RCW 48.36A.220
Assets—Investment and disbursement.
(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 therein or become entitled to any apportionment on the surrender of any part thereof, 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 all the provisions of law regulating life insurers establishing such accounts and issuing such contracts, as provided in chapter 48.18A RCW. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may, for persons having beneficial interests 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 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 RCW 48.36A.190 (2) and (4) shall not apply.
[ 1987 c 366 § 22.]
Structure Revised Code of Washington
Chapter 48.36A - Fraternal Benefit Societies.
48.36A.010 - Fraternal benefit society defined.
48.36A.020 - Lodge system—Lodges for children.
48.36A.030 - Representative form of government.
48.36A.050 - Beneficial operations—Laws and rules.
48.36A.060 - Membership classes, rights, grievances.
48.36A.070 - Location of office and meetings—Official publications, annual statement.
48.36A.080 - Immunity of officers—Indemnification of person responsible—Insurance for liability.
48.36A.090 - Nonwaiver provisions.
48.36A.100 - Formation of domestic society—Procedures and requirements.
48.36A.110 - Amendment of society's laws.
48.36A.120 - Not-for-profit institutions authorized—Funeral homes prohibited.
48.36A.140 - Consolidation and merger.
48.36A.150 - Conversion to mutual life insurance company.
48.36A.160 - Contractual benefits.
48.36A.170 - Designation of beneficiary—Funeral benefits.
48.36A.180 - Protection of benefits.
48.36A.190 - Benefit certificates—Impaired reserves.
48.36A.200 - Paid-up nonforfeiture benefits and cash surrender values.
48.36A.210 - Authorized investments.
48.36A.220 - Assets—Investment and disbursement.
48.36A.230 - Chapter exclusive.
48.36A.240 - Funds tax exempt, exception.
48.36A.250 - Valuation standards—Reserves.
48.36A.260 - Annual financial statement.
48.36A.263 - Filing of financial statements.
48.36A.270 - Licenses and renewals—Fees—Existing societies.
48.36A.272 - Notice of intent to suspend, revoke, or refuse to renew a license.
48.36A.274 - Duration of suspension.
48.36A.276 - Reauthorization of license.
48.36A.278 - Notice to agents of loss of authority.
48.36A.282 - Transactions hazardous to certificate holders or creditors—Standards for consideration.
48.36A.290 - License required—Obtaining.
48.36A.310 - Deficiencies, noncompliance by societies—Actions against license.
48.36A.320 - Requirements for injunction.
48.36A.330 - Insurance producers.
48.36A.340 - Unfair trade practices.
48.36A.350 - Service of process upon commissioner.
48.36A.380 - World War I societies.
48.36A.390 - Fraternal mutual insurers.
48.36A.400 - Fraternal mutual life insurers.
48.36A.410 - Review of commissioner's decisions and findings.