Kansas Statutes 40-742. Operation for benefit of members; authorized insurance business and purposes; specification of persons who may be covered; adoption of laws and rules governing society’s operation
(a) A society shall operate for the benefit of members and their beneficiaries by:
(1) Providing the following benefits:
Terms Used In Kansas Statutes 40-742
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Kansas Statutes 40-741
- Rules: means all rules, 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 Kansas Statutes 40-741
- Society: means fraternal benefit society, unless otherwise indicated. See Kansas Statutes 40-741
(A) Death benefits;
(B) endowment benefits;
(C) annuity benefits;
(D) temporary or permanent disability benefits;
(E) hospital, medical or nursing benefits; and
(F) such other benefits as authorized for life insurers and which are not inconsistent with this article;
(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.
Such purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
(b) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (a), 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.
(c) Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members, and the management of its affairs. It shall have the power to change, alter, add to or amend such laws and rules and shall have such other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.