§ 4505 — Insurance benefits authorized

New York § 4505

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 45: Fraternal Benefit Societies

Text

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