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§4527
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§4527 . Optional authority and regulation.
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§4527(a)
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(a) An authorized fraternal benefit society subject to this article and meeting the requirements of (this §) may obligate itself for the payment of the following benefits in addition to those authorized in §4505 of this article;
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§4527(a)(1)
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(1) Long term care benefits as defined in subsection §4501(q) of this article.
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§4527(a)(2)
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(2) Variable life insurance benefits and variable annuity benefits issued pursuant to separate accounts that are approved by the superintendent and established in compliance with §4240 of this chapter, except that item §4240(a)(vi) of this chapter shall not apply to accounts established under (this §) .
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§4527(a)(3)
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(3) Annuity benefits as defined in subsection §4501(l) of this chapter in amounts exceeding $15,000 annually.
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§4527(a)(4)
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(4) Disability income insurance benefits as defined in subsection §4501(p) of this article in amounts exceeding $1,250 a month.
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§4527(b)
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(b) In addition to other requirements of this article, an authorized fraternal benefit society obligating itself for the payment of benefits described in (this §) shall meet the following requirements:
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§4527(b)(1)
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(1) The society shall be subject to the provisions of §1322 of this chapter establishing risk-based capital (RBC) requirements for life insurance and accident and health insurance companies, provided the superintendent shall by rule establish a separate set of RBC instructions and a separate RBC formula for fraternal benefit societies that adjusts the instructions and formula otherwise determined under paragraph §1322(c)(2) of this chapter for the special structural and organizational characteristics of a fraternal benefit society.
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§4527(b)(2)
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(2) Notwithstanding §4525 of this article or subsection §2103(g) and subsection §2132(b) of this chapter, the society shall only retain as agents persons who are licensed pursuant to §2103 of this chapter and who:
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§4527(b)(2)(A)
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(A) take the personal written examination required by subsection §2103(f) of this chapter if seeking the original issuance of a license under §2103 of this chapter on or after January 1st, 1997 ; and
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§4527(b)(2)(B)
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(B) comply with the provisions of §2132 of this chapter regarding agents continuing education for the biennial licensing period beginning on or after January 1st, 1998. Source Data downloaded: 2009-04-09 15: 15: 34; Processed: 2009-05-08 15: 36: 13
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