Indiana § 27-11-7-2 Financial affairs of fraternal benefit societies

Indiana Statutes

§ 27-11-7-2 — Financial affairs of fraternal benefit societies

Indiana·Title 27 INSURANCE·Art. 11 FRATERNAL BENEFIT SOCIETIES·Ch. 7 Financial Matters

(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 acquire individual rights in the assets or become entitled to any apportionment on the surrender of any part of the assets, except as provided in the benefit contract.

(b)A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.

(c)A society may, pursuant to resolution of its supreme governing body, establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing accounts and issuing contracts. To the extent the society considers it necessary in order t

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(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 acquire individual rights in the assets or
become entitled to any apportionment on the surrender of any part of
the assets, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any
special fund or funds necessary to carry out any purpose permitted by
the laws of the society.
(c) A society may, pursuant to resolution of its supreme governing
body, establish and operate one (1) or more separate accounts and issue
contracts on a variable basis, subject to the provisions of law regulating
life insurers establishing accounts and issuing contracts. To the extent
the society considers it necessary in order to comply with any
applicable federal or state laws or any rules issued under the applicable
federal or state laws, the society may:
(1) adopt special procedures for the conduct of the business and
affairs of a separate account;
(2) for persons having beneficial interest in the account, provide
special voting and other rights, including without limitation
special rights and procedures relating to investment policy,
investment advisory services, selection of certified public
accountants, and selection of a committee to manage the business
and affairs of the account; and
(3) issue contracts on a variable basis to which IC 27-11-6-5 and
IC 27-11-6-7 shall not apply.

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