New York Laws
Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies
4213 - Industrial Life Insurance.

(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.