Sec. 38a-632. (Formerly Sec. 38-224a). Additional benefits from special account.
Sec. 38a-632. (Formerly Sec. 38-224a). Additional benefits from special account. A society may pay benefits, other than insurance benefits, to its members from
any special account or fund maintained for such purpose; provided, if such benefits are
of such a nature that they could constitute benefits within the classes of insurance set
forth in section 38a-631, a society making such payments may not: (a) Make any separate
charge therefor; (b) issue any certificate, policy or other document promising such payments; (c) provide in its constitution, laws or any other document that such payments
may be received by the member as a matter of right; or (d) advertise such payments as
insurance or as payments to which the member has any right. The society shall maintain
a separate accounting of all disbursements made under this section and report them in
its annual statement.
(1959, P.A. 624, S. 1.)
History: Sec. 38-224a transferred to Sec. 38a-632 in 1991.