This license allows a fraternal benefit society to operate an insurance business. The business can provide life, accident and sickness, and accidental injury benefits to its members and their families.
A fraternal benefit society is legally defined by the Internal Revenue Service as an organization that is:
- aimed towards a common goal;
- defined by a fraternal purpose;
- operating under the lodge system; and
- responsible for the payment of life, sickness, accident, and/or other insurance and benefits.
Societies from outside of New York State will need a separate license.
NYS Department of Financial Services (DFS)
Life Insurance Bureau
One Commerce Plaza
Albany, NY 12257