Requirements for licence
302(1)No mutual benefit society shall be licensed, or have its licence renewed,
(a)
if it has upon its books less than seventy-five members in good standing, subject to subsection (2); but the Superintendent may under special circumstances authorize a licence to be issued or renewed in the case of a society having not less than fifty members in good standing,
(b)
if it insures or indemnifies against contingencies other than sickness, disability or funeral expenses,
(c)
if it contracts for sick benefits for an amount in excess of thirty dollars per week or for a funeral benefit in excess of two hundred and fifty dollars,
(d)
if it undertakes insurance contracts with persons other than its own members,
(e)
if it is in effect the property of its officers or of any other person, or is conducted as a mercantile or business enterprise, or for the purpose of mercantile profit, or if its funds are under the control of persons or officers appointed for life and not under the control of the insured, or
(f)
if it has charge of, or manages or distributes charity or gratuities or donations only.
302(2)The Superintendent may, in his discretion, renew the licence of any mutual benefit society notwithstanding that it has upon its books, at the time of application for such renewal, less than seventy-five members in good standing.
1968, c.6, s.299; 1987, c.6, s.45; 2013, c.31, s.20