2006 New York Code - General Definitions.

 
    §  1500.  General  definitions.  The  following words, as used in this
  article, shall have the meanings hereinafter set forth.
    (a)  The  term  "insurance  corporation"   includes   a   corporation,
  association,  joint  stock  company  or  association,  person,  society,
  aggregation or partnership, by whatever name known, doing  an  insurance
  business, and, notwithstanding the provisions of section fifteen hundred
  twelve  of  this  article,  shall  include (1) a risk retention group as
  defined in subsection (n) of section five thousand nine hundred  two  of
  the  insurance  law, (2) the state insurance fund and (3) a corporation,
  association,  joint  stock  company  or  association,  person,  society,
  aggregation  or  partnership  doing an insurance business as a member of
  the New York insurance exchange described in section  six  thousand  two
  hundred one of the insurance law. The definition of the "state insurance
  fund"  contained  in  this subdivision shall be limited in its effect to
  the provisions of this  article  and  the  related  provisions  of  this
  chapter  and  shall  have no force and effect other than with respect to
  such provisions. The term "insurance corporation" shall also  include  a
  captive insurance company doing a captive insurance business, as defined
  in  subsections (c) and (b), respectively, of section seven thousand two
  of the insurance law; provided, however, "insurance  corporation"  shall
  not  include  the  metropolitan  transportation  authority,  or a public
  benefit corporation or not-for-profit corporation formed by a city  with
  a  population  of  one  million  or  more  pursuant to subsection (a) of
  section seven thousand five of the  insurance  law,  each  of  which  is
  expressly exempt from the payment of fees, taxes or assessments, whether
  state  or  local. The term "insurance corporation" shall also include an
  unauthorized insurer operating from an office within the state, pursuant
  to paragraph five of subsection (b) of section one thousand one  hundred
  one  and subsection (i) of section two thousand one hundred seventeen of
  the insurance law.
    (b) The term  "domestic  insurance  corporation"  means  an  insurance
  corporation  incorporated  or  organized  under  the laws of this state.
  Provided, however, the savings banks life insurance fund and savings and
  insurance banks which are authorized to transact the business authorized
  by the provisions of article six-a of the banking law shall  be  subject
  to  taxation  as  domestic  insurance  corporations  on  such  insurance
  business under this article.
    (c) The  term  "foreign  insurance  corporation"  means  an  insurance
  corporation  incorporated or organized under the laws of any other state
  of the United States, the District of Columbia or  the  Commonwealth  of
  Puerto Rico.
    (d)   The  term  "alien  insurance  corporation"  means  an  insurance
  corporation incorporated or  organized  under  the  laws  of  any  other
  foreign  nation,  or of any province or territory not included under the
  definition of "foreign insurance corporation."
    (e) The term "taxpayer" means any insurance corporation subject to the
  tax imposed under section fifteen hundred one, fifteen hundred two-a, or
  fifteen hundred ten or any captive insurance company subject to the  tax
  imposed under section fifteen hundred two-b of this article.
    (f)  The  term  "taxable  year"  means the taxpayer's taxable year for
  federal income tax purposes,  or  the  part  thereof  during  which  the
  taxpayer is subject to the tax under this article.
    (g)  The  term  "subsidiary"  means  a corporation of which over fifty
  percent of the number of shares of stock entitling the  holders  thereof
  to  vote  for  the  election  of  directors  or trustees is owned by the
  taxpayer.
    (h) The term "subsidiary capital" means investments in  the  stock  of
  subsidiaries  and  any  indebtedness  from  subsidiaries,  exclusive  of
  accounts receivable acquired in the ordinary course of trade or business
  for services rendered or for sales of property held primarily  for  sale
  to customers, whether or not evidenced by a written instrument, on which
  interest  is  not claimed and deducted by the subsidiary for purposes of
  taxation under any article of this chapter, provided, however,  that  in
  the  discretion  of  the  tax  commission,  there shall be deducted from
  subsidiary capital any liabilities payable  by  their  terms  on  demand
  within  one  year  from  the date incurred, other than loans or advances
  outstanding for more than one year as of any  date  during  the  taxable
  year  covered  by  the  return,  which  are  attributable  to subsidiary
  capital.
    (i) The term "investment capital" means investments in  stocks,  bonds
  and  other  securities, corporate and governmental, not held for sale to
  customers in the regular course of  business,  exclusive  of  subsidiary
  capital and stock issued by the taxpayer, provided, however, that in the
  discretion   of  the  tax  commission,  there  shall  be  deducted  from
  investment capital any liabilities payable by their terms on  demand  or
  within  one  year  from  the date incurred, other than loans or advances
  outstanding for more than a year as of any date during the year  covered
  by  the  return, which are attributable to investment capital, provided,
  also, there shall be excluded from investment capital, such  investments
  which  are  held  to  maintain  reserves  of the taxpayer required under
  sections one thousand three hundred three, one  thousand  three  hundred
  four and one thousand three hundred five of the insurance law.
    (j)   The  term  "business  capital"  means  all  assets,  other  than
  subsidiary capital, investment capital and stock issued by the taxpayer,
  less liabilities not deducted  from  subsidiary  or  investment  capital
  which  are  payable by their terms on demand or within one year from the
  date incurred, other than loans or advances outstanding for more than  a
  year  as  of any date during the year covered by the return, except that
  cash on hand and on  deposit  shall  be  treated  as  investment  or  as
  business  capital  as  the  taxpayer  may elect, provided, however, that
  there shall be excluded from business capital such assets which are held
  to maintain  reserves  of  the  taxpayer  required  under  sections  one
  thousand  three  hundred  three, one thousand three hundred four and one
  thousand three hundred five of the insurance law.
    (k) The term "special risk premium"  means  any  premium  received  on
  insurance  provided the insurance is exempt from the filing requirements
  with respect to rates and policy forms pursuant to  article  sixty-three
  of the insurance law.