NY Ins L § 7002 (2021)
2021 New York Laws ISC - Insurance Article 70 - Captive Insurance Companies 7002 - Definitions.

§ 7002. Definitions. In this article: (a) "Affiliated companies" means companies  in  the  same  corporate  system  as an industrial insured by virtue of common ownership, control, operation, or management. Such term shall also include  any  statutory  subsidiary,  affiliate,  contractor, subcontractor  and consultant of any tier of a city with a population of one million  or  more  for  liability  related  to  or  arising  out  of activities  in  or  near  the World Trade Center site in response to the attacks of September eleventh, two thousand one.  (b)  "Captive  insurance  business"  means  the  business   authorized pursuant  to  subsection  (a)  of  section  seven thousand three of this article.  (c) "Captive insurance  company"  means  any  pure  captive  insurance company  or any group captive insurance company licensed to do a captive insurance business under the provisions of this article.  (d) "Captive manager" means any person or firm contracted by a captive insurance company to manage its affairs.  (e) "Industrial insured" means an insured:  (1) whose net worth exceeds one hundred million dollars;  (2) who is a member of  a  holding  company  system  whose  net  worth exceeds one hundred million dollars;  (3) who is the metropolitan transportation authority and its statutory subsidiaries.  When  filing  an  application  to  form  a  pure  captive insurance company the metropolitan transportation authority shall submit written notice of such filing to the governor, the  temporary  president of the senate and the speaker of the assembly; or  (4)  who  is  a  city  with  a population of one million or more. When filing an application to form a pure captive insurance company,  a  city with  a population of one million or more shall submit written notice of such filing to the governor, the temporary president of the  senate  and the speaker of the assembly.  (f)  "Group  captive  insurance  company" means any domestic insurance company licensed under the provisions of this article  for  the  primary purpose  of providing insurance or reinsurance covering the risks of the industrial insureds that comprise the industrial insured group.  (g)  "Industrial  insured  group"  means  any  group  of  unaffiliated industrial insureds that are engaged in similar or related businesses or activities,  however,  the  metropolitan  transportation  authority  and cities with a population of one million or more shall not be a member of an industrial insured group, and that collectively:  (1) own, control or hold with power to vote  all  of  the  outstanding voting shares of stock of a group captive insurance company incorporated as a stock insurer; or  (2)  represent  one  hundred  percent of the voting members of a group captive insurance company organized as a mutual insurer.  (h) "Pure captive insurance company" means any company that:  (1) is a subsidiary of an industrial  insured  which  is  one  hundred percent owned by or is a statutory subsidiary of the industrial insured; and  (2)  is  licensed under the provisions of this article for the primary purpose of providing insurance or reinsurance covering the risks of  its parent and affiliated companies.