C.R.S. Section 10-14-502
Funds

(1)

All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.

(2)

A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the governing documents of such society.

(3)

A society may, pursuant to resolution of its supreme governing body and with prior written approval of the commissioner, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the statutory provisions and regulations regarding life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary to comply with any applicable federal or state statutes, or any rules issued pursuant thereto, the society may:

(a)

Adopt special procedures for the conduct of the business and affairs of a separate account;

(b)

Provide, for persons having beneficial interests therein, special voting and other rights, including without limitation 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

(c)

Issue contracts on a variable basis to which section 10-14-404 (2) and (4) shall not apply.

Source: Section 10-14-502 — Funds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑14‑101
Definitions 10‑14‑102
Fraternal benefit societies - what constitutes 10‑14‑103
Lodge system - defined 10‑14‑104
Representative form of government - defined 10‑14‑105
Purposes and powers 10‑14‑201
Qualifications for membership 10‑14‑202
Principal office - meetings - communications to members - grievance procedures 10‑14‑203
No personal liability 10‑14‑204
Waiver 10‑14‑301
Organization 10‑14‑302
Amendments to governing documents 10‑14‑303
Institutions 10‑14‑304
Reinsurance 10‑14‑305
Consolidations and mergers 10‑14‑306
Conversion of fraternal benefit society into a mutual or stock life insurance company 10‑14‑401
Benefits 10‑14‑402
Beneficiaries 10‑14‑403
Benefits not attachable 10‑14‑404
Benefit contract 10‑14‑405
Nonforfeiture benefits, cash surrender values, certificate loans, and other options 10‑14‑501
Investments 10‑14‑502
Funds 10‑14‑503
Exemptions 10‑14‑504
Taxation 10‑14‑505
Rules and regulations of commissioner 10‑14‑601
Valuation 10‑14‑602
Reports 10‑14‑603
Annual certificate of authority 10‑14‑604
Cash capital 10‑14‑605
Examination of societies 10‑14‑606
Publications 10‑14‑607
Grounds for injunction, liquidation, and receivership of domestic society 10‑14‑608
Foreign or alien society - admission 10‑14‑609
Suspension - revocation - denial of license of foreign or alien society 10‑14‑610
Injunction 10‑14‑611
Licensing of agents 10‑14‑612
Unfair methods of competition and unfair and deceptive acts and practices 10‑14‑701
Service of process 10‑14‑702
Fees 10‑14‑703
Review 10‑14‑704
Penalties 10‑14‑705
Exemption of certain societies
Green check means up to date. Up to date

Current through Fall 2024

§ 10-14-502’s source at colorado​.gov