Bill Text | History of Actions | Amendments | Background | Title |
Description: Larger fraternal benefit societies; enact model act to regulate.
Bill Text: [Introduced] [Passed Senate] [Sent to Governor]
| 1 | 01/15 (S) Referred To Insurance | |
| 2 | 01/25 (S) Title Suff Do Pass | |
| 3 | 02/07 (S) Amended | |
| 4 | 02/07 (S) Passed As Amended | |
| 5 | 02/09 (S) Transmitted To House | |
| 6 | 02/12 (H) Referred To Insurance | |
| 7 | 02/21 (H) Title Suff Do Pass | |
| 8 | 02/28 (H) Passed | |
| 9 | 03/02 (H) Transmitted To Senate | |
| 10 | 03/06 (S) Enrolled Bill Signed | |
| 11 | 03/06 (H) Enrolled Bill Signed | |
| 12 | 03/11 Approved by Governor |
| Adopted | [S] | Amendment No 1 |
| Effective date | July 1, 2001 | |
| Disposition | Law | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths | |
| Chapter number | 362 |
Senate Committee:
House Committee:
Principal Author: Kirby
Code Sections: A 083-0017-0015, A 083-0017-0101, A 083-0029-0001
Title: AN ACT TO REGULATE LARGER FRATERNAL BENEFIT SOCIETIES; TO DEFINE CERTAIN TERMS; TO PROVIDE FOR QUALIFICATIONS FOR MEMBERSHIP; TO PROVIDE GRIEVANCE PROCEDURES; TO PROVIDE THAT OFFICERS AND MEMBERS OF THE SUPREME GOVERNING BODY OR ANY SUBORDINATE BODY OF A SOCIETY SHALL NOT BE PERSONALLY LIABLE FOR ANY BENEFITS PROVIDED BY A SOCIETY; TO PROVIDE FOR THE ORGANIZATION OF SOCIETIES; TO PROVIDE FOR CONSOLIDATIONS AND MERGERS OF SOCIETIES; TO PROVIDE FOR THE CONVERSION OF LARGER FRATERNAL BENEFIT SOCIETIES INTO MUTUAL OR STOCK INSURERS; TO AUTHORIZE SOCIETIES TO PROVIDE CERTAIN CONTRACTUAL BENEFITS; TO REQUIRE EVERY SOCIETY TO ISSUE TO EACH OWNER OF A BENEFIT CONTRACT A CERTIFICATE SPECIFYING THE AMOUNT OF BENEFITS; TO REQUIRE SOCIETIES TO INVEST ITS FUNDS ONLY IN SUCH INVESTMENTS AS ARE AUTHORIZED BY THE LAWS OF THIS STATE FOR THE INVESTMENT OF ASSETS OF LIFE INSURERS; TO PROVIDE FOR STANDARDS OF VALUATION; TO REQUIRE EVERY SOCIETY TO FILE AN ANNUAL STATEMENT WITH THE COMMISSIONER OF INSURANCE; TO PROVIDE FOR ANNUAL LICENSURE OF SOCIETIES; TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO ISSUE INJUNCTIONS OR TO LIQUIDATE DOMESTIC SOCIETIES UPON CERTAIN FINDINGS AFTER INVESTIGATION; TO PROVIDE FOR THE SUSPENSION, REVOCATION OR REFUSAL OF LICENSE OF FOREIGN OR ALIEN SOCIETIES UPON CERTAIN FINDINGS AFTER INVESTIGATION; TO PROVIDE CERTAIN CRIMINAL PENALTIES; TO EXEMPT CERTAIN SOCIETIES FROM THE PROVISIONS OF THIS ACT; TO AMEND SECTIONS 83-17-15 AND 83-17-101, MISSISSIPPI CODE OF 1972, TO CHANGE SECTION REFERENCES IN CONFORMITY TO THIS ACT; TO AMEND SECTION 83-29-1, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF FRATERNAL BENEFIT SOCIETIES WHICH ARE REGULATED UNDER CHAPTER 29, MISSISSIPPI CODE OF 1972; AND FOR RELATED PURPOSES.
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2001/html/History/SB/SB2963.htm