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Arizona Revised Statutes Title 20. Insurance § 20-864. Purposes and powers

Current as of January 01, 2025 | Updated by Findlaw Staff

A. A society shall operate for the benefit of its members and their beneficiaries and shall:

1. Provide benefits pursuant to § 20-875.

2. Operate for social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes. This benefit may also be extended to other persons.

B. The society may carry out its purposes directly or indirectly through subsidiary corporations or affiliated organizations. A subsidiary corporation or affiliated organization shall not transact insurance business or engage in any other activity regulated under this title unless the subsidiary corporation or affiliated organization complies with all of the applicable provisions of law. A society or a subsidiary corporation or affiliated organization through which a society carries out its purposes shall not own or operate a funeral home or undertaking establishment.

C. A society may adopt laws and rules for the government of the society, admission of members and management of society affairs. The society may amend any law or rule and shall have any other powers that are necessary and incidental to carry out the purposes of the society.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-864. Purposes and powers - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-864/

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