§ 748.409 — Assets of society; variable contracts

Oregon § 748.409

• Jurisdiction: Oregon
• Vol.: 18
• Title 56: Insurance
• Ch. 748: Fraternal Benefit Societies

Text

(1) 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 or become entitled to any apportionment on the surrender of any part, except as provided in the benefit contract.
(2) 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.
(3) Pursuant to resolution of its supreme governing body a society may:
(a) Establish and operate one or more separate accounts and issue contracts on a variable basis, subject to all the provisions of law regulating life insurers establishing accounts and issuing contracts;
(b) To the extent the society deems it necessary in order to comply with any applicable federal or state laws, adopt special procedures for the conduct of the business and affairs of a separate account;
(c) For persons having beneficial interest therein, provide special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accounts and selection of a committee to manage the business and affairs of the account; and
(d) Issue contracts on a variable basis to which ORS 748.211 (2) and (4) shall not apply.

Legislative History

1987 c.490 §23