Fraternal Pop Quiz Answers…
I received quite a few emails from members eager to learn the answers to last week’s Fraternal Pop Quiz, but no one out there attempted to provide their own responses. So here they are, courtesy of the presentation by Francesca Morris and Richard Raysman of Holland & Knight at the 2019 Association of Fraternal Benefit Counsel (AFBC) Annual Meeting. Don’t expect to see these on an upcoming Jeopardy episode!
Q: What was the date of development of the first Model Fraternal Code?
A: On September 28, 1910, the NAIC adopted the “Mobile Bill” which established principles and requirements for operation of fraternal benefit societies.
Q: When was the current Uniform Fraternal Code first established?
A: The Uniform Fraternal Code was adopted by the NAIC in 1955.
Q: In what decade did state insurance regulators make an effort to question the state tax exemptions for fraternals?
A: The 1930s.
Q: What federal study on fraternals was mandated by the United States Congress?
A: The U.S. Department of Treasury Report to the Congress on Fraternal Benefit Societies (1993).
Bonus points to those who know (or can speculate) as to the reasons for state regulators’ efforts to question the fraternal tax exemption almost 90 years ago, and for the findings of the 1993 Treasury Report. More on those topics – and other items – in future posts.