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IA Code § 512A.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512A - BENEVOLENT ASSOCIATIONS|Section 512A.10 - Articles, amendments to articles, and bylaws.

512A.10 Articles, amendments to articles, and bylaws.   1. The articles of incorporation, and any subsequent amendments, of an organization shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. An organization shall file bylaws and subsequent amendments to bylaws with the commissioner within thirty days of adoption of the bylaws and amendments.   2. The directors of a benevolent association shall have the authority to enact such bylaws and regulations not inconsistent with law as they consider necessary for the regulation and conduct of the business. A change in the bylaws shall not limit coverage under existing certificates. A benevolent association shall file with the commissioner bylaws and amendments to the bylaws within thirty days of adoption of such bylaws or amendments.  2000 Acts, ch 1023, §19; 2006 Acts, ch 1010, §138; 2009 Acts, ch 145, §9  See §512A.3
IA Code § 512B.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.1 - Scope of chapter.

512B.1 Scope of chapter.   Except as otherwise provided in this chapter, societies are governed by this chapter and are exempt from all other insurance laws of this state unless expressly included in this chapter, or unless specifically made applicable by this chapter.  90 Acts, ch 1148, §1
IA Code § 512B.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.2 - Definitions.

512B.2 Definitions.   As used in this chapter, unless the context otherwise requires:   1. “Alien society” means an association organized under the laws of another country.   2. “Benefit contract” means the agreement for provision of benefits authorized by section 512B.16, as that agreement is described in section 512B.19, subsection 1.   3. “Benefit member” means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract.   4. “Certificate” means the document issued as written evidence of the benefit contract.   5. “Commissioner” means the commissioner of insurance or the commissioner’s designee.   6. “Domestic society” means an association organized under the laws of this state.   7. “Foreign society” means an association organized under the laws of another state or territory of the United States.   8. “Laws” means the society’s articles of incorporation, constitution, and bylaws, however designated.   9. “Lodge” means a subordinate member unit of the society, whether known as a camp, court, council, branch, or by any other designation.   10. “Premium” means a premium, rate, dues, or other required contribution by whatever name known, which is payable under the certificate.   11. “Regulations” means all regulations, or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society.   12. “Society” means a fraternal benefit society, unless otherwise indicated.  90 Acts, ch 1148, §2
IA Code § 512B.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.3 - Fraternal benefit societies — defined.

512B.3 Fraternal benefit societies — defined.   An incorporated society, order, or supreme lodge, without capital stock, including one exempted under section 512B.36, subsection 1, paragraph “b”, whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with a ritualistic form of work, having a representative form of government, and which provides benefits in accordance with this chapter, is a fraternal benefit society.  90 Acts, ch 1148, §3  Referred to in §100.19
IA Code § 512B.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.4 - Lodge system.

512B.4 Lodge system.   1. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated, or admitted in accordance with its laws, regulations, and ritual. Subordinate lodges shall be required by the laws of the society to hold regular meetings at least once in each month in furtherance of the purposes of the society.   2. A society may organize and operate lodges for children under the minimum age for adult membership. Membership and initiation in local lodges shall not be required of children, nor shall children have a voice or vote in the management of the society.  90 Acts, ch 1148, §4
IA Code § 512B.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.5 - Representative form of government.

512B.5 Representative form of government.   A society has a representative form of government if all of the following apply:   1. It has a supreme governing body constituted in one of the following ways:   a. Assembly. The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delegates as prescribed in the society’s laws. A society may provide for election of delegates by mail. The elected delegates must constitute a majority of the delegates in number and have not less than two-thirds of the votes and not less than the number of votes required to amend the society’s laws. The assembly must be elected and meet at least once every four years and must elect a board of directors to conduct the business of the society between meetings of the assembly. Vacancies on the board of directors between elections may be filled in the manner prescribed by the society’s laws. The board of directors may appoint the officers of the society if authorized to do so by the articles or bylaws of the society. A board of directors elected by an assembly shall have such powers authorized the board by the articles or bylaws of the society, and may or may not be a supreme governing body as described in paragraph “b”, depending upon the powers authorized by the articles or bylaws.   b. Direct election. The supreme governing body is a board of directors composed of persons elected by the members, either directly or by their representatives in intermediate assemblies, and any other persons prescribed in the society’s laws. A society may provide for election of the board by mail. Each term of a board member must not exceed four years. Vacancies on the board between elections may be filled in the manner prescribed by the society’s laws. The elected board members must constitute a majority of the board members in number and have not less than the number of votes required to amend the society’s laws. A person filling the unexpired term of an elected board member shall be considered to be an elected member. The board must meet at least quarterly to conduct the business of the society.   2. The officers of the society are elected by the supreme governing body or board of directors.   3. Only benefit members are eligible for election to the supreme governing body, board of directors, or any intermediate assembly.   4. Each voting member has one vote.   5. A voting member is not entitled to cast a vote by proxy.  90 Acts, ch 1148, §5
IA Code § 512B.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.6 - Purposes and powers.

512B.6 Purposes and powers.   1. a. A society shall operate for the benefit of members and their beneficiaries by fulfilling both of the following purposes:   (1) Providing benefits as specified in section 512B.16.   (2) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which may also be extended to others.   b. The purposes listed in this subsection may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.   2. A society may adopt laws and regulations for the government of the society, the admission of its members, and the management of its affairs. A society may amend its laws and regulations, and has other powers as necessary and incidental to carrying into effect the objects and purposes of the society.  90 Acts, ch 1148, §6; 2012 Acts, ch 1023, §112  Referred to in §512B.13
IA Code § 512B.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.7 - Qualifications for membership.

512B.7 Qualifications for membership.   1. In its laws or regulations, a society shall at minimum specify all of the following:   a. Eligibility standards for each membership class. If benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than age fifteen and not greater than age twenty-one.   b. The process for admission to membership for each membership class.   c. The rights and privileges of each membership class. Only benefit members shall have the right to vote on the management of the insurance affairs of the society.   2. A society may also admit social members. A social member shall have no voice or vote in the management of the insurance affairs of the society.   3. Membership rights in a society are personal to the member and are not assignable.  90 Acts, ch 1148, §7
IA Code § 512B.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.8 - Location of office, meetings, communications to members, grievance procedures.

512B.8 Location of office, meetings, communications to members, grievance procedures.   1. The principal office of a domestic society shall be located in this state. The meetings of its supreme governing body may be held anywhere the society has at least one subordinate lodge, or in another location as determined by the supreme governing body, and all business transacted at a meeting held out of state shall be as valid in all respects as if the meeting were held in this state. The minutes of the proceedings of the supreme governing body and of the board of directors shall be in the English language.   2. a. A society may provide in its laws for an official publication in which any notice, report, or statement required by law to be given to members, including notice of election, may be published. Such required reports, notices, and statements shall be printed conspicuously in the publication. If the records of a society show that two or more members have the same mailing address, an official publication mailed to one member is deemed to be mailed to all members at the same address unless a member requests a separate copy.   b. Not later than June 1 of each year, a synopsis of the society’s annual statement providing an explanation of the facts concerning the condition of the society disclosed in the annual statement shall be printed and mailed to each benefit member of the society or, in lieu of mailing, the synopsis may be published in the society’s official publication.   3. A society may provide in its laws or regulations for grievance or complaint procedures for members.  90 Acts, ch 1148, §8
IA Code § 512B.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.10 - Waiver.

512B.10 Waiver.   The laws of the society may provide that a subordinate body, or any of its subordinate officers or members, do not have the power or authority to waive any of the provisions of the laws of the society. A waiver prohibition provision is binding on the society and every member and beneficiary of a member.  90 Acts, ch 1148, §10
IA Code § 512B.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.12 - Amendments to laws.

512B.12 Amendments to laws.   1. A domestic society may amend its laws in accordance with the provisions of its laws by action of its supreme governing body at any regular or special meeting or, if its laws so provide, by referendum. A referendum may be held in accordance with the provisions of the society’s laws by the vote of the voting members of the society, by the vote of delegates or representatives of voting members, or by the vote of local lodges. A society may provide for voting by mail. An amendment submitted for adoption by referendum shall not be adopted unless, within six months from the date of submission of the referendum, a majority of the members voting have signified their consent to the amendment by one of the methods specified in this subsection.   2. An amendment to the laws of a domestic society shall not take effect unless approved by the commissioner. The commissioner shall approve an amendment if the commissioner finds that it has been duly adopted and is not inconsistent with the laws of this state or with the character, objects, and purposes of the society. An amendment shall be considered approved, unless the commissioner disapproves the amendment in writing, within thirty days after the filing of the amendment. The disapproval of the commissioner shall be in writing and mailed to the secretary or corresponding officer of the society at its principal office. If the commissioner disapproves an amendment, the reasons for disapproval shall be stated in the written notice.   3. Within ninety days from the approval of an amendment by the commissioner, the amendment, or a synopsis of it, shall be furnished to all members of the society either by mail or by publication in full in the official publication of the society. The affidavit of an officer of the society or of anyone authorized by the society to mail an amendment or synopsis of an amendment, stating facts which demonstrate compliance with this subsection, is prima facie evidence that the amendment or synopsis has been furnished to the addressees.   4. A foreign or alien society authorized to do business in this state shall file with the commissioner a duly certified copy of all amendments of its laws within ninety days after their enactment.   5. Printed copies of the laws as amended, certified by the secretary, or corresponding officer of the society, are prima facie evidence of the legal adoption of the laws and amendments.  90 Acts, ch 1148, §12
IA Code § 512B.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.13 - Institutions.

512B.13 Institutions.   A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by section 512B.6, subsection 1, paragraph “a”, subparagraph (2). The institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for this purpose shall be reported in every annual statement. A not-for-profit institution so established is a charitable institution with all the rights, benefits, and privileges given to charitable institutions under the Constitution and laws of the State of Iowa. The commissioner may adopt appropriate rules and reporting requirements.  90 Acts, ch 1148, §13; 2006 Acts, ch 1010, §139; 2012 Acts, ch 1023, §153
IA Code § 512B.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.14 - Reinsurance.

512B.14 Reinsurance.   1. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance agreements and authorized to do business in this state, or if not so authorized, one which is approved by the commissioner; but a society shall not reinsure substantially all of its insurance in force without the written permission of the commissioner. It may take credit for the reserves on ceded risks to the extent reinsured, but credit shall not be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after January 1, 1991, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society.   2. Notwithstanding the limitation in subsection 1, a society may reinsure the risks of another society in a consolidation or merger approved by the commissioner under section 512B.15.  90 Acts, ch 1148, §14
IA Code § 512B.15A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.15A - Conversion of fraternal benefit society into a mutual life insurance company.

512B.15A Conversion of fraternal benefit society into a mutual life insurance company.   A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance laws for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting is necessary for the approval of the plan of conversion. A conversion shall not take effect unless and until approved by the commissioner. The commissioner may give approval for the conversion if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.  90 Acts, ch 1148, §16
IA Code § 512B.16 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.16 - Benefits.

512B.16 Benefits.   1. A society may provide any or all of the following contractual benefits in any form:   a. Death benefits.   b. Endowment benefits.   c. Annuity benefits.   d. Temporary or permanent disability benefits.   e. Hospital, medical, or nursing benefits.   f. Monument or tombstone benefits to the memory of deceased members.   g. Other benefits authorized for life insurers and which are not inconsistent with this chapter.   2. A society shall specify in its regulations those persons who may be issued, or covered by, the contractual benefits in subsection 1, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.  90 Acts, ch 1148, §17  Referred to in §512B.2, 512B.6
IA Code § 512B.17 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.17 - Beneficiaries.

512B.17 Beneficiaries.   1. The owner of a benefit contract may change the beneficiary or beneficiaries in accordance with the laws or regulations of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its laws or regulations, limit the scope of beneficiary designations and shall provide that a revocable beneficiary shall not have or obtain a vested interest in the proceeds of a certificate until the certificate has become due and payable in conformity with the benefit contract.   2. A society may make provision for the payment of funeral benefits to the extent of the portion of a payment under a certificate which reasonably appears to be due to a person equitably entitled to the benefit by reason of having incurred expense occasioned by the burial of the member. However, the portion so paid shall not exceed the sum of one thousand dollars.   3. If, at the death of a person insured under a benefit contract, there is no lawful beneficiary to whom the proceeds are payable, the amount of the benefit, except to the extent that funeral benefits may be paid pursuant to subsection 2, shall be payable to the estate of the deceased insured the same as other property not exempt. However, if the owner of the certificate is other than the insured, the proceeds are payable to the owner.  90 Acts, ch 1148, §18
IA Code § 512B.18 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.18 - Benefits not attachable.

512B.18 Benefits not attachable.   Money or other benefit, charity, relief, or aid to be paid, provided, or rendered by a society, is not liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay a debt or liability of a member or beneficiary, or any other person who may have a derivative right, either before or after payment by the society, except as provided in sections 627.11 and 627.12.  90 Acts, ch 1148, §19
IA Code § 512B.20 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.20 - Nonforfeiture benefits, cash surrender values, certificate loans, and other options.

512B.20 Nonforfeiture benefits, cash surrender values, certificate loans, and other options.   1. For certificates issued before January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrendered value, loan, or other option granted shall comply with chapter 512, Code 1989.   2. For certificates issued on or after January 1, 1991, for which reserves are computed on the commissioner’s 1980 standard mortality table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon the same tables.  90 Acts, ch 1148, §21
IA Code § 512B.21 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.21 - Investments.

512B.21 Investments.   A society shall invest its funds only as authorized by the laws of this state for the investment of assets of life insurers and subject to the same limitations. A foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state or nation in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds. A society organized under the laws of this state shall deposit securities as required of life insurance companies pursuant to section 511.8, subsection 16.  90 Acts, ch 1148, §22  Referred to in §512B.21A
IA Code § 512B.21A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 512B - FRATERNAL BENEFIT SOCIETIES|Section 512B.21A - Required reserves.

512B.21A Required reserves.   A society incorporated on or after July 1, 1993, shall have in cash, or in securities which are authorized for investment purposes for insurance companies pursuant to section 512B.21, surplus in an amount not less than five million dollars.  93 Acts, ch 88, §14