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S.F. No. 3491 - Fraternal Benefit Societies (A-1 Delete-Everything Amendment)
Author: Senator Gary H. Dahms
Prepared By: Senate Counsel, Research and Fiscal Analysis (651/296-4791)
Date: March 19, 2018


Section 1  provides a definition of "insolvent" for purposes of a fraternal benefit society liquidation.

Section 2 gives the commissioner the authority to disapprove an extra assessment of a domestic society within 60 days of filing for specified reasons. Commissioner may approve an earlier date for the assessment.

Section 3 provides a definition of “society” as a foreign fraternal benefit society not organized under the laws of this state. 

Section 4 defines terms for purposes of this section, including "fraternal authorized control level event." Requires a domestic society to present a plan to the commissioner to protect the interests of members within 60 days of a fraternal authorized control level event. Requirements of the plan are set forth including transferring assets to another firm. Effects of and requirements related to the transfer of assets are specified. Sets forth the procedures for liquidation of a domestic fraternal benefit society when the commissioner determines that circumstances warrant it or grounds exist under chapter 60B. Liquidations are governed by chapter 60 unless inconsistent with chapter 64B or as specified.

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