N.Y. Insurance Law § 4527: Optional authority and regulation

§ 4527. Optional authority and regulation. (a) An authorized fraternal

benefit society subject to this article and meeting the requirements of

this section may obligate itself for the payment of the following

benefits in addition to those authorized in section four thousand five

hundred five of this article;

(1) Long term care benefits as defined in subsection (q) of section

four thousand five hundred one of this article.

(2) Variable life insurance benefits and variable annuity benefits

issued pursuant to separate accounts that are approved by the

superintendent and established in compliance with section four thousand

two hundred forty of this chapter, except that item (vi) of subsection

(a) of section four thousand two hundred forty of this chapter shall not

apply to accounts established under this section.

(3) Annuity benefits as defined in subsection (l) of section four

thousand five hundred one of this chapter in amounts exceeding fifteen

thousand dollars annually.

(4) Disability income insurance benefits as defined in subsection (p)

of section four thousand five hundred one of this article in amounts

exceeding one thousand two hundred fifty dollars a month.

(b) In addition to other requirements of this article, an authorized

fraternal benefit society obligating itself for the payment of benefits

described in this section shall, notwithstanding section four thousand

five hundred twenty-five of this article or subsection (g) of section

two thousand one hundred three and subsection (b) of section two

thousand one hundred thirty-two of this chapter, only retain as agents

persons who are licensed pursuant to section two thousand one hundred

three of this chapter and who:

(1) take the personal written examination required by subsection (f)

of section two thousand one hundred three of this chapter if seeking the

original issuance of a license under section two thousand one hundred

three of this chapter on or after January first, nineteen hundred

ninety-seven; and

(2) comply with the provisions of section two thousand one hundred

thirty-two of this chapter regarding agents continuing education for the

biennial licensing period beginning on or after January first, nineteen

hundred ninety-eight.