Statute · New York Insurance Law
N.Y. Ins. Law § 1406 — Policy loans
N.Y. Ins. Law § 1406
- Type
- Statute
- Source
- New York Insurance Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 1406. Policy loans. (a) Any life insurance company may lend to any policyholder upon the security of the value of his policy a sum not exceeding the legal reserve which it is required to maintain thereon.
Citator
N.Y. Ins. Law § 1406 — Policy loans is in force in the current edition of the Code, and nothing recorded condemns it.
§ 1406. Policy loans. (a) Any life insurance company may lend to any policyholder upon the security of the value of his policy a sum not exceeding the legal reserve which it is required to maintain thereon.
(b) A fraternal benefit society may make similar loans subject to the provisions of article forty-five of this chapter.