reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  8-437 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-437 - Creation and Operation of Institutions

    (a)    A society may create, maintain, and operate charitable, benevolent, or educational institutions for the benefit of:        (1)    society members;        (2)    families and dependents of society members; and        (3)    children insured by the society.    (b)    (1)    For the purposes of an institution authorized by subsection (a) of this section, a society may own, hold, or lease personal or real property inside or outside the State.        (2)    The property shall be reported in each annual statement of the society, but may not be allowed as an admitted asset of the society.    (c)    (1)    Subject to paragraph (2) of this subsection, a society may charge a reasonable fee for maintenance, treatment, and proper attendance in an institution authorized by subsection (a) of this section.        (2)    A society may not operate an institution authorized under subsection (a) of this section for profit.    (d)    A society may not own or operate a funeral home or undertaking establishment.    (e)    A society shall maintain a separate accounting for any income and disbursements under this section and report them in its annual statement.    (f)    The purposes of a society as specified in its laws, and as provided in this section and § 8-411(c)(2) of this subtitle, may be carried out:        (1)    directly by the society; or        (2)    indirectly:            (i)    with respect to activities regulated by the Insurance Commissioner, through a subsidiary or affiliate operating under a certificate of authority, certificate of qualification, or other license issued by the Commissioner; and            (ii)    for all other activities, through subsidiary corporations and affiliated organizations.
MD. Insurance Code Ann. §  8-438 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-438 - Consolidation and Merger -- Procedure

    (a)    A society may consolidate or merge with another society as provided in this section.    (b)    The society shall file with the Commissioner:        (1)    a certified copy of the written contract that contains the terms and conditions of the consolidation or merger;        (2)    a statement verified under oath by the president and secretary or equivalent officers of each society party to the contract that shows the financial condition of the society on a date set by the Commissioner, but not before December 31 preceding the date of the contract;        (3)    a certificate verified under oath by the officers described in item (2) of this subsection that states that the consolidation or merger was approved by a two-thirds vote of the supreme legislative or governing body of each society; and        (4)    evidence that, at least 60 days before the approval of the supreme legislative or governing body of each society, the text of the contract was mailed to each member of each society or was published in full in the official publication of that society.    (c)    The affidavit of an officer of the society or an individual authorized by the society to mail a notice or document, stating that the text of the contract was properly addressed and mailed, is prima facie evidence that the text was provided to the addressee.    (d)    The Commissioner shall approve the contract and issue a certificate of approval if the Commissioner finds that:        (1)    the society has complied with the provisions of this section;        (2)    the financial statements are correct; and        (3)    the consolidation or merger is equitable to the members of each society party to the contract.    (e)    (1)    Unless a society party to the contract is incorporated under the laws of another state, the contract is effective on approval.        (2)    If a society party to the contract is incorporated under the laws of another state, the consolidation or merger is not effective:            (i)    until it is approved under the laws of the other state and a certificate of the approval is filed with the Commissioner; or            (ii)    if the laws of the other state do not provide for approval, until it is approved by the insurance supervisory official of the other state and a certificate of the approval is filed with the Commissioner.
MD. Insurance Code Ann. §  8-439 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-439 - Consolidation and Merger -- Effect

    (a)    When a consolidation or merger becomes effective, each right, franchise, and interest of the consolidated or merged society in an asset vests in the successor society, without the need for any other instrument.    (b)    A conveyance of real property may be evidenced by a proper deed.    (c)    The title to or any interest in real property vested under the laws of the State in a consolidated or merged society does not revert and is not in any way impaired because of the consolidation or merger, but vests absolutely in the successor society.
MD. Insurance Code Ann. §  8-440 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-440 - Conversion to Mutual Life Insurer

    (a)    A domestic society may convert to and be licensed as a mutual life insurer by complying with the applicable requirements of Title 3, Subtitle 1 of this article if the plan of conversion is approved by the Commissioner.    (b)    (1)    The plan of conversion shall be in writing and shall set forth the terms and conditions of the conversion.        (2)    The board of directors shall submit the plan of conversion to the supreme legislative or governing body of the society at a regular or special meeting, by giving a complete copy of the plan with the notice of the meeting.        (3)    Notice shall be given as provided in the applicable laws of the society for a regular or special meeting.        (4)    The affirmative vote of two-thirds of the members of the body is necessary for approval of the plan.    (c)    (1)    Conversion to a mutual life insurer may not take effect unless approved by the Commissioner.        (2)    The Commissioner may approve the conversion if the Commissioner finds that the proposed change conforms to the requirements of law and is not prejudicial to the certificate holders of the society.
MD. Insurance Code Ann. §  8-441 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-441 - Reinsurance

    (a)    Subject to subsection (b) of this section, a domestic society may cede wholly or partly any individual risk by reinsurance agreement to an insurer that:        (1)    is not a fraternal benefit society;        (2)    has the power to make reinsurance; and        (3)    is authorized to do insurance business in the State or is approved by the Commissioner.    (b)    A domestic society may not reinsure substantially all of its insurance in force without the written permission of the Commissioner.    (c)    (1)    Except as provided in paragraph (2) of this subsection, a ceding domestic society may take credit for the reserves on risks ceded under this section to the extent reinsured.        (2)    A ceding domestic society may not be allowed credit, as an admitted asset or as a deduction from liability, for reinsurance made, ceded, renewed, or that otherwise became effective after December 31, 1963, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contracts reinsured without diminution because of the insolvency of the ceding society.    (d)    Notwithstanding the limitations in this section, a society may reinsure the risks of another society in a consolidation or merger approved by the Commissioner under § 8-438 of this subtitle.
MD. Insurance Code Ann. §  8-442 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-442 - Assets; Special Funds; Payments for Expenses; Separate Accounts

    (a)    (1)    All assets of a society shall be held, invested, and disbursed for the use and benefit of the society.        (2)    A society member or beneficiary of a member does not have and may not acquire individual rights in the assets of the society and is not entitled to any apportionment or the surrender of any part of the assets except as provided in the insurance contract.    (b)    A society may create, maintain, invest, disburse, and apply special funds as necessary to carry out any purpose allowed by the laws of the society.    (c)    (1)    This subsection applies only to a society with admitted assets that 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 December 31, 1963.        (2)    A society described in paragraph (1) of this subsection shall state distinctly, in each law of the society regarding payments by members, the purpose of the payments and the proportion of the payments that may be used for expenses.        (3)    A society described in paragraph (1) of this subsection may not use any money collected for mortuary or disability purposes, or its net earnings, for expenses.    (d)    (1)    A society, pursuant to resolution of its supreme governing body, may establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts.        (2)    To the extent the society considers it necessary in order to comply with any applicable federal or State laws, or any rules issued under applicable federal or State laws, the society:            (i)    may adopt special procedures for the conduct of the business and affairs of a separate account;            (ii)    for persons having beneficial interests in an account, may provide special voting and other rights, including special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account; and            (iii)    may issue contracts on a variable basis to which §§ 8-432(c) and 8-446 of this subtitle shall not apply.
MD. Insurance Code Ann. §  8-443 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-443 - Investments

    For the purpose of compliance with standards set out in this article regarding required reserves and required surplus, a society shall invest its funds only in investments that are authorized by, and subject to the limitations of, the laws of the State for the investment of assets of life insurers under Title 5 of this article.
MD. Insurance Code Ann. §  8-444 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-444 - Annual Statement

    (a)    Each society transacting insurance business in the State shall:        (1)    file with the Commissioner an annual statement as provided in § 4-116 of this article;        (2)    pay to the Commissioner a fee of $25 for filing the annual statement; and        (3)    prepare a synopsis of the annual statement that explains the condition of the society as disclosed by the annual statement.    (b)    On or before June 1 of each year the synopsis required by subsection (a)(3) of this section shall be:        (1)    printed and mailed to each benefit member of the society; or        (2)    published in the society’s official publication.    (c)    (1)    A society that fails to file the annual statement required under subsection (a) of this section shall pay a penalty of $100 each day until the annual statement is filed.        (2)    In addition to the penalty provided in paragraph (1) of this subsection, the Commissioner, after notice to the society, shall suspend the society’s authority to do business in the State until the annual statement is filed.
MD. Insurance Code Ann. §  8-445 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-445 - Valuation of Certificates

    (a)    Standards of valuation for certificates issued before January 1, 1998, shall be those provided by the laws applicable on December 31, 1997.    (b)    (1)    The minimum standards of valuation for certificates issued on or after January 1, 1998, shall be based on the following tables:            (i)    for certificates of life insurance:                1.    the Commissioners 1941 Standard Ordinary Mortality Table;                2.    the Commissioners 1941 Standard Industrial Mortality Table;                3.    the Commissioners 1958 Standard Ordinary Mortality Table;                4.    the Commissioners 1980 Standard Ordinary Mortality Table; or                5.    any more recent table authorized for use under § 5-304(b) of this article; and            (ii)    for annuity and pure endowment certificates, total and permanent disability benefits, accidental death benefits, and noncancelable accident and health benefits, the tables that are authorized for use by life insurers in the State.        (2)    Valuation of all certificates issued on or after January 1, 1998, shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of the State applicable to life insurers issuing policies containing like benefits.    (c)    The Commissioner may:        (1)    accept other standards for valuation if the Commissioner finds that the reserves produced by those other standards will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section; and        (2)    vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in the State.    (d)    (1)    With the consent of the commissioner of insurance of the state of domicile of the society, and subject to any conditions the commissioner may impose, a society may establish and maintain reserves on its certificates that exceed the reserves required under this section.        (2)    The contractual rights of any benefit member may not be affected by a society establishing and maintaining reserves under paragraph (1) of this subsection.
MD. Insurance Code Ann. §  8-446 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part IV - Other Powers and Duties|Section 8-446 - Impairment of Reserves

    (a)    Each society shall provide in its laws that:        (1)    if the reserves of the society as to all or any class of certificates become impaired, the board of directors or equivalent body of the society may require that the owner of each certificate pay the amount of the owner’s equitable proportion of the deficiency as determined by the board of directors or equivalent body and approved by the commissioner of the domiciliary state; and        (2)    if the owner does not pay the owner’s share of the deficiency, that share:            (i)    shall stand as an indebtedness against the certificate and is subject to interest not exceeding the rate specified for certificate loans under the certificate; or            (ii)    instead of or in combination with item (i) of this paragraph, the owner of the certificate may accept a proportionate reduction in benefits under the certificate.    (b)    The society may specify the manner of the election and which alternative is to be presumed if no election is made.
MD. Insurance Code Ann. §  8-449 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part V - Fraternal Benefit Agents|Section 8-449 - License Required; Exceptions

    (a)    Except as otherwise provided in this section, a person must obtain a license issued under Title 10, Subtitle 1 of this article before the person acts as an insurance producer for a fraternal benefit society.    (b)    Subsection (a) of this section does not apply to a regular salaried officer or employee of a licensed society who:        (1)    devotes substantially all of the officer’s or employee’s services to activities other than soliciting insurance contracts; and        (2)    does not receive, for soliciting insurance contracts, a commission or other compensation that is directly dependent on the amount of business obtained.    (c)    (1)    Subsection (a) of this section does not apply to a fraternal benefit insurance producer or representative of a society that devotes, or intends to devote, less than 50% of the person’s time to selling, soliciting and negotiating insurance contracts for the society.        (2)    For the purposes of paragraph (1) of this subsection, a person is presumed to be devoting, or intending to devote, 50% or more of the person’s time to selling, soliciting or negotiating insurance contracts for a society if, in the preceding calendar year, the person has sold, solicited and negotiated:            (i)    life insurance contracts that, in the aggregate, exceed $200,000 of coverage for all lives insured for the preceding calendar year;            (ii)    a permanent life insurance contract offering more than $10,000 of coverage on an individual life;            (iii)    a term life insurance contract offering more than $50,000 of coverage on an individual life;            (iv)    any insurance contracts other than life that the society may write that insure the lives of more than 25 individuals; or            (v)    any variable life insurance or variable annuity contract.
MD. Insurance Code Ann. §  8-461 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part VI - Enforcement and Penalties|Section 8-461 - Examination of Domestic Societies

    (a)    The Commissioner or a person appointed by the Commissioner shall examine the affairs of each domestic society at least once every 3 years.    (b)    In conducting an examination under this section:        (1)    the Commissioner or person appointed by the Commissioner shall have free access to all books, documents, and records that relate to the business of the society; and        (2)    the Commissioner may subpoena and examine under oath any person, including the officers, agents, and employees of the society, in relation to the affairs, transactions, and condition of the society.    (c)    (1)    A summary of the report of the Commissioner about the examination and any recommendations or statements of the Commissioner that accompany the report:            (i)    shall be read at the first meeting of the board of directors or equivalent body of the society after the receipt of the report; and            (ii)    if the Commissioner directs, shall be read at the first meeting of the supreme legislative or governing body of the society after the receipt of the report.        (2)    A copy of the report, recommendations, and statements of the Commissioner shall be provided by the society to each member of the society’s board of directors or other governing body.    (d)    The expense of each examination or of each valuation, including the compensation and expenses of examiners, shall be paid by the society examined or the society whose certificates are valued, on statements provided by the Commissioner.
MD. Insurance Code Ann. §  8-462 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part VI - Enforcement and Penalties|Section 8-462 - Examination of Foreign and Alien Societies

    (a)    The Commissioner or a person appointed by the Commissioner may examine any foreign or alien society that transacts or applies for admission to transact business in the State.    (b)    In conducting an examination under this section, the Commissioner or person appointed by the Commissioner shall have free access to all books, documents, and records that relate to the business of the society.    (c)    Instead of conducting an examination, the Commissioner may accept the examination of the insurance department of the state or jurisdiction where the society is organized.    (d)    The compensation and expenses of the examiners making an examination or valuation shall be paid by the society examined or the society whose certificate obligations are valued, on statements provided by the Commissioner.
MD. Insurance Code Ann. §  8-463 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part VI - Enforcement and Penalties|Section 8-463 - Publication of Information About Examinations or Investigations

    (a)    Subject to subsection (b) of this section, during or after an examination or investigation of a domestic, foreign, or alien society, the Commissioner may not make public or allow to become public a financial statement, report, or finding that affects the status, standing, or rights of the society.    (b)    The Commissioner may make public or allow to become public a financial statement, report, or finding described in subsection (a) of this section after:        (1)    a copy of the financial statement, report, or finding has been served on the society at its principal office; and        (2)    the society has been given a reasonable opportunity to answer the financial statement, report, or finding.
MD. Insurance Code Ann. §  8-465 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part VI - Enforcement and Penalties|Section 8-465 - Judicial Review

    A decision or finding of the Commissioner made under this subtitle is subject to judicial review in accordance with § 2-215 of this article.
MD. Insurance Code Ann. §  8-466 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 4 - Fraternal Benefit Societies|Part VI - Enforcement and Penalties|Section 8-466 - Unincorporated Societies Prohibited

    An unincorporated or voluntary association may not transact business in the State as a society.