New York Insurance Law Article 45 - FRATERNAL BENEFIT SOCIETIES
- 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...
- 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...
- 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...
- 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)...
- 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...
- 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...
- 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...
- 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...
- 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...
- 4510 - Life Insurance Certificates; Required and Prohibited Provisions.
(a) No certificate or other evidence of a life insurance contract shall be delivered or issued for delivery in this state by any authorized society...
- 4511 - Life Insurance Certificates and Annuity Contracts; Nonforfeiture Benefits and Values; Requirements and Exceptions.
(a) Every certificate of life insurance except certificates for which reserves are computed on the Commissioners 1941 Standard Ordinary Mortality Table, the Commissioners 1958 Standard...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 4518 - Amounts Credited on Life Insurance Certificates.
Any individual life insurance certificate may provide that in addition to any minimum benefits guaranteed in the certificate, additional amounts may be credited to the...
- 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,...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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)...
- 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...
- 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...
- 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...
- 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...
- 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,...
Last modified: February 3, 2019