2012 New York Consolidated Laws
ISC - Insurance
Article 70 - (7001 - 7012) 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.