Insurance Law 4529 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 4528 New business limitations up ARTICLE 45 Fraternal Benefit Societies next SECTION 4530 Optional Investment Authority Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 4529 Subsidiaries authorized Insurance (ISC) CHAPTER 28, ARTICLE 45 § 4529. Subsidiaries authorized. (a) A domestic fraternal benefit society may invest in subsidiaries as authorized in article seventeen of this chapter for domestic life insurance companies, provided such society meets the requirements of subsection (b) of section forty-five hundred twenty-seven or section four thousand five hundred thirty of this article. (b) A domestic fraternal benefit society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to provide one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious benefits to members. Such 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 the society's annual statement.