Nevada Revised Statutes 695A.430 – Assets, funds and accounts of society
1. All assets must be held, invested and disbursed for the use and benefit of the society and no member or beneficiary may have or acquire individual rights therein or become entitled to any apportionment or the surrender of any part thereof, except as provided in the benefit contract.
Terms Used In Nevada Revised Statutes 695A.430
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
2. A society may create, maintain, invest, disburse and apply any special fund necessary to carry out any purpose permitted by the laws of the society.
3. A society may, pursuant to a resolution of its supreme governing body and subject to the provisions of NRS 688A.390, establish and operate one or more separate accounts and issue contracts providing benefits payable in variable amounts. For the purposes of NRS 688A.390, a society shall be deemed to be a domestic life insurer.