IC 27-11-5-1 Amendment of laws of domestic society
Sec. 1. (a) A domestic society may amend its laws in accordance
with the provisions of the domestic society by action of its supreme
governing body at any regular or special meeting of the domestic
society or, if its laws provide, by referendum. The referendum may
be held in accordance with the provisions of its laws by the vote of
the voting members of the society, by the vote of delegates or
representatives of voting members, or by the vote of local lodges. A
society may provide for voting by mail. No amendment submitted for
adoption by referendum shall be adopted unless, within six (6)
months from the date of submission of the amendment, a majority of
the members voting shall have signified their consent to the
amendment.
(b) No amendment to the laws of any domestic society shall take
effect unless approved by the commissioner, who shall approve the
amendment if the commissioner finds that it has been duly adopted
and is not inconsistent with any requirement of the laws of this state
or with the character, objects, and purposes of the society. Unless the
commissioner disapproves any amendment within sixty (60) days
after the filing of the amendment, the amendment shall be considered
approved. The approval or disapproval of the commissioner shall be
in writing and mailed to the secretary or corresponding officer of the
society at its principal office. In case the commissioner disapproves
the amendment, the reasons for the disapproval shall be stated in the
written notice.
(c) Within ninety (90) days from the approval of an amendment
by the commissioner, all such amendments, or a synopsis thereof,
shall be furnished to all members of the society either by mail or by
publication in full in the official publication of the society. The
affidavit of any officer of the society or of anyone authorized by it to
mail any amendments or synopsis of the amendments stating facts
that show that the amendments have been duly addressed and mailed,
is prima facie evidence that the amendments or synopsis of the
amendments have been furnished the addressee.
(d) Every foreign or alien society authorized to do business in this
state shall file with the commissioner a duly certified copy of all
amendments of, or additions to, its laws within ninety (90) days after
the enactment of same.
(e) Printed copies of the laws as amended, certified by the
secretary or corresponding officer of the society, shall be prima facie
evidence of the legal adoption thereof. As added by P.L.262-1985, SEC.1.
IC 27-11-5-2 Operation of not-for-profit institutions
Sec. 2. A society may create, maintain, and operate or may
establish organizations to operate not-for-profit institutions to further
the purposes permitted by IC 27-11-2-3. Such institutions may
furnish services free or at a reasonable charge. Any real or personal
property owned, held, or leased by the society for this purpose shall
be reported in every annual statement. As added by P.L.262-1985, SEC.1.
IC 27-11-5-3 Reinsurance agreements
Sec. 3. (a) A domestic society may by a reinsurance agreement
cede any individual risk or risks in whole or in part to an insurer
(other than another fraternal benefit society) having the power to
make the reinsurance and authorized to do business in this state or,
if not so authorized, one that is approved by the commissioner, but
no society may reinsure substantially all of its insurance in force
without the written permission of the commissioner. It may take
credit for the reserves on the ceded risks to the extent reinsured, but
no credit shall be allowed as an admitted asset or as a deduction from
liability to a ceding society for reinsurance made, ceded, renewed, or
otherwise becoming effective after December 31, 1985, unless the
reinsurance is payable by the assuming insurer on the basis of the
liability of the ceding society under the contract or contracts
reinsured without diminution because of the insolvency of the ceding
society.
(b) Notwithstanding the limitation in subsection (a), a society may
reinsure the risks of another society in a consolidation or merger
approved by the commissioner under section 4 of this chapter. As added by P.L.262-1985, SEC.1.
IC 27-11-5-4 Consolidation or merger
Sec. 4. (a) A domestic society may consolidate or merge with any
other society by complying with this section. It shall file with the
commissioner:
(1) a certified copy of the written contract containing in full the
terms and conditions of the consolidation or merger;
(2) a sworn statement by the president and secretary or
corresponding officers of each society showing the financial
condition of the society on a date fixed by the commissioner,
but not earlier than December 31 next preceding the date of the
contract;
(3) a certificate of the officers, verified by their respective
oaths, that the consolidation or merger has been approved by a
two-thirds (2/3) vote of the supreme governing body of each
society, the vote being conducted at a regular or special meeting
of each body, or, if the society's laws permit, by mail; and
(4) evidence that, at least sixty (60) days before the action of
the supreme governing body of each society, the text of the
contract has been furnished to all members of each society
either by mail or by publication in full in the official publication
of each society.
(b) If the commissioner finds that:
(1) the contract is in conformity with this section;
(2) the financial statements are correct; and
(3) the consolidation or merger is just and equitable to the
members of each society;
the commissioner shall approve the contract and issue a certificate to
that effect. Upon approval, the contract shall be in full force and
effect unless any society that is a party to the contract is incorporated
under the laws of any other state or territory. In that event, the
consolidation or merger shall not become effective unless and until
it has been approved as provided by the laws of the state or territory
and a certificate of approval has been filed with the commissioner or,
if the laws of the state or territory contain no such provision, then the
consolidation or merger shall not become effective unless and until
it has been approved by the commissioner of that state or territory
and a certificate of approval has been filed with the commissioner of
this state.
(c) Upon the consolidation or merger becoming effective, all the
rights, franchises, and interests of the consolidated or merged
societies in and to every species of property, real, personal, or mixed,
and things in action thereunto belonging shall be vested in the society
resulting from or remaining after the consolidation or merger without
any other instrument, except that conveyances of real property may
be evidenced by proper deeds, and the title to any real estate or
interest therein, vested under the laws of this state in any of the
societies consolidated or merged, shall not revert or be in any way
impaired by reason of the consolidation or merger, but shall vest
absolutely in the society resulting from or remaining after the
consolidation or merger.
(d) The affidavit of any officer of the society or of anyone
authorized by it to mail any notice or document, stating that the
notice or document has been duly addressed and mailed, is prima
facie evidence that the notice or document has been furnished the
addressees. As added by P.L.262-1985, SEC.1.
IC 27-11-5-5 Conversion and licensing as mutual life insurance company
Sec. 5. Any domestic fraternal benefit society may be converted
and licensed as a mutual life insurance company by compliance with
all the requirements of the insurance law for mutual life insurance
companies. A plan of conversion shall be prepared in writing by the
board of directors setting forth in full the terms and conditions of
conversion. The affirmative vote of two-thirds (2/3) of all members
of the supreme governing body at a regular or special meeting shall
be necessary for the approval of the plan. No conversion shall take
effect unless and until approved by the commissioner, who may give
the approval if the commissioner finds that the proposed change is in
conformity with the requirements of law and not prejudicial to the
certificate holders of the society. As added by P.L.262-1985, SEC.1.
IC 27-11-5-1 Amendment of laws of domestic society
Sec. 1. (a) A domestic society may amend its laws in accordance
with the provisions of the domestic society by action of its supreme
governing body at any regular or special meeting of the domestic
society or, if its laws provide, by referendum. The referendum may
be held in accordance with the provisions of its laws by the vote of
the voting members of the society, by the vote of delegates or
representatives of voting members, or by the vote of local lodges. A
society may provide for voting by mail. No amendment submitted for
adoption by referendum shall be adopted unless, within six (6)
months from the date of submission of the amendment, a majority of
the members voting shall have signified their consent to the
amendment.
(b) No amendment to the laws of any domestic society shall take
effect unless approved by the commissioner, who shall approve the
amendment if the commissioner finds that it has been duly adopted
and is not inconsistent with any requirement of the laws of this state
or with the character, objects, and purposes of the society. Unless the
commissioner disapproves any amendment within sixty (60) days
after the filing of the amendment, the amendment shall be considered
approved. The approval or disapproval of the commissioner shall be
in writing and mailed to the secretary or corresponding officer of the
society at its principal office. In case the commissioner disapproves
the amendment, the reasons for the disapproval shall be stated in the
written notice.
(c) Within ninety (90) days from the approval of an amendment
by the commissioner, all such amendments, or a synopsis thereof,
shall be furnished to all members of the society either by mail or by
publication in full in the official publication of the society. The
affidavit of any officer of the society or of anyone authorized by it to
mail any amendments or synopsis of the amendments stating facts
that show that the amendments have been duly addressed and mailed,
is prima facie evidence that the amendments or synopsis of the
amendments have been furnished the addressee.
(d) Every foreign or alien society authorized to do business in this
state shall file with the commissioner a duly certified copy of all
amendments of, or additions to, its laws within ninety (90) days after
the enactment of same.
(e) Printed copies of the laws as amended, certified by the
secretary or corresponding officer of the society, shall be prima facie
evidence of the legal adoption thereof. As added by P.L.262-1985, SEC.1.
IC 27-11-5-2 Operation of not-for-profit institutions
Sec. 2. A society may create, maintain, and operate or may
establish organizations to operate not-for-profit institutions to further
the purposes permitted by IC 27-11-2-3. Such institutions may
furnish services free or at a reasonable charge. Any real or personal
property owned, held, or leased by the society for this purpose shall
be reported in every annual statement. As added by P.L.262-1985, SEC.1.
IC 27-11-5-3 Reinsurance agreements
Sec. 3. (a) A domestic society may by a reinsurance agreement
cede any individual risk or risks in whole or in part to an insurer
(other than another fraternal benefit society) having the power to
make the reinsurance and authorized to do business in this state or,
if not so authorized, one that is approved by the commissioner, but
no society may reinsure substantially all of its insurance in force
without the written permission of the commissioner. It may take
credit for the reserves on the ceded risks to the extent reinsured, but
no credit shall be allowed as an admitted asset or as a deduction from
liability to a ceding society for reinsurance made, ceded, renewed, or
otherwise becoming effective after December 31, 1985, unless the
reinsurance is payable by the assuming insurer on the basis of the
liability of the ceding society under the contract or contracts
reinsured without diminution because of the insolvency of the ceding
society.
(b) Notwithstanding the limitation in subsection (a), a society may
reinsure the risks of another society in a consolidation or merger
approved by the commissioner under section 4 of this chapter. As added by P.L.262-1985, SEC.1.
IC 27-11-5-4 Consolidation or merger
Sec. 4. (a) A domestic society may consolidate or merge with any
other society by complying with this section. It shall file with the
commissioner:
(1) a certified copy of the written contract containing in full the
terms and conditions of the consolidation or merger;
(2) a sworn statement by the president and secretary or
corresponding officers of each society showing the financial
condition of the society on a date fixed by the commissioner,
but not earlier than December 31 next preceding the date of the
contract;
(3) a certificate of the officers, verified by their respective
oaths, that the consolidation or merger has been approved by a
two-thirds (2/3) vote of the supreme governing body of each
society, the vote being conducted at a regular or special meeting
of each body, or, if the society's laws permit, by mail; and
(4) evidence that, at least sixty (60) days before the action of
the supreme governing body of each society, the text of the
contract has been furnished to all members of each society
either by mail or by publication in full in the official publication
of each society.
(b) If the commissioner finds that:
(1) the contract is in conformity with this section;
(2) the financial statements are correct; and
(3) the consolidation or merger is just and equitable to the
members of each society;
the commissioner shall approve the contract and issue a certificate to
that effect. Upon approval, the contract shall be in full force and
effect unless any society that is a party to the contract is incorporated
under the laws of any other state or territory. In that event, the
consolidation or merger shall not become effective unless and until
it has been approved as provided by the laws of the state or territory
and a certificate of approval has been filed with the commissioner or,
if the laws of the state or territory contain no such provision, then the
consolidation or merger shall not become effective unless and until
it has been approved by the commissioner of that state or territory
and a certificate of approval has been filed with the commissioner of
this state.
(c) Upon the consolidation or merger becoming effective, all the
rights, franchises, and interests of the consolidated or merged
societies in and to every species of property, real, personal, or mixed,
and things in action thereunto belonging shall be vested in the society
resulting from or remaining after the consolidation or merger without
any other instrument, except that conveyances of real property may
be evidenced by proper deeds, and the title to any real estate or
interest therein, vested under the laws of this state in any of the
societies consolidated or merged, shall not revert or be in any way
impaired by reason of the consolidation or merger, but shall vest
absolutely in the society resulting from or remaining after the
consolidation or merger.
(d) The affidavit of any officer of the society or of anyone
authorized by it to mail any notice or document, stating that the
notice or document has been duly addressed and mailed, is prima
facie evidence that the notice or document has been furnished the
addressees. As added by P.L.262-1985, SEC.1.
IC 27-11-5-5 Conversion and licensing as mutual life insurance company
Sec. 5. Any domestic fraternal benefit society may be converted
and licensed as a mutual life insurance company by compliance with
all the requirements of the insurance law for mutual life insurance
companies. A plan of conversion shall be prepared in writing by the
board of directors setting forth in full the terms and conditions of
conversion. The affirmative vote of two-thirds (2/3) of all members
of the supreme governing body at a regular or special meeting shall
be necessary for the approval of the plan. No conversion shall take
effect unless and until approved by the commissioner, who may give
the approval if the commissioner finds that the proposed change is in
conformity with the requirements of law and not prejudicial to the
certificate holders of the society. As added by P.L.262-1985, SEC.1.
IC 27-11-5-1 Amendment of laws of domestic society
Sec. 1. (a) A domestic society may amend its laws in accordance
with the provisions of the domestic society by action of its supreme
governing body at any regular or special meeting of the domestic
society or, if its laws provide, by referendum. The referendum may
be held in accordance with the provisions of its laws by the vote of
the voting members of the society, by the vote of delegates or
representatives of voting members, or by the vote of local lodges. A
society may provide for voting by mail. No amendment submitted for
adoption by referendum shall be adopted unless, within six (6)
months from the date of submission of the amendment, a majority of
the members voting shall have signified their consent to the
amendment.
(b) No amendment to the laws of any domestic society shall take
effect unless approved by the commissioner, who shall approve the
amendment if the commissioner finds that it has been duly adopted
and is not inconsistent with any requirement of the laws of this state
or with the character, objects, and purposes of the society. Unless the
commissioner disapproves any amendment within sixty (60) days
after the filing of the amendment, the amendment shall be considered
approved. The approval or disapproval of the commissioner shall be
in writing and mailed to the secretary or corresponding officer of the
society at its principal office. In case the commissioner disapproves
the amendment, the reasons for the disapproval shall be stated in the
written notice.
(c) Within ninety (90) days from the approval of an amendment
by the commissioner, all such amendments, or a synopsis thereof,
shall be furnished to all members of the society either by mail or by
publication in full in the official publication of the society. The
affidavit of any officer of the society or of anyone authorized by it to
mail any amendments or synopsis of the amendments stating facts
that show that the amendments have been duly addressed and mailed,
is prima facie evidence that the amendments or synopsis of the
amendments have been furnished the addressee.
(d) Every foreign or alien society authorized to do business in this
state shall file with the commissioner a duly certified copy of all
amendments of, or additions to, its laws within ninety (90) days after
the enactment of same.
(e) Printed copies of the laws as amended, certified by the
secretary or corresponding officer of the society, shall be prima facie
evidence of the legal adoption thereof. As added by P.L.262-1985, SEC.1.
IC 27-11-5-2 Operation of not-for-profit institutions
Sec. 2. A society may create, maintain, and operate or may
establish organizations to operate not-for-profit institutions to further
the purposes permitted by IC 27-11-2-3. Such institutions may
furnish services free or at a reasonable charge. Any real or personal
property owned, held, or leased by the society for this purpose shall
be reported in every annual statement. As added by P.L.262-1985, SEC.1.
IC 27-11-5-3 Reinsurance agreements
Sec. 3. (a) A domestic society may by a reinsurance agreement
cede any individual risk or risks in whole or in part to an insurer
(other than another fraternal benefit society) having the power to
make the reinsurance and authorized to do business in this state or,
if not so authorized, one that is approved by the commissioner, but
no society may reinsure substantially all of its insurance in force
without the written permission of the commissioner. It may take
credit for the reserves on the ceded risks to the extent reinsured, but
no credit shall be allowed as an admitted asset or as a deduction from
liability to a ceding society for reinsurance made, ceded, renewed, or
otherwise becoming effective after December 31, 1985, unless the
reinsurance is payable by the assuming insurer on the basis of the
liability of the ceding society under the contract or contracts
reinsured without diminution because of the insolvency of the ceding
society.
(b) Notwithstanding the limitation in subsection (a), a society may
reinsure the risks of another society in a consolidation or merger
approved by the commissioner under section 4 of this chapter. As added by P.L.262-1985, SEC.1.
IC 27-11-5-4 Consolidation or merger
Sec. 4. (a) A domestic society may consolidate or merge with any
other society by complying with this section. It shall file with the
commissioner:
(1) a certified copy of the written contract containing in full the
terms and conditions of the consolidation or merger;
(2) a sworn statement by the president and secretary or
corresponding officers of each society showing the financial
condition of the society on a date fixed by the commissioner,
but not earlier than December 31 next preceding the date of the
contract;
(3) a certificate of the officers, verified by their respective
oaths, that the consolidation or merger has been approved by a
two-thirds (2/3) vote of the supreme governing body of each
society, the vote being conducted at a regular or special meeting
of each body, or, if the society's laws permit, by mail; and
(4) evidence that, at least sixty (60) days before the action of
the supreme governing body of each society, the text of the
contract has been furnished to all members of each society
either by mail or by publication in full in the official publication
of each society.
(b) If the commissioner finds that:
(1) the contract is in conformity with this section;
(2) the financial statements are correct; and
(3) the consolidation or merger is just and equitable to the
members of each society;
the commissioner shall approve the contract and issue a certificate to
that effect. Upon approval, the contract shall be in full force and
effect unless any society that is a party to the contract is incorporated
under the laws of any other state or territory. In that event, the
consolidation or merger shall not become effective unless and until
it has been approved as provided by the laws of the state or territory
and a certificate of approval has been filed with the commissioner or,
if the laws of the state or territory contain no such provision, then the
consolidation or merger shall not become effective unless and until
it has been approved by the commissioner of that state or territory
and a certificate of approval has been filed with the commissioner of
this state.
(c) Upon the consolidation or merger becoming effective, all the
rights, franchises, and interests of the consolidated or merged
societies in and to every species of property, real, personal, or mixed,
and things in action thereunto belonging shall be vested in the society
resulting from or remaining after the consolidation or merger without
any other instrument, except that conveyances of real property may
be evidenced by proper deeds, and the title to any real estate or
interest therein, vested under the laws of this state in any of the
societies consolidated or merged, shall not revert or be in any way
impaired by reason of the consolidation or merger, but shall vest
absolutely in the society resulting from or remaining after the
consolidation or merger.
(d) The affidavit of any officer of the society or of anyone
authorized by it to mail any notice or document, stating that the
notice or document has been duly addressed and mailed, is prima
facie evidence that the notice or document has been furnished the
addressees. As added by P.L.262-1985, SEC.1.
IC 27-11-5-5 Conversion and licensing as mutual life insurance company
Sec. 5. Any domestic fraternal benefit society may be converted
and licensed as a mutual life insurance company by compliance with
all the requirements of the insurance law for mutual life insurance
companies. A plan of conversion shall be prepared in writing by the
board of directors setting forth in full the terms and conditions of
conversion. The affirmative vote of two-thirds (2/3) of all members
of the supreme governing body at a regular or special meeting shall
be necessary for the approval of the plan. No conversion shall take
effect unless and until approved by the commissioner, who may give
the approval if the commissioner finds that the proposed change is in
conformity with the requirements of law and not prejudicial to the
certificate holders of the society. As added by P.L.262-1985, SEC.1.
