2023 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.