§ 4527. Optional authority and regulation.
(a)An authorized fraternal\nbenefit society subject to this article and meeting the requirements of\nthis section may obligate itself for the payment of the following\nbenefits in addition to those authorized in section four thousand five\nhundred five of this article;\n (1) Long term care benefits as defined in subsection (q) of section\nfour thousand five hundred one of this article.\n (2) Variable life insurance benefits and variable annuity benefits\nissued pursuant to separate accounts that are approved by the\nsuperintendent and established in compliance with section four thousand\ntwo hundred forty of this chapter, except that item (vi) of subsection\n(a) of section four thousand two hundred forty of this chapter shall not\napply to ac
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§ 4527. Optional authority and regulation. (a) An authorized fraternal\nbenefit society subject to this article and meeting the requirements of\nthis section may obligate itself for the payment of the following\nbenefits in addition to those authorized in section four thousand five\nhundred five of this article;\n (1) Long term care benefits as defined in subsection (q) of section\nfour thousand five hundred one of this article.\n (2) Variable life insurance benefits and variable annuity benefits\nissued pursuant to separate accounts that are approved by the\nsuperintendent and established in compliance with section four thousand\ntwo hundred forty of this chapter, except that item (vi) of subsection\n(a) of section four thousand two hundred forty of this chapter shall not\napply to accounts established under this section.\n (3) Annuity benefits as defined in subsection (l) of section four\nthousand five hundred one of this chapter in amounts exceeding fifteen\nthousand dollars annually.\n (4) Disability income insurance benefits as defined in subsection (p)\nof section four thousand five hundred one of this article in amounts\nexceeding one thousand two hundred fifty dollars a month.\n (b) In addition to other requirements of this article, an authorized\nfraternal benefit society obligating itself for the payment of benefits\ndescribed in this section shall, notwithstanding section four thousand\nfive hundred twenty-five of this article or subsection (g) of section\ntwo thousand one hundred three and subsection (b) of section two\nthousand one hundred thirty-two of this chapter, only retain as agents\npersons who are licensed pursuant to section two thousand one hundred\nthree of this chapter and who:\n (1) take the personal written examination required by subsection (f)\nof section two thousand one hundred three of this chapter if seeking the\noriginal issuance of a license under section two thousand one hundred\nthree of this chapter on or after January first, nineteen hundred\nninety-seven; and\n (2) comply with the provisions of section two thousand one hundred\nthirty-two of this chapter regarding agents continuing education for the\nbiennial licensing period beginning on or after January first, nineteen\nhundred ninety-eight.\n