(1) Any society may create, maintain, invest, disburse, and apply an emergency, surplus, or other fund consistent with the purposes for which such society is organized, including hospital and health, home, thrift, pension for its employees, patriotic, educational, and relief funds, in accordance with its laws. Unless otherwise provided in the contract, such funds 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 therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in subsection (2) of Section 83-29-9. The funds from which benefits shall be paid and the funds from which the expenses of the society shall be defrayed shall be derived from periodical or other payments by the members of the society and accretions of said funds. All societies hereafter incorporated or foreign societies hereafter admitted shall be one hundred per cent. solvent according to the valuation requirements of Section 83-29-43.
(2) Deferred payments of installments of claims shall be considered as fixed liabilities on the happening of the contingency upon which such payments or installments are thereafter to be paid. Such liability shall be the present value of such future payments or installments upon the rate of interest and mortality assumed by the society for valuations, and every society shall maintain a fund sufficient to meet such liability regardless of proposed future collections to meet any such liabilities.
(1) Any society may create, maintain, invest, disburse, and apply an emergency, surplus, or other fund consistent with the purposes for which such society is organized, including hospital and health, home, thrift, pension for its employees, patriotic, educational, and relief funds, in accordance with its laws. Unless otherwise provided in the contract, such funds 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 therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in subsection (2) of Section 83-29-9. The funds from which benefits shall be paid and the funds from which the expenses of the society shall be defrayed shall be derived from periodical or other payments by the members of the society and accretions of said funds. All societies hereafter incorporated or foreign societies hereafter admitted shall be one hundred per cent. solvent according to the valuation requirements of Section 83-29-43.
(2) Deferred payments of installments of claims shall be considered as fixed liabilities on the happening of the contingency upon which such payments or installments are thereafter to be paid. Such liability shall be the present value of such future payments or installments upon the rate of interest and mortality assumed by the society for valuations, and every society shall maintain a fund sufficient to meet such liability regardless of proposed future collections to meet any such liabilities.
(1) Any society may create, maintain, invest, disburse, and apply an emergency, surplus, or other fund consistent with the purposes for which such society is organized, including hospital and health, home, thrift, pension for its employees, patriotic, educational, and relief funds, in accordance with its laws. Unless otherwise provided in the contract, such funds 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 therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in subsection (2) of Section 83-29-9. The funds from which benefits shall be paid and the funds from which the expenses of the society shall be defrayed shall be derived from periodical or other payments by the members of the society and accretions of said funds. All societies hereafter incorporated or foreign societies hereafter admitted shall be one hundred per cent. solvent according to the valuation requirements of Section 83-29-43.
(2) Deferred payments of installments of claims shall be considered as fixed liabilities on the happening of the contingency upon which such payments or installments are thereafter to be paid. Such liability shall be the present value of such future payments or installments upon the rate of interest and mortality assumed by the society for valuations, and every society shall maintain a fund sufficient to meet such liability regardless of proposed future collections to meet any such liabilities.
