PocketLaw | Vermont Statutes | Fraternal Benefit Societies

Fraternal Benefit Societies

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Statutory purposes

Fraternal benefit societies defined

Lodge system defined

Representative form of government defined

Organization

Corporate powers retained

Existing voluntary associations; may incorporate

Location of office; place of meeting

Consolidations and mergers

Conversion of fraternal benefit society into mutual life insurance company

Qualifications for membership

Articles of incorporation, constitution, and laws; amendments

Institutions

No personal liability

Benefits

Benefits on lives of children

Nonforfeiture benefits, cash surrender values, certificate loans, and other options

Beneficiaries

Benefits not attachable

The contract

Provisions, standard and prohibited

Accident and health insurance and total and permanent disability insurance certificates; filing and approval

Waiver

Reinsurance

Annual license

Foreign or alien society; admission

Injunction; liquidation; receivership of domestic society

Suspension, revocation or refusal of license of foreign or alien society

Licensing of agents

Service of process

Injunction

Review

Funds

Investments

Reports and valuations

Examination of domestic societies

Examination of foreign and alien societies

No adverse publications

Misrepresentation

Discrimination and rebates

Taxation

Exemptions

Exemption of certain societies

Penalties