Oregon Statutes 748.306 – Authority for group benefit certificates
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A fraternal benefit society may provide in its laws, in addition to other benefits provided, for the issuance of group benefit certificates if on the date when it enters upon business it has admitted assets which are greater than the sum of its accrued liabilities and reserves under all of its certificates when valued according to standards required for certificates issued after June 8, 1967. [1987 c.490 § 36]
Terms Used In Oregon Statutes 748.306
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Oregon Statutes 748.103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Society: means fraternal benefit society, unless otherwise indicated. See Oregon Statutes 748.103