§ 7002 — Definitions

§ 7002. Definitions. In this article: (a) "Affiliated companies" means\ncompanies in the same corporate system as an industrial insured by\nvirtue of common ownership, control, operation, or management. Such term\nshall also include any statutory subsidiary, affiliate, contractor,\nsubcontractor and consultant of any tier of a city with a population of\none million or more for liability related to or arising out of\nactivities in or near the World Trade Center site in response to the\nattacks of September eleventh, two thousand one.\n (b) "Captive insurance business" means the business authorized\npursuant to subsection (a) of section seven thousand three of this\narticle.\n (c) "Captive insurance company" means any pure captive insurance\ncompany or any group captive insurance company licensed to do a captive\ninsurance business under the provisions of this article.\n (d) "Captive manager" means any person or firm contracted by a captive\ninsurance company to manage its affairs.\n (e) "Industrial insured" means an insured:\n (1) whose net worth exceeds one hundred million dollars;\n (2) who is a member of a holding company system whose net worth\nexceeds one hundred million dollars;\n (3) who is the metropolitan transportation authority and its statutory\nsubsidiaries. When filing an application to form a pure captive\ninsurance company the metropolitan transportation authority shall submit\nwritten notice of such filing to the governor, the temporary president\nof the senate and the speaker of the assembly;\n (4) who is the power authority of the state of New York and any\nstatutory subsidiary thereof. When filing an application to form a pure\ncaptive insurance company the power authority shall submit written\nnotice of such filing to the governor, the temporary president of the\nsenate and the speaker of the assembly;\n (5) who is the New York convention center operating corporation, or\nany statutory subsidiary thereof formed pursuant to section twenty-five\nhundred sixty-four of the public authorities law. When filing an\napplication to form a pure captive insurance company, the corporation\nshall submit written notice of such filing to the governor, the\ntemporary president of the senate and the speaker of the assembly; or\n (6) who is a city with a population of one million or more. When\nfiling an application to form a pure captive insurance company, a city\nwith a population of one million or more shall submit written notice of\nsuch filing to the governor, the temporary president of the senate and\nthe speaker of the assembly.\n (f) "Group captive insurance company" means any domestic insurance\ncompany licensed under the provisions of this article for the primary\npurpose of providing insurance or reinsurance covering the risks of the\nindustrial insureds that comprise the industrial insured group.\n (g) "Industrial insured group" means any group of unaffiliated\nindustrial insureds that are engaged in similar or related businesses or\nactivities, however, the metropolitan transportation authority, the\npower authority of the state of New York, the New York convention center\noperating corporation and any statutory subsidiary thereof and cities\nwith a population of one million or more shall not be a member of an\nindustrial insured group, and that collectively:\n (1) own, control or hold with power to vote all of the outstanding\nvoting shares of stock of a group captive insurance company incorporated\nas a stock insurer; or\n (2) represent one hundred percent of the voting members of a group\ncaptive insurance company organized as a mutual insurer.\n (h) "Pure captive insurance company" means any company that:\n (1) is a subsidiary of an industrial insured which is one hundred\npercent owned by or is a statutory subsidiary of the industrial insured;\nand\n (2) is licensed under the provisions of this article for the primary\npurpose of providing insurance or reinsurance covering the risks of its\nparent and affiliated companies.\n