Connecticut § 38a-632 (Formerly Sec. 38-224a). Additional benefits from special account.

Connecticut Statutes

§ 38a-632 — (Formerly Sec. 38-224a). Additional benefits from special account.

Connecticut·Title 38a Insurance·Ch. 700d Fraternal Benefit Societies

A society may pay benefits, other than insurance benefits, to its members from any special account or fund maintained for such purpose; provided, if such benefits are of such a nature that they could constitute benefits within the classes of insurance set forth in section 38a-631, a society making such payments may not:

(a)Make any separate charge therefor;

(b)issue any certificate, policy or other document promising such payments;

(c)provide in its constitution, laws or any other document that such payments may be received by the member as a matter of right; or (d) advertise such payments as insurance or as payments to which the member has any right. The society shall maintain a separate accounting of all disbursements made under this section and report them in its annual statement.

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A society may pay benefits, other than insurance benefits, to its members from any special account or fund maintained for such purpose; provided, if such benefits are of such a nature that they could constitute benefits within the classes of insurance set forth in section 38a-631, a society making such payments may not: (a) Make any separate charge therefor; (b) issue any certificate, policy or other document promising such payments; (c) provide in its constitution, laws or any other document that such payments may be received by the member as a matter of right; or (d) advertise such payments as insurance or as payments to which the member has any right. The society shall maintain a separate accounting of all disbursements made under this section and report them in its annual statement.

Connecticut § 38a-632 ((Formerly Sec. 38-224a). Additional benefits from special account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.