New York Laws
Article 45 - Fraternal Benefit Societies
4505 - Insurance Benefits Authorized.

(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.

Structure New York Laws