2021 New York Laws
ISC - Insurance
Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies
4213 - Industrial Life Insurance.

§  4213.  Industrial  life  insurance. (a) In this chapter "industrial
life insurance" means that form of life insurance, either:
  (1) under which the premiums are payable weekly, or
  (2) under which the premiums are payable monthly or oftener, but  less
often  than weekly, if the face amount of insurance provided in any such
policy is less than one thousand dollars and if  the  words  "industrial
policy" are printed upon the policy as a part of the descriptive matter.
  (b)  (1)  No  insurer or fraternal benefit society doing in this state
the business of industrial life insurance shall  deliver  or  issue  for
delivery  in  this  state,  and  no  agent or representative of any such
company or society shall aid in so issuing or delivering, any policy  of
weekly  premium industrial life insurance on the life of a person of the
age, as determined  by  next  birthday,  of  ten  years  or  more,  with
knowledge  that  the  amount of such policy, together with the amount of
all other policies of weekly premium industrial life insurance  then  in
force  as  premium  paying insurance on the life of such person, exceeds
one thousand dollars but nothing contained in this section shall  affect
the  validity  or  enforceability,  in accordance with its terms, of any
such policy.
  (2) The amounts of weekly premium industrial life  insurance  referred
to   in  this  subsection  shall  not  include  dividend  additions  nor
additional  amounts  payable  under  provisions  for  accidental   death
benefits.
  (3)  Any rules or regulations of any such insurer or fraternal benefit
society, which are designed to limit the amount of insurance, as  herein
provided, shall be filed with the superintendent.
  (c) No authorized life insurance company, including a cooperative life
and  accident  insurance  company  and  no  authorized fraternal benefit
society, shall deliver or issue for delivery in this state any policy or
contract  of  industrial  life  insurance  in  the  form  of   endowment
insurance.
  (d)  Notwithstanding  the  provisions  of  subsection  (c) hereof, any
domestic life insurance company or fraternal benefit society  may  issue
in  this  state  for delivery outside of this state through its agent or
like representative in another state or foreign country  any  policy  of
industrial  life  insurance,  in  the form of endowment insurance, which
insures the life of a non-resident  of  this  state  and  which  is  not
prohibited by the laws of such other state or foreign country.
  (e) Notwithstanding the foregoing provisions, on and after June first,
nineteen hundred eighty, no policy of industrial life insurance shall be
delivered or issued for delivery in this state.