Laws of New York (Last Updated: November 21, 2014)

Section 1406. Policy loans

Latest version.

(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.

                    
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