Code of Virginia - Title 38.2 Insurance - Chapter 41 Fraternal Benefit Societies

38.2-4100 Fraternal benefit societies
Any society, order or supreme lodge without capital stock, including one exempted under the provisions of subdivision 6 of subsection A of § 38.2-4135 of ...

38.2-4101 Lodge system
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 ...

38.2-4102 Representative form of government
A society has a representative form of government when: 1. It has a supreme governing body constituted in one of the following ways: a. Assembly. ...

38.2-4103 Definitions
As used in this chapter: "Benefit contract" means the agreement for provision of benefits authorized by § 38.2-4116, as that agreement is described in § ...

38.2-4104 Purposes and powers
A. A society shall operate for the benefit of members and their beneficiaries by: 1. Providing benefits as specified in § 38.2-4116; and 2. Operating ...

38.2-4105 Qualifications for membership
A. A society shall specify in its laws or rules: 1. Eligibility standards for every class of membership, provided that if benefits are provided on ...

38.2-4106 Location of office; meetings, communications to members; grievance procedures
A. The principal office of any domestic society shall be located in this Commonwealth. The meetings of its supreme governing body may be held in ...

38.2-4107 No personal liability
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 ...

38.2-4108 Waiver
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 ...

38.2-4109 Organization of domestic society on or after October 1, 1986
A. On or after October 1, 1986, seven or more citizens of the United States, a majority of whom are citizens of this Commonwealth, who ...

38.2-4110 Incorporation of fraternal benefit societies
Domestic fraternal benefit societies may be incorporated under the provisions of Article 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1, as modified ...

38.2-4111 Amendments to laws
A. A domestic society may amend its laws in accordance with the provisions of those laws by action of its supreme governing body at any ...

38.2-4112 Institutions
A society may create, maintain and operate, or may establish organizations to operate, not for profit institutions to further the purposes permitted by subdivision 2 ...

38.2-4113 Reinsurance
A. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than ...

38.2-4114 Consolidations and mergers
A. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the ...

38.2-4115 Conversion of fraternal benefit society into mutual life insurer
A. Any domestic fraternal benefit society organized or operated under this chapter may, upon a two-thirds vote of its supreme governing body, amend its articles ...

38.2-4116 Benefits
A. A society may apply to the Commission to provide the following contractual benefits in any form: 1. Death benefits; 2. Endowment benefits; 3. Annuity ...

38.2-4117 Beneficiaries
A. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws ...

38.2-4118 Benefits not attachable
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 ...

38.2-4119 The benefit contract
A. Every society authorized to do business in this Commonwealth shall issue to each owner of a benefit contract a certificate specifying the amount of ...

38.2-4120 Nonforfeiture benefits, cash surrender values, certificate loans and other options
A. A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans, and any other options its laws permit. Certificates issued on and after ...

38.2-4121 Investments
A society shall invest its funds only in investments authorized by Chapter 14 of this title for the investment of assets of life insurers and ...

38.2-4122 Funds
A. All assets shall be held, invested, and disbursed for the use and benefit of the society and no member or beneficiary shall have or ...

38.2-4123 Exemptions
Except as herein provided, societies shall be governed by this chapter and §§ 38.2-100 through 38.2-134, Chapters 2 through 9, §§ 38.2-1300 through 38.2-1315, 38.2-1315.1, ...

38.2-4124 Taxation
Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be ...

38.2-4125 Valuations
A. The report of valuation shall show, as reserve liabilities, the difference between the present midyear value of the promised benefits provided in the certificates ...

38.2-4126 Reports to be filed
A. Every society doing business in this Commonwealth shall annually, by March 1, unless the Commission extends the time for cause shown, file with the ...

38.2-4127 Annual license
Societies now authorized to do business in this Commonwealth may continue such business until June 30, 1987. The authority of such societies and all societies ...

38.2-4128 Examination of societies; no adverse publications
A. The Commission, or any person the Commission may appoint, may examine any domestic, foreign or alien society doing business or applying for admission to ...

38.2-4129 Admission; foreign or alien society
No foreign or alien society shall do business in this Commonwealth without a license issued by the Commission. Any such society desiring admission to this ...

38.2-4130 Injunction; liquidation; receivership of domestic society
No domestic society shall: 1. Exceed its powers; 2. Fail to comply with any provisions of this chapter; 3. Fail to fulfill its contracts in ...

38.2-4131 Suspension, revocation or refusal of license of foreign or alien society
No foreign or alien society doing business or applying to do business in this Commonwealth shall: 1. Exceed its powers; 2. Fail to comply with ...

38.2-4132 Licensing of agents
A. Agents of societies shall be licensed as life and health agents in accordance with Chapter 18 (§ 38.2-1800 et seq.) of this title regulating ...

38.2-4133 Unfair methods of competition and unfair and deceptive acts and practices
Every society authorized to do business in this Commonwealth shall be subject to the provisions of Chapter 5 (§ 38.2-500 et seq.) of this title. ...

38.2-4134 Penalties
A. Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining ...

38.2-4135 Exemption of certain societies
A. Nothing contained in this chapter shall be construed to affect or apply to: 1. Grand or subordinate lodges of Masons, Odd Fellows, or Knights ...

38.2-4136 Societies previously existing; reincorporation; amendments
Any incorporated society doing business in this Commonwealth on June 19, 1914, may exercise all of the rights conferred by this chapter, and all of ...

38.2-4137 Exemption of member representatives of certain societies
The provisions of § 38.2-4132 shall not apply to the member representatives of any society organized or licensed under this chapter which insures its members ...