Chapter 64B — Fraternal Benefit Societies

64B.01 Fraternal Benefit Societies This law defines what a fraternal benefit society is. It is a nonprofit organization run on a lodge system or religious … 64B.02 Lodge System This law explains what a lodge system means for fraternal benefit societies. A society operates on a lodge system when … 64B.03 Representative Form of Government This law describes how fraternal benefit societies must have a representative form of government. The society's leaders … 64B.04 Terms Used This law defines key terms used throughout the fraternal benefit society chapter. It explains what words like 'benefit … 64B.05 Purposes and Powers This law explains the purposes and powers of fraternal benefit societies. A society must provide benefits to its members … 64B.06 Qualifications for Membership This law sets rules about who can become a member of a fraternal benefit society. The society must spell out who is … 64B.07 Location of Office, Meetings, Communications to Members, Grievance Procedures This law covers where fraternal societies keep their offices, how they communicate with members, and how they handle … 64B.08 Personal Liability; Indemnification; Insurance; Advances This law protects officers and directors of fraternal benefit societies from personal liability for society benefits. … 64B.09 Waiver This law allows fraternal benefit societies to include a rule that no local lodge, officer, or member can waive any of … 64B.10 Organization This law explains how to form a new fraternal benefit society in Minnesota. At least seven U.S. citizens (most from … 64B.11 Amendments to Laws This law explains how a fraternal benefit society can change its bylaws and rules. Changes can be made by vote of the … 64B.12 Institutions This law allows fraternal benefit societies to create and run nonprofit institutions for social, educational, … 64B.13 Reinsurance This law allows fraternal benefit societies to transfer some of their insurance risks to other insurance companies … 64B.14 Consolidations and Mergers This law sets the rules for merging or combining fraternal benefit societies. Two-thirds of each society's governing … 64B.15 Conversion of Fraternal Benefit Society Into Mutual Life Insurance Company This law allows a fraternal benefit society to convert into a mutual life insurance company. The society must meet all … 64B.16 Benefits This law lists the types of benefits a fraternal benefit society can offer its members. These include death benefits, … 64B.17 Beneficiaries This law covers how beneficiaries work in fraternal benefit society contracts. The contract owner can change the … 64B.18 Benefits Not Attachable This law protects fraternal benefit society insurance benefits from being seized by creditors. The cash value, proceeds, … 64B.19 Benefit Contract This law describes what makes up a fraternal benefit contract, including the certificate, riders, society laws, and the … 64B.20 Nonforfeiture Benefits, Cash Surrender Values, Certificate Loans, and Other Options This law sets rules for nonforfeiture benefits, cash surrender values, and certificate loans from fraternal benefit … 64B.21 Investments This law requires fraternal benefit societies to invest their funds only in the same types of investments that are … 64B.22 Funds This law covers how fraternal benefit societies manage their funds. All assets are held for the benefit of the society … 64B.23 Exemptions This law says that fraternal benefit societies are governed only by Chapter 64B and are exempt from other insurance … 64B.24 Taxation This law declares fraternal benefit societies to be charitable institutions. Their property used for lodge purposes and … 64B.25 Valuation This law sets the minimum valuation standards for fraternal benefit society certificates. Certificates issued after … 64B.26 Reports This law requires fraternal benefit societies doing business in Minnesota to file an annual financial statement with the … 64B.27 Annual License This law requires fraternal benefit societies to obtain an annual license to do business in Minnesota. Licenses are … 64B.28 Examination of Societies; No Adverse Publications This law gives the Commissioner of Commerce the power to examine any fraternal benefit society doing business or seeking … 64B.29 Foreign or Alien Society; Admission This law sets the requirements for out-of-state or foreign fraternal benefit societies to do business in Minnesota. The … 64B.30 Domestic Associations; Examination; Rehabilitation; Dissolution This law gives the Commissioner the power to visit and examine domestic fraternal benefit societies. If the Commissioner … 64B.31 Suspension, Revocation, or Refusal of License of Foreign or Alien Society This law allows the Commissioner to suspend, revoke, or refuse to renew the license of a foreign or alien fraternal … 64B.32 Injunction This law says that only the Attorney General, acting at the request of the Commissioner of Commerce, can ask a court for … 64B.33 Licensing of Agents This law requires agents who sell fraternal benefit society products to be licensed under the same rules that apply to … 64B.34 Unfair Methods of Competition and Unfair and Deceptive Acts and Practices This law makes fraternal benefit societies subject to the same rules against unfair competition and deceptive trade … 64B.35 Service of Process This law requires every fraternal benefit society doing business in Minnesota to appoint the Commissioner of Commerce as … 64B.36 Review This law gives fraternal benefit societies the right to challenge the Commissioner's decisions in court. Any decision or … 64B.37 Penalties This law sets criminal penalties for violations related to fraternal benefit societies. Violating merger and … 64B.38 Certain Organizations Exempt This law exempts certain organizations from the fraternal benefit society rules. Exempt groups include Masons, Odd … 64B.39 Beneficiary Associations This law covers beneficiary associations, which are nonprofit organizations that insure their members' lives on a whole … 64B.40 Definitions This law defines key terms used in the risk-based capital rules for fraternal benefit societies. It explains concepts … 64B.41 Risk-based Capital Reports This law requires every fraternal benefit society to file a risk-based capital report with the Commissioner by March 1 … 64B.42 Fraternal Action Level Event This law defines what triggers a 'fraternal action level event,' which is when a society's capital falls below required … 64B.43 Fraternal Authorized Control Level Event; Domestic Societies This law defines a 'fraternal authorized control level event,' which occurs when a society's capital drops below its … 64B.44 Hearings This law gives fraternal benefit societies the right to a formal hearing when the Commissioner takes regulatory action … 64B.45 Prohibition on Announcements This law prohibits anyone from publicly disclosing or advertising a fraternal benefit society's risk-based capital … 64B.46 Supplemental Provisions This law clarifies that the risk-based capital rules in sections 64B.40 through 64B.48 add to, rather than replace, the … 64B.47 Immunity This law provides legal immunity to the Commissioner of Commerce, the Department of Commerce, and their employees and … 64B.48 Notices This law explains when regulatory notices from the Commissioner to a fraternal benefit society become effective. Notices …