Indiana § 27-11-7-2 - Financial affairs of fraternal benefit societies
Full text of Indiana Indiana Code § 27-11-7-2 — Financial affairs of fraternal benefit societies, with citation guidance and answers to common questions.
§ 27-11-7-2. Financial affairs of fraternal benefit societies
Sec. 2. (a) 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 in the assets or become entitled to any apportionment on the surrender of any part of the assets, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.
(c) A society may, pursuant to resolution of its supreme governing body, establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing accounts and issuing contracts. To the extent the society considers it necessary in order to comply with any applicable federal or state laws or any rules issued under the applicable federal or state laws, the society may:
(1) adopt special procedures for the conduct of the business and affairs of a separate account;
(2) for persons having beneficial interest in the account, provide 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
(3) issue contracts on a variable basis to which IC 27-11-6-5 and IC 27-11-6-7 shall not apply.
As added by P.L.262-1985, SEC.1. Amended by P.L.136-2018, SEC.202.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 27-11-7-2
What does Indiana Code § 27-11-7-2 cover?
Section 27-11-7-2 ("Financial affairs of fraternal benefit societies") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 27-11-7-2?
A common citation format is "Indiana Code § 27-11-7-2" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 27-11-7-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.