§ 27-8-3-6 — Application of chapter to assessment plan companies; exceptions

Any incorporation, association or society
organized to insure lives, which provides for the payment of policy
claims, or the accumulation of reserve or emergency funds, and the
expenses of the management and prosecution of the business by
payments to be made either at periods named in the contract or upon
assessments as required, by persons holding similar contracts, and
wherein the insured's liability to contribute to the payment of policy
claims accrued or to accrue is not limited to a fixed sum, shall be
deemed to be engaged in the business of life insurance upon the
assessment plan, and shall be subject only to the provisions of this
chapter. However, nothing contained in this chapter shall be construed
as applicable to any association of religious or secret societies, or to
any class of mechanics, express, telegraph or railroad employees, or
veterans described in IC 10-17-5-2 or IC 10-17-5-1 (before their
repeal) formed for the mutual benefit of the members thereof and their
families exclusively, or to any secret or fraternal societies, lodges or
councils that may be organized, or that are now organized and doing
business in this state, which conduct their business and secure
members on the lodge system exclusively, having ritualistic work and
ceremonies in their societies, lodges or councils, and which are under
the supervision of the grand or supreme body, nor to any association
organized solely for benevolent purposes and not for profit.
Formerly: Acts 1897, c.195, s.6. As amended by Acts 1980,
P.L.38, SEC.17; P.L.2-2003, SEC.69; P.L.42-2020, SEC.17.