required to obtain from the commissioner a certificate of authority for each of its agents who solicit or write insurance in this state, the fee for which shall be two dollars ($2.00).

The commissioner is authorized to promulgate rules and regulations not in conflict with this chapter for the purpose of implementing this chapter, and the regulations so promulgated shall have the force and effect of law.

Sections 56-3-103, 56-3-104, and 56-3-302 — 56-3-307 are applicable to any company organized and doing business under this chapter.

When the commissioner of commerce and insurance, on investigation, is satisfied that any corporation organized under the laws of this state and doing business as a life and casualty insurance company is insolvent because of matured death claims or other obligations due and unpaid…

The court may, in its discretion, appoint receivers to take charge of the effects and wind up the business of the corporation, subject to rules and orders as the court may from time to time prescribe, according to the course of proceedings in equity, or the court may, if it deems…

Every corporation transacting business under this chapter shall obtain from the commissioner a certificate of authority for each agent writing or soliciting insurance for it in this state, which certificate shall show that the corporation has complied with this chapter, and the c…

The commissioner shall collect and pay into the state treasury the fees prescribed by § 56-4-101 for issuing each new certificate of authority, for filing the company's annual statement and for amendments to the company's certificate of authority.

Any incorporated society, order or supreme lodge, without capital stock, including one exempted under § 56-25-704(a)(2), whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritual…

(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 of the society to hold re…

(1) A society has a representative form of government when:(1) It has a supreme governing body constituted in one (1) of the following ways:(A) Assembly. The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies …

(1) As used in this chapter, unless the context otherwise requires:(1) “Benefit contract” means the agreement for provision of benefits authorized by § 56-25-401, as that agreement is described in § 56-25-404;(2) “Benefit member” means an adult member who is designated by the law…

(a) A society shall operate for the benefit of members and their beneficiaries by:(1) Providing benefits as specified in § 56-25-1401; and(2) Operating for one (1) or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes…

(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 on the lives of children, the minimum age for adult membership shall be set at not less than fifteen (15) years of age and not greater…

(a) The meetings of its supreme governing body may be held in any state, district, province or territory wherein the society has at least one (1) subordinate lodge, or in such other location as determined by the supreme governing body, and all business transacted at the meetings …

(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) (1) Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liab…

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 laws of the society. The provision shall be binding on the society and every member and beneficiary of a member.

(1) A domestic society organized on or after January 1, 1991, shall be formed as follows:(1) Ten (10) or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign and acknowledge before some o…

(a) 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 referendum may be held in accordance with its laws by the vote of t…

A society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by § 56-25-105(a)(2). The institutions may furnish services free or at a reasonable charge. Any real or personal property owned, he…

(a) No fraternal benefit society organized under the laws of this state to do the business of life, accident, or health insurance shall consolidate or merge with any other fraternal benefit society, or reinsure its insurance risks, or any part thereof, with any other fraternal be…

(a) A domestic society may consolidate or merge with any other society by complying with this section. It shall file with the commissioner:(1) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger;(2) A sworn statement…

Any domestic fraternal benefit society may be converted and licensed as a stock or mutual life insurance company by compliance with all the requirements of this title for stock or mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of d…

(a) A society may provide the following contractual benefits in any form:(1) Death benefits;(2) Endowment benefits;(3) Annuity benefits;(4) Temporary or permanent disability benefits;(5) Hospital, medical or nursing benefits;(6) Monument or tombstone benefits to the memory of dec…

(a) The owner of a benefit contract has the right at all times to change the beneficiaries in accordance with the laws or rules of the society, unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may,…

No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or…

(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. The certificate, together with any riders or endorsements attached thereto, the laws of the society, the application…

(a) For certificates issued prior to one (1) year after January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender, loan or other option granted shall comply with law applicable immediately prior to January 1, 1991. (b) For certificates…

A society shall invest its funds only in the investments that are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations on the investment. Any foreign or alien society permitted or seeking to do business in this state, w…

(a) All assets shall be held, invested and disbursed for the use and the 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, except as provided in the be…

Except as herein provided, societies are governed by this chapter and are exempt from all other provisions of the insurance laws of this state unless they are expressly designated therein, or unless it is specifically made applicable by this chapter.

Every society organized or licensed under this chapter is declared to be a charitable and benevolent institution, and all of its funds are exempt from all and every state, county, district, municipal and school tax other than taxes on real estate and personal property.

(a) Standards of valuation for certificates issued prior to January 1, 1992, shall be those provided by the laws applicable immediately prior to January 1, 1991. (b) (1) The minimum standards of valuation for certificates issued on or after January 1, 1992, shall be based on the …

(1) Reports shall be filed in accordance with the following provisions:(1) Every society transacting business in this state shall annually, on or before March 1, unless time has been extended by the commissioner for cause shown, file with the commissioner a true statement of its …

Societies that are now authorized to transact business in this state, and all societies hereafter licensed, may continue such business until June 30, 1992. The authority of these societies and all societies hereafter licensed may thereafter be renewed annually, but in all cases t…

(a) The commissioner, or any person the commissioner may appoint, shall examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers.…

(a) No foreign or alien society shall transact business in this state without a license issued by the commissioner. (b) Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societ…