Section 4527. Optional authority and regulation

(a) An authorized fraternal
  benefit  society subject to this article and meeting the requirements of
  this section may obligate  itself  for  the  payment  of  the  following
  benefits  in  addition to those authorized in section four thousand five
  hundred five of this article;
    (1) Long term care benefits as defined in subsection  (q)  of  section
  four thousand five hundred one of this article.
    (2)  Variable  life  insurance  benefits and variable annuity benefits
  issued  pursuant  to  separate  accounts  that  are  approved   by   the
  superintendent  and established in compliance with section four thousand
  two hundred forty of this chapter, except that item (vi)  of  subsection
  (a) of section four thousand two hundred forty of this chapter shall not
  apply to accounts established under this section.
    (3)  Annuity  benefits  as  defined  in subsection (l) of section four
  thousand five hundred one of this chapter in amounts  exceeding  fifteen
  thousand dollars annually.
    (4)  Disability income insurance benefits as defined in subsection (p)
  of section four thousand five hundred one of  this  article  in  amounts
  exceeding one thousand two hundred fifty dollars a month.
    (b)  In  addition to other requirements of this article, an authorized
  fraternal benefit society obligating itself for the payment of  benefits
  described  in  this section shall, notwithstanding section four thousand
  five hundred twenty-five of this article or subsection  (g)  of  section
  two  thousand  one  hundred  three  and  subsection  (b)  of section two
  thousand one hundred thirty-two of this chapter, only retain  as  agents
  persons  who  are  licensed pursuant to section two thousand one hundred
  three of this chapter and who:
    (1) take the personal written examination required by  subsection  (f)
  of section two thousand one hundred three of this chapter if seeking the
  original  issuance  of  a license under section two thousand one hundred
  three of this chapter  on  or  after  January  first,  nineteen  hundred
  ninety-seven; and
    (2)  comply  with  the  provisions of section two thousand one hundred
  thirty-two of this chapter regarding agents continuing education for the
  biennial licensing period beginning on or after January first,  nineteen
  hundred ninety-eight.