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- Alaska Statutes.
- Title 21. Insurance
- Chapter 84. Fraternal Benefit Societies
- Section 320. Funds.
previous: Section 300
. , 21.84.310l Accident and Health Insurance and Total and Permanent Disability Insurance Certificates; Reinsurance. [Repealed, Sec. 36 Ch 96 SLA 1997].
next: Section 330
. Investments. [Repealed, Sec. 36 Ch 96 SLA 1997].
AS 21.84.320. Funds.
- (a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and a member or beneficiary
may not have or acquire individual rights or become entitled to an apportionment or the surrender of a part of the
assets, except as provided in the benefit contract.
- (b) A society may create, maintain, invest, disburse, and apply special funds necessary to carry out a purpose permitted
by the laws of the society.
- (c) [Repealed, Sec. 36 ch 96 SLA 1997].
- (d) A society may, under a resolution of its supreme governing body, establish and operate one or more separate accounts
and issue contracts on a variable basis, subject to laws regulating life and health insurers establishing those
accounts and issuing those contracts. To the extent the society considers it necessary in order to comply with
applicable federal or state law, or any rule made under applicable federal or state law, the society may
- (1) adopt special procedures for the conduct of the business and affairs of a separate account;
- (2) for persons having beneficial interests in the account, provide special voting and other rights, including special
rights and procedures relating to investment policy, investment advisory services, selection of certified public
accountants, and selection of a committee to manage the business and affairs of the account; and
- (3) issue contracts on a variable basis to which AS 21.84.255
(b) and (d) do not apply.
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