17:35-1 - Application of article - New Jersey Statutes

17:35-1.  Application of article    Any corporation organized to insure lives, which provides for the payment of  policy claims, the accumulation of reserve or emergency funds, and the expense  of the management and prosecution of the business by payments to be made either  at periods named in the contract or upon assessment as required, by persons  holding similar contracts, and wherein the insured's liability to contribute to  the payment of policy claims accrued or to accrue is not limited to a fixed  sum, shall be deemed to be engaged in the business of life insurance upon the  assessment plan, and be subject only to the provisions of this article.  This  article shall not apply to secret or fraternal societies conducting their  business on the lodge system, or to associations organized solely for  benevolent or charitable purposes, and which are now permitted by law to do  business in this state.