(a) 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 or the surrender of any part thereof, except as provided in the contract.
(b) A society may create, maintain, invest, disburse and apply any special funds or funds necessary to carry out any purpose permitted by the laws of such society.
(c) Every society, the admitted assets of which are less than the sum of its accrued liabilities and reserves under all of its certificates when valued according to standards required for certificates issued after one year from the effective date of this article, shall, in every provision of the laws of the society for payments by members of such society, in whatever form made, distinctly state the purpose of the same and the proportion thereof which may be used for expenses, and no part of the money collected for mortuary or disability purposes or the net accretions thereto shall be used for expenses.
Structure West Virginia Code
Article 23. Fraternal Benefit Societies
§33-23-2. Applicability of Other Provisions
§33-23-2a. Applicability of Insurance Fraud Prevention Act
§33-23-3. Fraternal Benefit Societies Defined
§33-23-4. Lodge System Defined
§33-23-5. Representative Form of Government Defined
§33-23-7. Retention of Corporate Powers by Existing Incorporated Societies
§33-23-8. Incorporation of Existing Voluntary Associations
§33-23-9. Office and Meetings of Domestic Society
§33-23-10. Consolidations and Mergers
§33-23-11. Conversion of Society to Mutual Life Insurer
§33-23-12. Qualifications for Benefit Membership
§33-23-13. Amendment of Articles of Incorporation, Constitution or Laws
§33-23-14. Operation of Charitable, Benevolent or Educational Institutions
§33-23-15. Payment of Benefits Other Than Insurance Benefits
§33-23-16. No Personal Liability for Payment of Benefits
§33-23-17. Kinds of Benefits Authorized
§33-23-18. Benefits on Lives of Children
§33-23-19. Nonforfeiture Benefits, Cash Surrender Values, Loans and Options
§33-23-21. Benefits Not Liable to Process
§33-23-22. Certificates and Agreement With Members
§33-23-23. Approval of Certificates; Standard and Prohibited Provisions
§33-23-24. Filing and Approval of Accident and Sickness Insurance Certificates
§33-23-25. Waiver of Laws and Constitution of Society
§33-23-27. Licensing of Foreign and Alien Societies
§33-23-29. Fees; Exemption of Funds and Assets From Taxation
§33-23-32. Reports and Synopses of Annual Statements; Valuations