N.Y. Insurance Law § 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.