Ohio Revised Code
Chapter 3921 | Fraternal Benefit Societies
Section 3921.22 | No Individual Right to Assets.

Effective: January 1, 2013
Latest Legislation: House Bill 341 - 129th General Assembly
(A) A fraternal benefit society shall hold, invest, and disburse all assets for the use and benefit of the society. No member or beneficiary shall have or acquire individual rights to the assets, or be entitled to any apportionment on the surrender of any part of the assets, except as provided in the benefit contract.
(B) 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. No society shall, directly or indirectly, pay or use, or offer, consent, or agree to pay or use, any of its funds, money, or property for or in aid of any political party, campaign committee, political action committee, continuing association, or any other political organization.
(C) 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 provisions of law regulating life insurers that establish such accounts and issue such contracts including those described in section 3911.011 of the Revised Code. To the extent the society considers it necessary in order to comply with any applicable federal or state law, or any rule issued under that law, the society may do any of the following:
(1) Adopt special procedures for the conduct of the business and affairs of a separate account;
(2) For persons having beneficial interests in the account, provide special voting and other rights, including 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;
(3) Issue contracts on a variable basis to which divisions (B) and (D) of section 3921.19 of the Revised Code do not apply.

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3921 | Fraternal Benefit Societies

Section 3921.01 | Fraternal Benefit Society Definitions.

Section 3921.02 | Fraternal Benefit Society Requirements.

Section 3921.03 | Lodge System.

Section 3921.04 | Representative Form of Government.

Section 3921.05 | Purpose of Fraternal Benefit Society.

Section 3921.06 | Membership Rights.

Section 3921.07 | Organization of Society.

Section 3921.08 | Nonindividual Liability - Indemnification or Reimbursement.

Section 3921.09 | Limitation on Powers or Authority.

Section 3921.10 | Formation of Society After 1-1-97.

Section 3921.101 | Maintenance and Amount of Surplus.

Section 3921.11 | Amendment of Laws.

Section 3921.12 | Operating Charitable, Benevolent, or Educational Institutions for Benefit of Members.

Section 3921.13 | Reinsurance Agreements.

Section 3921.14 | Consolidation or Merger of Societies.

Section 3921.15 | Fraternal Society Converted and Licensed as Mutual Life Insurance Company.

Section 3921.16 | Contractual Benefits Provided by Society.

Section 3921.17 | Designation of Beneficiaries.

Section 3921.18 | Exemption of Benefits From Attachment or Garnishment.

Section 3921.19 | Certificate Specifying Amount of Benefits Provided Under Benefit Contract.

Section 3921.191 | Disclosure for Applicants for Contractual Benefits.

Section 3921.20 | Paid-Up Nonforfeiture Benefit - Cash Surrender Value.

Section 3921.21 | Investment of Funds.

Section 3921.22 | No Individual Right to Assets.

Section 3921.23 | Societies Exempt From Insurance Laws.

Section 3921.24 | Tax Exemption.

Section 3921.25 | Standards of Valuation for Certificates.

Section 3921.26 | Annual Financial Statement - Valuation of Certificates.

Section 3921.27 | Renewal of License - Fee.

Section 3921.28 | Examination of Domestic and Foreign Societies.

Section 3921.29 | Foreign or Alien Benefit Society License.

Section 3921.30 | Notice of Deficiency.

Section 3921.31 | Notice and Correction of Deficiency of Society.

Section 3921.33 | Licensing of Agents - Exceptions.

Section 3921.331 | Effect of Child Support Default on License.

Section 3921.34 | Application of Deceptive Act or Practice Prohibitions.

Section 3921.35 | Service of Process Upon Agent.

Section 3921.36 | False or Misleading Statements.

Section 3921.37 | Exceptions to Chapter.

Section 3921.38 | Review of Superintendent's Decisions and Findings.

Section 3921.99 | Penalty.