IC 27-11-7-1 Investments
Sec. 1. A society shall invest its funds only in such investments as
are authorized by the laws of this state for the investment of assets of
life insurers and subject to the limitations thereon. Any foreign or
alien society permitted or seeking to do business in this state that
invests its funds in accordance with the laws of the state, district,
territory, country, or province in which it is incorporated shall be
held to meet the requirements of this section for the investment of
funds. 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 the
use and benefit of the society, and no member or beneficiary shall
have or acquire individual rights in the assets or become entitled to
any apportionment on the surrender of any part of the assets, except
as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any
special fund or funds necessary to carry out any purpose permitted
by the laws of the society.
(c) A society may, pursuant to resolution of its supreme governing
body, establish and operate one (1) or more separate accounts and
issue contracts on a variable basis, subject to the provisions of law
regulating life insurers establishing accounts and issuing contracts.
To the extent the society considers it necessary in order to comply
with any applicable federal or state laws or any rules issued
thereunder, the society may:
(1) adopt special procedures for the conduct of the business and
affairs of a separate account;
(2) for persons having beneficial interest therein, provide
special voting and other rights, including without limitation
special rights and procedures relating to investment policy,
investment advisory services, selection of certified public
accountants, and selection of a committee to manage the
business and affairs of the account; and
(3) issue contracts on a variable basis to which IC 27-11-6-5
and 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 be
governed 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 they
be 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 is
declared to be a charitable and benevolent institution, and all of its
funds shall be exempt from all and every state, county, district,
municipal, and school tax other than taxes on real estate not occupied
by a society in carrying on its business. As added by P.L.262-1985, SEC.1.
IC 27-11-7-1 Investments
Sec. 1. A society shall invest its funds only in such investments as
are authorized by the laws of this state for the investment of assets of
life insurers and subject to the limitations thereon. Any foreign or
alien society permitted or seeking to do business in this state that
invests its funds in accordance with the laws of the state, district,
territory, country, or province in which it is incorporated shall be
held to meet the requirements of this section for the investment of
funds. 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 the
use and benefit of the society, and no member or beneficiary shall
have or acquire individual rights in the assets or become entitled to
any apportionment on the surrender of any part of the assets, except
as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any
special fund or funds necessary to carry out any purpose permitted
by the laws of the society.
(c) A society may, pursuant to resolution of its supreme governing
body, establish and operate one (1) or more separate accounts and
issue contracts on a variable basis, subject to the provisions of law
regulating life insurers establishing accounts and issuing contracts.
To the extent the society considers it necessary in order to comply
with any applicable federal or state laws or any rules issued
thereunder, the society may:
(1) adopt special procedures for the conduct of the business and
affairs of a separate account;
(2) for persons having beneficial interest therein, provide
special voting and other rights, including without limitation
special rights and procedures relating to investment policy,
investment advisory services, selection of certified public
accountants, and selection of a committee to manage the
business and affairs of the account; and
(3) issue contracts on a variable basis to which IC 27-11-6-5
and 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 be
governed 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 they
be 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 is
declared to be a charitable and benevolent institution, and all of its
funds shall be exempt from all and every state, county, district,
municipal, and school tax other than taxes on real estate not occupied
by a society in carrying on its business. As added by P.L.262-1985, SEC.1.
IC 27-11-7-1 Investments
Sec. 1. A society shall invest its funds only in such investments as
are authorized by the laws of this state for the investment of assets of
life insurers and subject to the limitations thereon. Any foreign or
alien society permitted or seeking to do business in this state that
invests its funds in accordance with the laws of the state, district,
territory, country, or province in which it is incorporated shall be
held to meet the requirements of this section for the investment of
funds. 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 the
use and benefit of the society, and no member or beneficiary shall
have or acquire individual rights in the assets or become entitled to
any apportionment on the surrender of any part of the assets, except
as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any
special fund or funds necessary to carry out any purpose permitted
by the laws of the society.
(c) A society may, pursuant to resolution of its supreme governing
body, establish and operate one (1) or more separate accounts and
issue contracts on a variable basis, subject to the provisions of law
regulating life insurers establishing accounts and issuing contracts.
To the extent the society considers it necessary in order to comply
with any applicable federal or state laws or any rules issued
thereunder, the society may:
(1) adopt special procedures for the conduct of the business and
affairs of a separate account;
(2) for persons having beneficial interest therein, provide
special voting and other rights, including without limitation
special rights and procedures relating to investment policy,
investment advisory services, selection of certified public
accountants, and selection of a committee to manage the
business and affairs of the account; and
(3) issue contracts on a variable basis to which IC 27-11-6-5
and 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 be
governed 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 they
be 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 is
declared to be a charitable and benevolent institution, and all of its
funds shall be exempt from all and every state, county, district,
municipal, and school tax other than taxes on real estate not occupied
by a society in carrying on its business. As added by P.L.262-1985, SEC.1.
