§432:1-301 Registration with commissioner: certificate of registration and certificate of authority. (a) Before doing business or engaging in any act, any society as defined in section 432:1-104(2) shall file with the commissioner:
(1) Copies of its constitution or organic instrument under which it purports to operate, and the bylaws, and rules and regulations, if any;
(2) If a society promising or offering to pay death, sick, disability, or other benefits in an amount equal to or in excess of $25:
(A) Copies of all proposed forms of benefit certificates, applications, and circulars to be issued by the society; and
(B) A bond in the sum of $25,000 with sureties approved by the commissioner. The bond shall be conditioned upon the return of the advance payments referred to in section 432:1-304, if the organization is not completed within one year; and
(3) Any additional information as the commissioner may require.
(b) Except as provided in section 432:1-302, upon the filing of the information required by subsection (a), if it appears to the commissioner's satisfaction that the purposes of the society are lawful, not for profit, and for the benefit of its members, the commissioner shall issue a certificate of registration authorizing the society to solicit members as provided in section 432:1-303.
(c) Upon issuance of a certificate of registration pursuant to subsection (b), the society may apply for a certificate of authority. The applicant society shall provide to the commissioner:
(1) Evidence of compliance with the special deposit requirements of section 432:1-304; and
(2) A description of the procedures, approved by the society's administrative board or body in accordance with its constitution and bylaws, to be implemented to comply with the protection against insolvency requirements of section 432:1-407.
(d) The applicant society that satisfies the requirements of this chapter shall be issued a certificate of authority in accordance with part II of article 3 of chapter 431. Societies that are currently authorized to transact business in this State may continue to transact business until August 16, 2013. The authority of societies and all societies hereafter issued a certificate of authority may thereafter be extended in accordance with section 432:1-108.
The applicant society may appeal a denial of its application pursuant to chapter 91. [L 1987, c 347, pt of §2; am L 2004, c 122, §86; am L 2012, c 251, §4; am L 2015, c 63, §13]
Section: Previous 432-1-107 432-1-107.5 432-1-108 432-1-201 432-1-202 432-1-203 432-1-204 432-1-301 432-1-302 432-1-303 432-1-304 432-1-305 432-1-306 432-1-307 432-1-308 NextLast modified: October 27, 2016