New York § 6702 Definitions

New York Statutes

§ 6702 — Definitions

New York § 6702

Law ISCInsurance

Art. 67Nonprofit Property/casualty Insurance Companies

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Bluebook

N.Y. Insurance § 6702 (2026).

Text

  § 6702. Definitions. As used in this article, the following terms\nshall have the following meanings:\n  (a) "Member" shall, in the case of a nonprofit property/casualty\ninsurance company organized as a type B corporation pursuant to\nparagraph (b) of section two hundred one of the not-for-profit\ncorporation law, have the meaning set forth in paragraph (a) of section\none hundred two of the not-for-profit corporation law or, in the case of\na nonprofit property/casualty insurance company organized as nonprofit\nreciprocal insurer under article sixty-one of this chapter, have the\nmeaning set forth in subsection (g) of section six thousand one hundred\none of this chapter.\n  (b) "Nonmember charitable organization" shall have the meaning set\nforth in subsection (n) of section 501 of th

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§ 6702. Definitions. As used in this article, the following terms\nshall have the following meanings:\n (a) "Member" shall, in the case of a nonprofit property/casualty\ninsurance company organized as a type B corporation pursuant to\nparagraph (b) of section two hundred one of the not-for-profit\ncorporation law, have the meaning set forth in paragraph (a) of section\none hundred two of the not-for-profit corporation law or, in the case of\na nonprofit property/casualty insurance company organized as nonprofit\nreciprocal insurer under article sixty-one of this chapter, have the\nmeaning set forth in subsection (g) of section six thousand one hundred\none of this chapter.\n (b) "Nonmember charitable organization" shall have the meaning set\nforth in subsection (n) of section 501 of the Internal Revenue Code.\n (c) "Nonprofit organizations" means organizations described in\nparagraph (3) of subsection (c), and exempt from taxation under\nsubsection (a), of section 501 of the Internal Revenue Code, including,\nif qualified thereunder, type B or D organizations formed pursuant to\nparagraph (b) of section two hundred one of the not-for-profit\ncorporation law, and organizations described in section two hundred\nsixteen-a of the education law.\n (d) "Startup capital" shall have the meaning set forth in subsection\n(n) of section 501 of the Internal Revenue Code.\n