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Session Laws, 1997
Volume 795, Page 4877   View pdf image
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H.B. 1022

House Bill No. 1022

AN ACT concerning

Insurance - Fraternal Benefit Societies

FOR the purpose of altering the circumstances under which a fraternal benefit society is
deemed to have a representative form of government; altering the purposes of a
society; increasing the amount of a certain bond a society is required to file with the
Maryland Insurance Commissioner; increasing the amount of certain premiums a
society must collect; providing that an amendment to the laws of a society is deemed
approved if not disapproved by the Commissioner within a certain period of time;
authorizing a society to indemnify certain individuals for certain expenses and
liabilities under certain circumstances; authorizing a society to purchase and
maintain insurance on behalf of certain individuals; providing an immunity from
damages for certain individuals who serve a society without compensation; requiring
a society to specify in its laws or rules the rights and privileges of each membership
class; providing that membership rights in a society are personal; authorizing a
society to provide for grievance procedures for members in its laws or rules; altering
the types of benefits for which a society may provide payment; altering the manner
of calculating certain benefits under certain certificates; altering the manner in
which certain benefit certificates must be approved; clarifying that a society may not
provide benefits through group insurance coverages; altering the standard provision
requirements, and optional and prohibited provisions, for certain, certificates;
specifying permitted and required provisions in certificates issued on the lives of
individuals below a society's minimum age for adult membership; authorizing a
society to carry out its purposes through subsidiaries and affiliates; authorizing a
society to reinsure the risks of another society under certain circumstances;
authorizing a society to establish and operate separate accounts and issue contracts
on a variable basis under certain circumstances; providing that certain foreign or
societies meet certain requirements for investment of funds if the societies
invest their fund
s in accordance with certain laws; providing certain penalties for a
society's failure to file a certain annual statement; altering certain requirements for
valuing certain certificates of a society; altering certain provisions relating to
impairment of reserves that must be included in the laws of a society; altering a
certain exception to the requirement that a person must obtain a certificate of
qualification to act as a fraternal benefit agent in this State; prohibiting recognition
of an application or petition for injunction against a dome
stic, foreign, or alien
society in a court under certain circum
stances; repealing certain provisions of law
relating to health and disability certificates issued by a society; defining certain
terms; providing for the effective date of this Act; and generally relating to fraternal
benefit societies.

BY repealing and reenacting, with amendments,

Article - Insurance

Section 8-401, 8-402, 8-411, 8-412, 8-413, 8-415, 8-418 through 8-422, 8-427,
8-430, 8-432, 8-433, 8-437, 8-441 through 8-444, 8-446, 8-449, and 8-464 and

- 4877 -


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Session Laws, 1997
Volume 795, Page 4877   View pdf image
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