Sec. 8185.
(1) All assets shall be held, invested, and disbursed for the use and benefit of the society. A society member or beneficiary shall not have or acquire individual rights in a society's assets or become entitled to any apportionment on the surrender of any part of a society's assets, except as provided in the benefit contract.
(2) A society may create, maintain, invest, disburse, and apply any special fund necessary to carry out any purpose permitted by the laws of the society.
(3) A society, pursuant to resolution of its supreme governing body, may establish and operate 1 or more separate accounts and issue contracts on a variable basis, subject to all the provisions of law regulating life insurers establishing such accounts and issuing such contracts, including capital and surplus requirements. To the extent the society considers it necessary in order to comply with any applicable federal or state laws or rules, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may provide, for persons having beneficial interest in such an account, 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 8182(2) and (4) shall not apply.
History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)
Section 500.8161 - Definitions.
Section 500.8162 - Society Governed by Chapter; Exemption.
Section 500.8163 - Society as Charitable and Benevolent Institution; Tax Exemption.
Section 500.8164 - Definition of Fraternal Benefit Society.
Section 500.8165 - Society Operating on Lodge System; Requirements; Lodges for Children.
Section 500.8170 - Personal Liability; Indemnification and Reimbursement; Purchase of Insurance.
Section 500.8171 - Waiver of Society's Laws.
Section 500.8173 - Reincorporation Not Required.
Section 500.8174 - Amendment to Laws.
Section 500.8175 - Not for Profit Institution; Purposes; Reporting Real or Personal Property.
Section 500.8176 - Reinsurance Agreement.
Section 500.8178 - Domestic Fraternal Benefit Society as Mutual Life Insurance Company.
Section 500.8179 - Contractual Benefits; Specifying Persons Covered in Rules.
Section 500.8181 - Attachment, Garnishment, or Other Process.
Section 500.8182 - Benefit Contracts.
Section 500.8184 - Investments Generally.
Section 500.8186 - Standards of Valuation for Certificates; Excess Reserves.
Section 500.8187 - Reports; Annual Statement; Valuation of Certificates; Penalty.
Section 500.8189 - Examination of Society.
Section 500.8190 - Foreign or Alien Society; License Required; Compliance; Conditions.
Section 500.8193 - Application or Petition for Injunction; Recognition.
Section 500.8194 - Agent of Society; License Required; Exceptions.
Section 500.8195 - Society Subject to Chapter 20.
Section 500.8196 - Service of Process.
Section 500.8198 - Decisions and Findings of Commissioner; Judicial Review.
Section 500.8199 - Exemptions.
Section 500.8199a - Additional Chapters and Provisions Applicable to Fraternal Benefit Society.