Texas Insurance Code

§ 885.051 — FRATERNAL BENEFIT SOCIETY DEFINED

IN § 885.051Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 885. FRATERNAL BENEFIT SOCIETIES · Art. B. STRUCTURE OF FRATERNAL BENEFIT SOCIETY

Statute text

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A corporation, society, order, or voluntary association is a fraternal benefit society if it:

(1)has a lodge system and a representative form of government or limits its membership to a secret fraternity that has a lodge system and a representative form of government;

(2)is organized and operated solely for the mutual benefit of its members and their beneficiaries and not for profit;

(3)does not have capital stock; and

(4)provides for the payment of benefits in accordance with Section 885.301.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.