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.
Terms Used In Iowa Code 512B.7
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
- 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. See Iowa Code 512B.2
- Society: means a fraternal benefit society, unless otherwise indicated. See Iowa Code 512B.2
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.