PART III. 
AUTHORITY TO OFFER BENEFITS



 



§432:1-301  Registration with commissioner: 
certificate of registration and authorization to solicit members.  (a) 
Before doing business or engaging in any act, any society as defined in section
432:1-104(2) shall file with the commissioner:



(1)  Copies of its constitution or organic instrument
under which it purports to operate, and the bylaws, and rules and regulations,
if any;



(2)  If a society promising or offering to pay death,
sick, disability, or other benefits in an amount equal to or in excess of $25:



(A)  Copies of all proposed forms of benefit
certificates, applications and circulars to be issued by the society; and



(B)  A bond in the sum of $25,000 with sureties
approved by the commissioner.  The bond shall be conditioned upon the return of
the advance payments referred to in section 432:1-304, if the organization is
not completed within one year; and



(3)  Any additional information as the commissioner
may require.



(b)  Upon the filing of the information
required by subsection (a), if it appears to the commissioner's satisfaction
that the purposes of the society are lawful, the commissioner shall issue a
certificate registering the society and licensing it to operate in the State.



(c)  In the case of any society offering or
promising to pay death, sick, disability, or other benefits in an amount equal
to or in excess of $25, if the commissioner is satisfied that the purposes of
the society are not for profit but for the benefit of its members, the commissioner
shall authorize the society to solicit members as provided in section
432:1-303. [L 1987, c 347, pt of §2; am L 2004, c 122, §86]