reglab/housing_qa huggingface dataset:
TX Ins Code § 885.305 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.305. Organization as Beneficiary

Sec. 885.305.  ORGANIZATION AS BENEFICIARY.  A fraternal benefit society may provide in the fraternal benefit society's laws for the issuance to its members of benefit certificates under which an association, society, or corporation that is organized and operated for religious, eleemosynary, or educational purposes is named as beneficiary.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.306 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.306. Benefit Certificate

Sec. 885.306.  BENEFIT CERTIFICATE.  (a)  A fraternal benefit society may not deliver or issue for delivery in this state a benefit certificate unless the form of the certificate has been filed under Chapter 1701.(b)  Each benefit certificate issued by a fraternal benefit society must:(1)  specify the amount of benefits provided under the certificate;(2)  state the amount of premiums that are payable under the certificate;  and(3)  provide that the certificate, the society's charter or articles of incorporation or, if the society is a voluntary association, the society's articles of association, the fraternal benefit society's laws, the application for membership and medical examination, signed by the applicant, and all amendments to each of those constitute the agreement between the society and the member.(c)  An amendment to a fraternal benefit society's charter, articles of incorporation or association, or laws made or enacted after the issuance of a benefit certificate:(1)  binds the member and the member's beneficiaries;  and(2)  controls the agreement in all respects as if the amendment had been in force at the time of the application for membership.(d)  A life, accident, health, or disability insurance benefit certificate or annuity benefit certificate issued by a fraternal benefit society must meet the requirements applicable to similar policies issued by an insurer in this state that are not inconsistent with this chapter as determined by rule of the commissioner.(e)  A copy of a document described by Subsection (b)(3), certified by a fraternal benefit society's secretary or corresponding officer, shall be admitted as evidence of the terms of the agreement between the society and the member.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.092, eff. April 1, 2009.|
TX Ins Code § 885.307 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.307. Grace Period

Sec. 885.307.  GRACE PERIOD.  A fraternal benefit society shall include in the terms of a benefit certificate a grace period of at least one month for payment of premiums.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.308 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.308. Assignment of Life Insurance Benefit Contract

Sec. 885.308.  ASSIGNMENT OF LIFE INSURANCE BENEFIT CONTRACT.  A fraternal benefit society may specify the terms for the assignment of a life insurance benefit contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.309 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.309. Nonforfeiture Benefits

Sec. 885.309.  NONFORFEITURE BENEFITS.  (a)  The value of a nonforfeiture benefit provided under a benefit certificate issued before January 1, 2001, must comply with the law applicable to the certificate immediately before that date.(b)  The value of a nonforfeiture benefit provided under a benefit certificate issued on or after January 1, 2001, is computed as provided under:(1)  the provisions of Chapters 1105 and 1107 applicable to life insurance companies issuing policies containing similar benefits;  and(2)  the applicable tables required by those chapters.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.310 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.310. Enforcing Payment of Premiums; Control of Benefit Certificates

Sec. 885.310.  ENFORCING PAYMENT OF PREMIUMS;  CONTROL OF BENEFIT CERTIFICATES.  A fraternal benefit society may provide for:(1)  enforcing payment of premiums;(2)  designating beneficiaries;  and(3)  controlling benefit certificates and all rights, obligations, and liabilities incident to the certificates not in conflict with this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.311 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.311. Deficiency Payments

Sec. 885.311.  DEFICIENCY PAYMENTS.  (a)  A fraternal benefit society shall provide in the fraternal benefit society's laws that if the society's reserves for any class of the society's benefit certificates become impaired, the society's supreme governing body or board of directors may require the certificate holders to pay the society an equitable proportion of the deficiency as determined by the governing body or board.  The aggregate assessment for the impaired reserves may not exceed the total amount required to comply with Section 885.408.(b)  If a holder of a benefit certificate does not pay a fraternal benefit society the amount determined under Subsection (a), the holder, in a manner determined by the society, may elect to accept:(1)  the amount determined under Subsection (a) as an indebtedness against the certificate, with the amount drawing interest at a rate that does not exceed the rate specified for a certificate loan under a certificate that has cash value;(2)  a proportionate reduction in the benefits payable under the certificate;  or(3)  a combination of the limitations on the certificate described by Subdivisions (1) and (2).(c)  A fraternal benefit society may determine a presumed election for a holder of a benefit certificate under Subsection (b) if the holder fails to make an election.(d)  Not later than the 90th day before the proposed effective date of an assessment under Subsection (a), the fraternal benefit society shall file with the department an application for approval of the assessment and a statement sworn to by the president and secretary or corresponding officers of the society.  The statement must:(1)  include:(A)  the terms of the assessment, including the proposed effective date; and(B)  a narrative statement of the financial condition of the fraternal benefit society; and(2)  state that the assessment:(A)  received approval by a majority vote of the supreme governing body or board of directors of the society; and(B)  complies with the requirements of this section. (e)  After the department receives a completed application, the commissioner may approve or disapprove the application.  If the commissioner does not approve or disapprove the application before the 60th day after the date the department receives the completed application, the application is considered approved.  The commissioner may impose an effective date earlier than the date requested in the application if the earlier effective date is in the best interests of the certificate holders.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2019, 86th Leg., R.S., Ch. 762 (H.B. 1251), Sec. 1, eff. September 1, 2019.|
TX Ins Code § 885.312 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.312. Continuation of Benefit Certificate on Expulsion or Suspension of Member

Sec. 885.312.  CONTINUATION OF BENEFIT CERTIFICATE ON EXPULSION OR SUSPENSION OF MEMBER.  If a fraternal benefit society's laws provide for expulsion or suspension of a member, the benefit certificate must provide that a member who is expelled or suspended may maintain the certificate in force by continuing payment of the required premium unless the expulsion or suspension:(1)  is for nonpayment of a premium;  or(2)  occurs within the contestable period of the benefit contract and is for material misrepresentation in the application for membership or insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.313 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.313. Continuation of Benefit Certificate Issued on Child

Sec. 885.313.  CONTINUATION OF BENEFIT CERTIFICATE ISSUED ON CHILD.  If the membership in a fraternal benefit society of a person responsible for the support of a child on whose account a benefit certificate has been issued terminates, the certificate may be continued for the benefit of:(1)  the child's estate, if payment of the premiums is continued;  or(2)  any other person responsible for the support and maintenance of the child, if the person assumes the payment of the required premiums.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.314 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.314. Responsibility for Payment of Benefits

Sec. 885.314.  RESPONSIBILITY FOR PAYMENT OF BENEFITS.  (a)  An officer or member of the supreme, the grand, or any subordinate body of an incorporated fraternal benefit society is not individually liable for the payment of any disability or death benefit provided for by the fraternal benefit society's laws and contracts.(b)  Benefits are payable only out of the fraternal benefit society's funds and in the manner provided by the fraternal benefit society's laws.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.315 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.315. Damages for Failure to Timely Pay Benefits

Sec. 885.315.  DAMAGES FOR FAILURE TO TIMELY PAY BENEFITS.  A fraternal benefit society that is liable for a loss and that does not pay benefits before the 61st day after the date of the demand for payment is liable to the holder of the benefit certificate, in addition to the amount of the loss, for damages of 12 percent of the amount of the loss and reasonable attorney's fees for the prosecution and collection of the loss.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.316 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter G. Benefits Provided by Fraternal Benefit Societies|Section 885.316. Exemption of Benefits

Sec. 885.316.  EXEMPTION OF BENEFITS.  Money or another benefit or charity to be paid or provided by a fraternal benefit society, before or after payment is not subject to attachment, garnishment, or other process and may not be seized or applied by any legal or equitable process or operation of law to pay any debt or liability of a member, a beneficiary, or any other person who may have a right under the benefit contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.351 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter H. Agents|Section 885.351. Agents

Sec. 885.351.  AGENTS.  (a)  A fraternal benefit society may appoint an agent licensed by the department under Subchapter B, Chapter 4054, to sell benefits listed under Section 885.301(a) to society members.(b)  Except as provided by Section 885.352, a person may not solicit or procure benefit contracts for a fraternal benefit society unless the person is licensed as a general life, accident, and health agent or a life agent under Subchapter B, Chapter 4054.(c)  The licensing and regulation of agents for fraternal benefit societies is subject to Title 13 and other laws regulating those agents.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.222(a), eff. Sept. 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 548 (S.B. 1263), Sec. 2.08, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.093, eff. April 1, 2009.Reenacted by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.011, eff. September 1, 2009.|
TX Ins Code § 885.352 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter H. Agents|Section 885.352. Exception

Sec. 885.352.  EXCEPTION.  (a)  Section 885.351(b) does not apply to an agent, representative, or member of a fraternal benefit society who devotes less than 50 percent of the person's time to the solicitation and procurement of benefit contracts for that society.(b)  For purposes of this section, a person is presumed for a calendar year to have devoted at least 50 percent of the person's time to the solicitation or procurement of benefit contracts if, in the preceding calendar year, the person solicited or procured on behalf of a fraternal benefit society:(1)  life insurance contracts that have generated, in the aggregate, more than $20,000 of direct premiums for all lives insured;(2)  benefit contracts other than life insurance contracts that have insured the individual lives of more than 25 persons;  or(3)  variable life insurance or variable annuity contracts.(c)  A person to whom this section applies may not solicit or procure on behalf of a fraternal benefit society an interest-sensitive life insurance contract that exceeds $35,000 of coverage on an individual life unless the person holds the designation of fraternal insurance counselor.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.222(b), eff. Sept. 1, 2003.|
TX Ins Code § 885.353 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter H. Agents|Section 885.353. Employment of Certain Persons to Solicit Business Prohibited

Sec. 885.353.  EMPLOYMENT OF CERTAIN PERSONS TO SOLICIT BUSINESS PROHIBITED.  A fraternal benefit society may not employ or otherwise retain a person to solicit business if the person has had a license revoked under Chapter 4005.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.094, eff. April 1, 2009.|
TX Ins Code § 885.401 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.401. Annual Report

Sec. 885.401.  ANNUAL REPORT.  (a)  Each fraternal benefit society engaged in business in this state shall annually, on or before March 1:(1)  file with the department in the form required by the commissioner a statement, under oath of the society's president and secretary or corresponding officers, of:(A)  the society's condition and standing on the preceding December 31;  and(B)  the society's transactions for the preceding calendar year;  and(2)  provide additional information the commissioner considers necessary to demonstrate the society's business and method of operation.(b)  The commissioner may periodically require any additional statement the commissioner considers necessary relating to a fraternal benefit society. (c)  The department or the state may use the report required under Subsection (a) in determining a fraternal benefit society's financial solvency.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.402 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.402. Reports of Certain Grand Lodges

Sec. 885.402.  REPORTS OF CERTAIN GRAND LODGES.  The officers of the supreme state governing body of a grand lodge considered to be a single state organization under Section 885.006 shall make each report required by this chapter.  The report must include the transactions, liabilities, and assets of the state organization.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.403 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.403. Valuation of Benefit Certificates

Sec. 885.403.  VALUATION OF BENEFIT CERTIFICATES.  (a)  A fraternal benefit society shall include in its report under Section 885.401 a valuation of the society's benefit certificates in force on the preceding December 31.  The report of valuation shall show:(1)  as contingent liabilities, the present midyear value of the promised benefits provided by the fraternal benefit society's laws under the benefit certificates subject to valuation;  and(2)  as contingent assets, the present midyear value of the future net premiums provided by the fraternal benefit society's laws as the premiums are in practice actually collected.(b)  At the option of a fraternal benefit society, instead of the valuation determined under Subsections (a)(1) and (2), the valuation may show the net value of benefit certificates subject to valuation under Subsection (a).  The net value, when computed in case of monthly premiums, may be the mean of the terminal values for the end of the preceding and of the current insurance years.(c)  The valuation, including the valuation of benefit certificates, must be certified by an actuary or, at the request and expense of the fraternal benefit society, verified by the actuary of the insurance department of the society's home state.(d)  The legal minimum standard of valuation for all benefit certificates, other than benefit certificates for accident and health benefits, is computed using a mortality table and interest rate specified by Section 885.404.(e)  Each valuation report must set out clearly and fully the mortality and interest rates and the method of valuation.(f)  The report required by Section 885.401 must also include a valuation of benefit certificates in accordance with Section 885.408.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.404 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.404. Mortality Tables; Interest Rates

Sec. 885.404.  MORTALITY TABLES;  INTEREST RATES.  (a)  In valuing benefit certificates under Section 885.403, a fraternal benefit society, at the option of the society, may use:(1)  the National Fraternal Congress Table of Mortality, as adopted by the National Fraternal Congress, August 23, 1899;(2)  any table producing reserves in the aggregate at least as great as the reserves produced by the table described by Subdivision (1);(3)  the Commissioners 1941 Standard Ordinary Mortality Table;(4)  the Commissioners 1958 Standard Ordinary Mortality Table;  or(5)  except as provided by Subsection (e), a table based on the society's own experience of at least 20 years and covering at least 100,000 lives.(b)  Notwithstanding Subsection (a), a fraternal benefit society may value the society's benefit certificates in accordance with valuation standards otherwise authorized by state law for the valuation of similar policies issued by life insurance companies.(c)  For any category of benefit certificates issued to insure a female risk, a modified net premium or present value referred to in Subchapter B, Chapter 425, may be computed according to an age not more than six years younger than the actual age of the insured.(d)  The interest assumption used with a mortality table described by Subsection (a)(1), (2), (3), or (4) may not be more than 4-1/2 percent a year.  The interest assumption used with a mortality table described by Subsection (a)(5) may not be more than four percent a year.(e)  A fraternal benefit society may not use a table based on the society's own experience for a benefit certificate issued on or after January 1, 1989.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.095, eff. April 1, 2009.|
TX Ins Code § 885.405 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.405. Valuation of and Separate Fund for Disability Benefits

Sec. 885.405.  VALUATION OF AND SEPARATE FUND FOR DISABILITY BENEFITS.  (a)  A fraternal benefit society that provides for disability benefits shall keep the net premiums for disability benefits in a fund separate from all other benefit and expense funds and the valuation of all other business of the society.(b)  Notwithstanding Subsection (a), if a fraternal benefit society uses a combined premium table for both death and permanent total disability benefits:(1)  the valuation must be according to tables of reliable experience;  and(2)  the society is not required to maintain a separation of those funds.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|