Fraternal Pop Quiz…
Last month I attended the Annual Conference of the Association of Fraternal Benefit Counsel (AFBC). The members of this group are the staff counsel from many of the Alliance’s larger members, as well as a handful of retained counsel from our mid-size and smaller members. They get together each year to discuss the latest and greatest developments on legal issues relating to life insurers in general and fraternals in particular. Given that our products are a legal contract with our members, the topics discussed at this meeting are not only important to the Alliance and its members, but much more interesting than you might think, even to a non-lawyer like me.
One of the most fascinating presentations was conducted by two attorneys – Francesca Morris and Richard Raysman – from Holland & Knight, a well-respected law firm that does work for one of the Alliance’s largest members. The presentation was titled “Death and Taxes: Fraternals and the Uniform Fraternal Code Tax Exemption” and it included a pop quiz about the history of fraternals in the U.S. Even the most informed AFBC members struggled with a few questions and the answers to several were surprising. Here are a few of my favorite questions. You can submit your answers to me at firstname.lastname@example.org or wait until next week’s post for the answers. Good luck!
- What was the date of development of the first Model Fraternal Code?
- When was the current Uniform Fraternal Code first established?
- In what decade did state insurance regulators make an effort to question the state tax exemptions for fraternals?
- What federal study on fraternals was mandated by the United States Congress?
Answers and comments next week!