New York Laws
Article 45 - Fraternal Benefit Societies
4530 - Optional Investment Authority.

(b) In addition to other requirements of this article, an authorized
society investing pursuant to this section shall meet the following
requirements:
(1) Prior to investing pursuant to this section, the society shall
submit notice to the superintendent that the board of directors of the
society has approved investment pursuant to this section and that the
society meets the requirements of this section and intends to invest
hereunder;
(2) The society shall: (A) have been in continuous operation for a
minimum of five years; and (B) have total admitted assets of at least
two billion dollars for a period of five continuous years as of the
immediately preceding calendar year; and
(3) For each calendar year during which this section applies to the
society, the society shall have, as of the end of the immediately
preceding calendar year:
(A) had a risk based capital level of at least six times authorized
control level RBC as defined by the provisions of section one thousand
three hundred twenty-two of this chapter; and
(B) maintained a minimum claims-paying, financial strength or
equivalent rating from at least one nationally recognized statistical
rating organization in one of the organization's three highest rating
categories for the time period during which this section applies to the
society provided that the rating shall not depend on a guarantee or
other credit enhancement from another entity; and shall not be modified
or otherwise qualified to show dependence of the rating on the
performance or a contractual obligation of, or the society's affiliation
with, another society.
(c) Whenever a society fails to meet the requirements set forth in
this section, the superintendent may, in his or her discretion, prohibit
or limit the society from engaging in new investments under this
section.