2019 New York Laws
ISC - Insurance
Article 45 - Fraternal Benefit Societies
4505 - Insurance Benefits Authorized.

§ 4505. Insurance benefits authorized.  (a) Any authorized society may
obligate  itself  for  the payment of only insurance benefits defined in
subsections (h) through (p) of section four thousand five hundred one of
this article, except that no benefits  may  be  provided  through  group
insurance. Any benefit defined in subsections (h) through (q) of section
four thousand five hundred one or paragraphs one and three of subsection
(a)  of section four thousand five hundred twenty-seven of this article,
or any one or more of such benefits, may be  provided  in  the  same  or
separate  certificates, or by rider, subject to the limitations provided
for in section four thousand five hundred seven of this article.
  (b) An authorized society shall specify in its  laws  or  rules  those
persons  who  may receive benefits or be covered by benefits through the
society,  consistent  with  providing  benefits  to  members  and  their
dependents.      Nothing  herein  shall  alter  the  insurable  interest
requirements of section three thousand two hundred five of this chapter.
  (c)   No authorized  society  shall  undertake  to  pay  a  total  and
permanent  disability benefit on any life in excess of two hundred fifty
dollars per month exclusive  of  waived  premiums,  nor  for  disability
occurring  after  age  sixty  except that a society may undertake to pay
benefits for disability occurring at any age, in an amount not exceeding
the reserve under the life insurance certificate or one-half the  amount
of  such  certificate,  whichever  is  greater,  if  the payment of such
benefits is conditioned  upon  the  surrender  of,  or  a  proportionate
reduction of the amount of, such certificate.
  (d)  Notwithstanding the foregoing provisions, no policy of industrial
life insurance shall be delivered or issued for delivery in this state.