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Pennsylvania Bill Could Affect Struggling Fraternals | ThinkAdvisor
Pennsylvania oversees about a dozen fraternal benefit organizations with about 493,000 members — the highest total for any state. Members in a fraternal organization share a common faith or occupation. They typically have a network of local chapters, and they often emphasize doing charity work in the community.
In a memo detailing House Bill 1016, the bill’s sponsors emphasized currently operating fraternal organizations are fiscally sound. However, an increasingly competitive insurance marketplace may put these organizations at risk in the future, the sponsors said.
Legislators aim to avoid any hardships caused by a fraternal organizations going under and leaving members with worthless policies, the sponsors said.
Pennsylvania oversees about a dozen fraternal benefit organizations with about 493,000 members — the highest total for any state. Members in a fraternal organization share a common faith or occupation. They typically have a network of local chapters, and they often emphasize doing charity work in the community.
In a memo detailing House Bill 1016, the bill’s sponsors emphasized currently operating fraternal organizations are fiscally sound. However, an increasingly competitive insurance marketplace may put these organizations at risk in the future, the sponsors said.
Legislators aim to avoid any hardships caused by a fraternal organizations going under and leaving members with worthless policies, the sponsors said.
