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2021 Delaware Code
Title 18 - Insurance Code
Chapter 55. Mutual Benefit Associations
§ 5502. “Mutual benefit association” defined.
Universal Citation:
18 DE Code § 5502. (2021)
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§ 5502. “Mutual benefit association” defined. 18 Del. C. 1953, § 5502; 56 Del. Laws, c. 380, § 1;
As used in this chapter:
(1) “Association” means a mutual benefit association as defined in this section.
(2) “Mutual benefit association” means a corporation, society, order or association which has no capital stock, which issues certificates of membership providing for payment of benefits in case of sickness, disability or death of its members and which accumulates funds by the collection of fees or dues from its members, at either stated or irregular intervals, with which to discharge its liabilities on its membership certificates and with which to pay the administrative expenses, but fraternal benefit societies as defined in Chapter 62 of this title shall not be deemed to be mutual benefit associations.
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