S. 5431-B(Seward)/A. 8831-A(Weprin)

Fraternal Benefit Society Modernization

Summary:  The bill amends the Insurance Law to provide fraternal benefit societies with the same opportunities to engage in investment practices that are currently provided to life insurance companies, and to give the Superintendent authority to ensure fraternal benefit societies remain solvent.  Specifically:

Effective Date:  Immediately.

Last Action: Approved and signed by the Governor on March 4, 2008 (Chapter 22 of the Laws of 2008).