695A.150 - Qualifications for and rights and privileges of membership. - Nevada Statutes

695A.150  Qualifications for and rights and privileges of membership.

      1.  Subject to the limitations set forth in subsections 2, 3 and 4, a society shall specify in its laws or rules for each class of membership:

      (a) The standards of eligibility and the process for admission to membership in that class; and

      (b) The rights and privileges of membership in that class, provided that only benefit members may have the right to vote on the management of the business of the society relating to insurance.

      2.  If benefits are provided on the lives of children, the minimum age for membership as an adult must be not less than 15 and not greater than 21 years of age.

      3.  A society may also admit social members, who have no voice or vote in the management of its affairs relating to insurance.

      4.  Membership rights in the society must not be assignable.

      (Added to NRS by 1971, 1841; A 1973, 1582; 1991, 229)