New York Laws
Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies
4222 - Policy Loans.

(a) Subsection (a) of section four thousand two hundred twenty of this
article, for policies issued before the operative date of section four
thousand two hundred twenty-one of this article, except that any
dividends credited to the policy need not be included and such policies
may provide that the company may defer any such loan for not exceeding
six months after receipt of the loan application;
(b) Section four thousand two hundred twenty-one of this article, for
policies issued on or after the operative date of such section, except
that the policy loan value for a policy under which any cash surrender
value is adjusted in accordance with a market-value adjustment formula
shall be a percentage (not less than seventy-five percent) of the sum of
(1) the amount of any loan outstanding and (2) the remaining portion of
the cash surrender value as so adjusted at the time the loan is applied
for, but, if the policy so provides, not in excess of such cash
surrender value before adjustment. The company shall reserve the right
to defer any such loan, except when made to pay premiums, for six months
after receipt of the loan application.

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