N.Y. Insurance Law Section 4213
Industrial life insurance


(a)

In this chapter “industrial life insurance” means that form of life insurance, either:

(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.

Source: Section 4213 — Industrial life insurance, https://www.­nysenate.­gov/legislation/laws/ISC/4213 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

4202
Capital and surplus requirements of life insurance companies
4203
Transfer of shares of domestic life insurance company
4204
Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies
4205
Life, accident and health, and legal services insurance companies
4206
Deposits by life, accident and health, and legal services insurance companies
4207
Dividends to shareholders of life, and accident and health insurance companies
4208
Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies
4209
Mutual life insurance companies, mutual accident and health insurance companies
4210
Election of directors of domestic mutual life insurance companies
4211
Election of directors of domestic stock life insurance companies
4212
Stock life insurance companies
4213
Industrial life insurance
4214
Industrial accident and industrial health insurance
4215
Contracts with industrial life insurance agents
4216
Group life insurance
4217
Valuation of insurance policies and contracts
4218
When actual premium is less than net premium
4219
Limitation on accumulation of surplus of life insurance companies
4220
Life insurance and annuities
4221
Standard nonforfeiture law
4222
Policy loans
4223
Standard nonforfeiture law for annuities
4224
Life, accident and health insurance
4225
Domestic life insurance companies
4226
Misrepresentations, misleading statements and incomplete comparisons by insurers
4228
Life insurance and annuity business
4230
Salaries and pensions to officers and employees
4231
Policyholder’s participation in surplus of life insurance companies
4232
Amounts credited on certain contracts or life insurance policies
4233
Annual statements of life insurance companies
4235
Group accident and health insurance
4236
Joint underwriting of group health insurance for persons aged sixty-five and over
4237
Blanket accident and health insurance
4237‑A
Stop-loss insurance
4238
Group annuity contracts
4239
Allocation and reporting of income and expenses of life insurers
4240
Separate accounts
4241
Penalty for violation of filing requirements

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 4213’s source at nysenate​.gov

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