NY Tax L § 1550 (2021)
2021 New York Laws TAX - Tax Article 33-A - Tax on Independently Procured Insurance 1550 - General Definitions.

§  1550.  General  definitions.  The  following words, as used in this article, shall have the meanings hereinafter set forth:  (a) The term "person" means an individual,  corporation,  partnership, limited  liability  company,  society, association, joint stock company, estate, receiver, trustee, assignee, referee and any other person acting in a fiduciary capacity, whether appointed by a court or otherwise,  and any combination of the foregoing.  (b)  The term "premium" includes all amounts paid as consideration for insurance contracts and shall  include  premium  deposits,  assessments, policy  fees,  membership  fees,  and  every other compensation for such contract. The term "premium" includes all such amounts paid irrespective of whether such amounts are deductible for federal income tax purposes.  (c)  The  term  "taxable  insurance  contract"  means  a  contract  of insurance  of  the  kind  described  in  subsection  (a)  of section two thousand one hundred five of the insurance law.  (d) The term "home state" means:  (1) In general. Except as provided in paragraphs two and three of this subdivision, the term "home state" means, with respect to an insured:  (A) the state in which an insured maintains  its  principal  place  of business  or,  in  the case of an individual, the individual's principal residence;  (B) if one hundred percent of the insured risk is located out  of  the state  referred  to  in subparagraph (A) of this paragraph, the state to which the greatest percentage of the insured's taxable premium for  that insurance contract is allocated;  (C)  if  more than one insured from an affiliated group, as defined in section two thousand one hundred one of the  insurance  law,  are  named insureds on a single insurance contract, the home state of the member of the  affiliated  group  that  has  the  largest  percentage  of  premium attributed to it under such insurance contract; or  (D) in the case of a group policy:  (i) if the group policyholder pays one hundred percent of the  premium from   its  own  funds,  the  home  state,  as  determined  pursuant  to subparagraph (A) of this paragraph, of the group policyholder; or  (ii) if the group policyholder does not pay one hundred percent of the premium from its own funds, the home state, as  determined  pursuant  to subparagraph (A) of this paragraph, of the group member;  (2)  "Principal  place of business" means, with respect to determining the home state of the insured, the state where:  (A) the insured maintains its headquarters  and  where  the  insured's high-level   officers   direct,  control  and  coordinate  the  business activities; or  (B)  if  the  insured's  high-level  officers  direct,   control   and coordinate  the  business  activities  in more than one state, or if the insured's principal place of business is located outside any state,  the state  to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.  (3) "Principal residence" means, with respect to determining the  home state of the insured, the state where:  (a)  the  insured  resides  for  the  greatest number of days during a calendar year; or  (b) if the insured's principal residence is located outside any state, the state to which the greatest  percentage  of  the  insured's  taxable premium for that insurance contract is allocated.