ORS 748.409
Assets of society

  • variable contracts

(1)

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 or become entitled to any apportionment on the surrender of any part, except as provided in the benefit contract.

(2)

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.

(3)

Pursuant to resolution of its supreme governing body a society may:

(a)

Establish and operate one or more separate accounts and issue contracts on a variable basis, subject to all the provisions of law regulating life insurers establishing accounts and issuing contracts;

(b)

To the extent the society deems it necessary in order to comply with any applicable federal or state laws, adopt special procedures for the conduct of the business and affairs of a separate account;

(c)

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 accounts and selection of a committee to manage the business and affairs of the account; and

(d)

Issue contracts on a variable basis to which ORS 748.211 (Benefit contract) (2) and (4) shall not apply. [1987 c.490 §23]

Source: Section 748.409 — Assets of society; variable contracts, https://www.­oregonlegislature.­gov/bills_laws/ors/ors748.­html.

748.103
Definitions 748.106
Description of fraternal benefit society 748.109
Conditions constituting “operating on a lodge system.” 748.112
Conditions constituting “representative form of government.” 748.121
Purposes, operation and powers 748.123
Membership 748.130
Principal office 748.133
Formation 748.136
Officers, governors, directors 748.139
Waiver of provisions by subordinate body 748.142
Amendment of society laws 748.144
Creation and operation of other organizations and entities 748.148
Consolidation and merger 748.171
Certificate of authority 748.174
Certificate of authority for foreign or alien society 748.177
Authorization as mutual life insurance company 748.181
Insurance producers 748.184
Reinsurance 748.201
Benefits 748.204
Beneficiaries 748.207
Benefits exempt from execution 748.211
Benefit contract 748.306
Authority for group benefit certificates 748.309
Group membership 748.312
Membership in lodges organized under ORS 748.309 748.316
Payments for group benefits 748.319
Group certificates issued by foreign or alien society or by domestic society in foreign or alien jurisdiction 748.322
Continuation of membership in society after cancellation, discontinuance or nonrenewal of group certificate 748.401
Value of benefit and amount of options 748.403
Standards of valuation for certificates 748.406
Financial statement 748.409
Assets of society 748.412
Investment of funds 748.414
Funds exempt from certain taxes 748.501
Examination 748.503
Investigation of society 748.506
Investigation of foreign or alien society 748.509
Validity of petition for injunction 748.601
Exemptions from chapter 748.603
Relationship to other insurance laws 748.605
Insurance against risk of loss under less than fully insured employee health benefit plan 748.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 748.409’s source at oregon​.gov