§ 4505. Insurance benefits authorized. (a) Any authorized society may
obligate itself for the payment of only insurance benefits defined in
subsections (h) through (p) of section four thousand five hundred one of
this article, except that no benefits may be provided through group
insurance. Any benefit defined in subsections (h) through (q) of section
four thousand five hundred one or paragraphs one and three of subsection
(a) of section four thousand five hundred twenty-seven of this article,
or any one or more of such benefits, may be provided in the same or
separate certificates, or by rider, subject to the limitations provided
for in section four thousand five hundred seven of this article.

(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.