N.Y. Comp. Codes R. & Regs. tit. 11 § 172.1
Pursuant to subsection (b) of section 4525 and to sections 1403 and 1404 of the Insurance Law, any fraternal benefit society may invest its admitted assets in real or personal property to be deemed a part of its admitted assets, to the extent permitted and within the limitations imposed by section 1404(a)(5) and may continue to hold as an admitted asset only such real or personal property, heretofore acquired by it, as conforms to the requirements and limitations of said paragraph (5). All other real or personal property lawfully acquired, held or maintained by any such society shall be acquired and maintained only out of the general or expense fund of such society, any voluntary contributions which it may receive therefor, and such reasonable charges as may be made for the facilities or services furnished thereby. Section 1404(a)(5)(A)(ii) is hereby so construed as to include only real property requisite for its convenient accommodation in the transaction of its insurance business. To the extent that section 4514(g) conflicts with subsection (b) of section 4525 of the Insurance Law, it is hereby declared that the foregoing is the correct interpretation of the Insurance Law.
N.Y. Comp. Codes R. & Regs. Tit. 11 § 172.1