Sec. 885.005. FRATERNAL BENEFIT SOCIETIES THAT PROVIDE BENEFITS RESULTING FROM ACCIDENTS ONLY. (a) A fraternal benefit society that provides benefits for death or disability resulting from accidents only and does not provide death benefits or benefits for sickness may hold a certificate of authority under this chapter if the society:
(1) was organized and incorporated before July 1, 1913; and
(2) operates as provided by Sections 885.051-885.054 and 885.062.
(b) A fraternal benefit society that holds a certificate of authority as provided by Subsection (a) may exercise all the privileges provided by and is subject to this chapter other than:
(1) provisions requiring medical examination;
(2) provisions requiring that a benefit certificate specify the amount of benefits; and
(3) provisions relating to the valuation of benefit certificates.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 885 - Fraternal Benefit Societies
Subchapter A. General Provisions
Section 885.002. Limited Exemption From Insurance Laws
Section 885.003. Exemption From Taxation
Section 885.004. Inapplicability to Certain Societies
Section 885.005. Fraternal Benefit Societies That Provide Benefits Resulting From Accidents Only