Section 1500. General definitions. The following words, as used in\nthis article, shall have the meanings hereinafter set forth.\n (a) The term "insurance corporation" includes a corporation,\nassociation, joint stock company or association, person, society,\naggregation or partnership, by whatever name known, doing an insurance\nbusiness, and, notwithstanding the provisions of section fifteen hundred\ntwelve of this article, shall include (1) a risk retention group as\ndefined in subsection (n) of section five thousand nine hundred two of\nthe insurance law, (2) the state insurance fund and (3) a corporation,\nassociation, joint stock company or association, person, society,\naggregation or partnership doing an insurance business as a member of\nthe New York insurance exchange described in section six thousand two\nhundred one of the insurance law. The definition of the "state insurance\nfund" contained in this subdivision shall be limited in its effect to\nthe provisions of this article and the related provisions of this\nchapter and shall have no force and effect other than with respect to\nsuch provisions. The term "insurance corporation" shall also include a\ncaptive insurance company doing a captive insurance business, as defined\nin subsections (c) and (b), respectively, of section seven thousand two\nof the insurance law; provided, however, "insurance corporation" shall\nnot include the metropolitan transportation authority, the power\nauthority of New York or any statutory subsidiary thereof, the New York\nconvention center operating corporation or any statutory subsidiary\nthereof, or a public benefit corporation or not-for-profit corporation\nformed by a city with a population of one million or more pursuant to\nsubsection (a) of section seven thousand five of the insurance law, each\nof which is expressly exempt from the payment of fees, taxes or\nassessments, whether state or local; and provided further "insurance\ncorporation" does not include any combinable captive insurance company.\nThe term "insurance corporation" shall also include an unauthorized\ninsurer operating from an office within the state, pursuant to paragraph\nfive of subsection (b) of section one thousand one hundred one and\nsubsection (i) of section two thousand one hundred seventeen of the\ninsurance law. The term "insurance corporation" also includes a health\nmaintenance organization required to obtain a certificate of authority\nunder article forty-four of the public health law.\n (b) The term "domestic insurance corporation" means an insurance\ncorporation incorporated or organized under the laws of this state.\nProvided, however, the savings banks life insurance fund and savings and\ninsurance banks which are authorized to transact the business authorized\nby the provisions of article six-a of the banking law shall be subject\nto taxation as domestic insurance corporations on such insurance\nbusiness under this article.\n (c) The term "foreign insurance corporation" means an insurance\ncorporation incorporated or organized under the laws of any other state\nof the United States, the District of Columbia or the Commonwealth of\nPuerto Rico.\n (d) The term "alien insurance corporation" means an insurance\ncorporation incorporated or organized under the laws of any other\nforeign nation, or of any province or territory not included under the\ndefinition of "foreign insurance corporation."\n (e) The term "taxpayer" means any insurance corporation subject to the\ntax imposed under section fifteen hundred one, fifteen hundred two-a, or\nfifteen hundred ten or any captive insurance company subject to the tax\nimposed under section fifteen hundred two-b of this article.\n (f) The term "taxable year" means the taxpayer's taxable year for\nfederal income tax purposes, or the part thereof during which the\ntaxpayer is subject to the tax under this article.\n (g) The term "subsidiary" means a corporation of which over fifty\npercent of the num
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.