N.Y. ISC Law § 1702 — New York Code / Act ISC / Article 17 / Section 1702
Definitions
Status: in_force

§ 1702. Definitions. As used in this article:  (a) "Subsidiary" means\nsubsidiaries of the types described in subsection (b) of section one\nthousand seven hundred four of this article and subsidiaries acquired or\nheld under this article, section one thousand four hundred five or\nsection four thousand two hundred forty of this chapter, but shall not\ninclude a subsidiary acquired or held under section one thousand four\nhundred four of this chapter or a subsidiary acquired or held by an\ninsurer authorized to make investments by subsection (c) of section one\nthousand four hundred three of this chapter.\n  (b) "Parent corporation" means a parent corporation of a type\ndescribed in subsection (a), (b) or (c) of section one thousand seven\nhundred one of this article.\n  (c) "Holding company operating subsidiary" means a subsidiary (other\nthan a separate account subsidiary) engaged or organized to engage in\neither or both of the following activities (1) the ownership and\nmanagement of other subsidiaries, and (2) the raising of capital (debt\nor equity) that could be loaned to, or invested in, other subsidiaries\nor loaned to the parent corporation, provided that any such subsidiary\nmay in addition engage in the ownership and management of assets\nauthorized as investments for the parent corporation.\n  (d) "Investment subsidiary" means a subsidiary (other than a separate\naccount subsidiary) engaged or organized to engage exclusively in the\nownership and management of assets (other than equity securities of\nsubsidiaries) authorized as investments for the parent corporation and\nof other investment subsidiaries.\n  (e) "Separate account subsidiary" means a subsidiary acquired or held\nunder section four thousand two hundred forty of this chapter.\n  (f) "Enterprise risk" means any activity, circumstance, event, or\nseries of events involving one or more subsidiaries of a parent\ncorporation that, if not remedied promptly, is likely to have a material\nadverse effect upon the financial condition or liquidity of the parent\ncorporation, including anything that would cause the parent\ncorporation's risk-based capital to fall into company action level as\nset forth in section one thousand three hundred twenty-two of this\nchapter, or that would cause further transaction of business to be\nhazardous to the insurer's policyholders or creditors or the public.\n  (g) "Group capital calculation instructions" means the group capital\ncalculation instructions as adopted by the NAIC and as amended by the\nNAIC from time to time in accordance with the procedures adopted by the\nNAIC, except where such instructions conflict with the laws of this\nstate and subject to exceptions the superintendent may take in a\nregulation upon a written finding that the exceptions would not be\nunduly burdensome on the parent corporation or subsidiary.\n  (h) "NAIC" means the National Association of Insurance Commissioners.\n  (i) "NAIC liquidity stress test framework" means an NAIC publication\nthat includes a history of the NAIC's development of regulatory\nliquidity stress testing, the scope criteria applicable for a specific\ndata year, and the liquidity stress test instructions and reporting\ntemplates for a specific data year, such scope criteria, instructions\nand reporting template being as adopted by the NAIC and as amended by\nthe NAIC from time to time in accordance with the procedures adopted by\nthe NAIC, except where such instructions conflict with the laws of this\nstate and subject to exceptions the superintendent may take in a\nregulation upon a written finding that the exceptions would not be\nunduly burdensome on the parent corporation or subsidiary.\n  (j) "Scope criteria" means the designated exposure bases along with\nminimum magnitudes thereof for the specified data year, used to\nestablish a preliminary list of insurers considered scoped into the NAIC\nliquidity stress test framework for that data year.\n