512B.22 Funds.
1. All assets shall be held, invested, and disbursed for the use and benefit of the society and a member or beneficiary shall not have or acquire individual rights in the society’s assets or become entitled to an apportionment on the surrender of any part of the society’s assets, 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. A society may, pursuant to resolution of its supreme governing body, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the law regulating life insurers establishing equivalent accounts and issuing equivalent contracts. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, regulations, or rules, the society may adopt special procedures for the conduct of the business and affairs of a separate account; may, for persons having beneficial interests in the account, 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 may issue contracts on a variable basis to which section 512B.19, subsections 2 and 4 shall not apply.
90 Acts, ch 1148, §23
Structure Iowa Code
Chapter 512B - FRATERNAL BENEFIT SOCIETIES
Section 512B.1 - Scope of chapter.
Section 512B.3 - Fraternal benefit societies — defined.
Section 512B.4 - Lodge system.
Section 512B.5 - Representative form of government.
Section 512B.6 - Purposes and powers.
Section 512B.7 - Qualifications for membership.
Section 512B.8 - Location of office, meetings, communications to members, grievance procedures.
Section 512B.9 - Personal liability.
Section 512B.11 - Organization.
Section 512B.12 - Amendments to laws.
Section 512B.13 - Institutions.
Section 512B.14 - Reinsurance.
Section 512B.15 - Consolidations and mergers.
Section 512B.15A - Conversion of fraternal benefit society into a mutual life insurance company.
Section 512B.17 - Beneficiaries.
Section 512B.18 - Benefits not attachable.
Section 512B.19 - The benefit contract.
Section 512B.21 - Investments.
Section 512B.21A - Required reserves.
Section 512B.25 - Annual license — renewal.
Section 512B.26 - Examination of societies — no adverse publications.
Section 512B.27 - Foreign or alien society — admission.
Section 512B.28 - Injunction — liquidation — receivership of domestic society.
Section 512B.29 - Suspension, revocation, or refusal of license of foreign or alien society.
Section 512B.31 - Licensing of agents.
Section 512B.32 - Unfair methods of competition and unfair and deceptive acts and practices.
Section 512B.33 - Service of process.