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.