58-37A-5. Benefits and purposes of society--Power to adopt laws and rules for governing the society.
A society shall operate for the benefit of members and their beneficiaries by providing benefits as specified in §58-37A-16, and operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which may also be extended to others. These purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations. These subsidiaries or affiliated organizations shall comply with all other applicable provisions of the laws and are also subject to the requirements of chapter 58-5A.
Every society may adopt laws and rules for the government of the society, the admission of its members, and the management of its affairs. It may change, alter, add to, or amend the laws and rules and has any other powers that are necessary and incidental to carrying into effect the objects and purposes of the society.
Source: SL 1990, ch 410, §5.
Structure South Dakota Codified Laws
Chapter 37A - Fraternal Benefit Societies
Section 58-37A-1 - Fraternal benefit society defined.
Section 58-37A-2 - Lodge system--Regular meetings--Lodges for children.
Section 58-37A-3 - Representative form of government determined.
Section 58-37A-4 - Definition of terms.
Section 58-37A-6 - Specification of laws or rules--Membership rights.
Section 58-37A-9 - Provisions of laws may not be waived.
Section 58-37A-11 - Amendments to society laws--Adoption--Filing--Printing as prima facie evidence.
Section 58-37A-12 - Nonprofit organization created by society.
Section 58-37A-13 - Reinsurance agreement--Ceding risks.
Section 58-37A-14 - Consolidation or merger.
Section 58-37A-15 - Conversion into life insurance company--Plan--Approval.
Section 58-37A-16 - Contractual benefits allowed.
Section 58-37A-17 - Beneficiary designations--Funeral benefits.
Section 58-37A-18 - Money or other benefits not attachable for individual debts.
Section 58-37A-19 - Benefit certificates.
Section 58-37A-20 - Basis for computing value of nonforfeiture benefits.
Section 58-37A-21 - Authorized investments.
Section 58-37A-23 - Exemption from other insurance laws.
Section 58-37A-24 - Exemption from certain taxes.
Section 58-37A-25 - Standards of valuation for certificates--Maintenance of excess reserves.
Section 58-37A-26 - Annual statement of affairs--Valuation of certificates--Filing requirements.
Section 58-37A-33 - Insurance producers--When license is required.