1996 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.84. FRATERNAL BENEFIT SOCIETIES
Sec. 21.84.320. Funds.
(a) All assets shall be held, invested, and disbursed for the use and benefit of the society and a member or beneficiary may not have or acquire individual rights or become entitled to an apportionment or the surrender of a part of the assets, except as provided in the contract.
(b) A society may create, maintain, invest, disburse, and apply special funds necessary to carry out a purpose permitted by the laws of the 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 July 1, 1967, shall, in every provision of the laws of the society for payments by members of the society, in whatever form made, distinctly state the purpose of the same and the proportion which may be used for expenses, and no part of the money collected for mortuary or disability purposes or the net accretions thereto may be used for expenses.
Disclaimer: These codes may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
