Insurance Law 4528 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 4527 Optional authority and regulation up ARTICLE 45 Fraternal Benefit Societies next SECTION 4529 Subsidiaries authorized Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 4528 New business limitations Insurance (ISC) CHAPTER 28, ARTICLE 45 § 4528. New business limitations. Every authorized society shall limit the issuance of new life insurance certificates and new annuity contracts in accordance with requirements for new life insurance policies and new annuity contracts under section four thousand two hundred twenty-seven of this chapter, except that: (a) No such limitations shall apply to new life insurance certificates or new annuity contracts issued by the society before January first, nineteen hundred ninety-eight; and (b) Limitations equal to one hundred fifty percent of the limitations established in section four thousand two hundred twenty-seven of this chapter shall apply to new life insurance certificates and new annuity contracts issued by the society after January first, nineteen hundred ninety-eight but before January first, two thousand; and (c) The limitations established in section four thousand two hundred twenty-seven of this chapter shall fully apply to all new life insurance certificates and all new annuity contracts issued by the society on or after January first, two thousand.