2013 California Code
Insurance Code - INS
DIVISION 2. CLASSES OF INSURANCE
PART 2. LIFE AND DISABILITY INSURANCE
CHAPTER 10. Fraternal Benefit Societies
ARTICLE 3. Organization
11033
A society maintaining special funds of the nature set forth in Section 11122 may make payments from such funds to its members compatible with the type thereof; provided that, if such payments are of such a nature that they could constitute benefits within the classes of insurance set forth in Section 11041, the society making such payments may not:
(a) Make any separate charge therefor;
(b) Issue any certificate, policy or other document promising such payments;
(c) Provide in its constitution, by-laws or any other document that such payments may be received by any member of such society as a matter of right; nor
(d) Advertise such payments as insurance or as payments to which the member has any right.
No such special funds shall be an admitted asset of the society in excess of the amount of the liabilities of such special fund. The society shall maintain a separate accounting of any disbursements under this section and report them in its annual statement.
(Added by Stats. 1951, Ch. 1193.)
Disclaimer: These codes may not be the most recent version. California 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.
