§ 58-37A-27 — License to transact business--Annual expiration and renewal--License fee--Copy of license as evidence.

Societies which are now authorized to transact business in this state, and all societies hereafter licensed, may continue their business until May 1, 1991. The authority of these societies and all societies hereafter licensed, may thereafter be renewed annually, but in all cases to terminate on the first day of the succeeding May. However, a license issued shall continue in effect until the new license is issued or specifically refused. A fraternal benefit society making application for a certificate of authority or original license to transact business in this state shall pay a five hundred dollar license fee to the state. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount less than two hundred thousand dollars shall pay a one hundred dollar annual renewal license fee to the state. A fraternal benefit society receiving premiums, as defined in subdivision 10-44-1(5), in an amount of two hundred thousand dollars or more shall pay a five hundred dollar annual renewal license fee to the state. A certified copy or duplicate of the license is prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter.

Legislative History

SL 1990, ch 410, § 27.