N.Y. Insurance Law § 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.