CHAPTER 7. FINANCIAL MATTERS

IC 27-11-7
    Chapter 7. Financial Matters

IC 27-11-7-1
Investments
    Sec. 1. A society shall invest its funds only in such investments asare authorized by the laws of this state for the investment of assets oflife insurers and subject to the limitations thereon. Any foreign oralien society permitted or seeking to do business in this state thatinvests its funds in accordance with the laws of the state, district,territory, country, or province in which it is incorporated shall beheld to meet the requirements of this section for the investment offunds.
As added by P.L.262-1985, SEC.1.

IC 27-11-7-2
Financial affairs of fraternal benefit societies
    Sec. 2. (a) All assets shall be held, invested, and disbursed for theuse and benefit of the society, and no member or beneficiary shallhave or acquire individual rights in the assets or become entitled toany apportionment on the surrender of any part of the assets, exceptas provided in the benefit contract.
    (b) A society may create, maintain, invest, disburse, and apply anyspecial fund or funds necessary to carry out any purpose permittedby the laws of the society.
    (c) A society may, pursuant to resolution of its supreme governingbody, establish and operate one (1) or more separate accounts andissue contracts on a variable basis, subject to the provisions of lawregulating life insurers establishing accounts and issuing contracts.To the extent the society considers it necessary in order to complywith any applicable federal or state laws or any rules issuedthereunder, the society may:
        (1) adopt special procedures for the conduct of the business andaffairs of a separate account;
        (2) for persons having beneficial interest therein, providespecial voting and other rights, including without limitationspecial rights and procedures relating to investment policy,investment advisory services, selection of certified publicaccountants, and selection of a committee to manage thebusiness and affairs of the account; and
        (3) issue contracts on a variable basis to which IC 27-11-6-5and IC 27-11-6-7 shall not apply.
As added by P.L.262-1985, SEC.1.

IC 27-11-7-3
Law governing financial matters
    Sec. 3. Except as provided in this article, societies shall begoverned by this article and by IC 27-1-2, IC 27-1-3, and IC 27-9,and shall be exempt from all other provisions of this title unless theybe expressly designated therein, or unless it is specifically made

applicable by this article.
As added by P.L.262-1985, SEC.1.

IC 27-11-7-4
Designation as charitable or benevolent institution
    Sec. 4. Every society organized or licensed under this article isdeclared to be a charitable and benevolent institution, and all of itsfunds shall be exempt from all and every state, county, district,municipal, and school tax other than taxes on real estate not occupiedby a society in carrying on its business.
As added by P.L.262-1985, SEC.1.