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 section432:1-104(2) shall file with the commissioner:

(1)  Copies of its constitution or organic instrumentunder 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 benefitcertificates, applications and circulars to be issued by the society; and

(B)  A bond in the sum of $25,000 with suretiesapproved by the commissioner.  The bond shall be conditioned upon the return ofthe advance payments referred to in section 432:1-304, if the organization isnot completed within one year; and

(3)  Any additional information as the commissionermay require.

(b)  Upon the filing of the informationrequired by subsection (a), if it appears to the commissioner's satisfactionthat the purposes of the society are lawful, the commissioner shall issue acertificate registering the society and licensing it to operate in the State.

(c)  In the case of any society offering orpromising to pay death, sick, disability, or other benefits in an amount equalto or in excess of $25, if the commissioner is satisfied that the purposes ofthe society are not for profit but for the benefit of its members, the commissionershall authorize the society to solicit members as provided in section432:1-303. [L 1987, c 347, pt of §2; am L 2004, c 122, §86]