§ 1550 — General definitions

§ 1550. General definitions. The following words, as used in this\narticle, shall have the meanings hereinafter set forth:\n (a) The term "person" means an individual, corporation, partnership,\nlimited liability company, society, association, joint stock company,\nestate, receiver, trustee, assignee, referee and any other person acting\nin a fiduciary capacity, whether appointed by a court or otherwise, and\nany combination of the foregoing.\n (b) The term "premium" includes all amounts paid as consideration for\ninsurance contracts and shall include premium deposits, assessments,\npolicy fees, membership fees, and every other compensation for such\ncontract. The term "premium" includes all such amounts paid irrespective\nof whether such amounts are deductible for federal income tax purposes.\n (c) The term "taxable insurance contract" means a contract of\ninsurance of the kind described in subsection (a) of section two\nthousand one hundred five of the insurance law.\n (d) The term "home state" means:\n (1) In general. Except as provided in paragraphs two and three of this\nsubdivision, the term "home state" means, with respect to an insured:\n (A) the state in which an insured maintains its principal place of\nbusiness or, in the case of an individual, the individual's principal\nresidence;\n (B) if one hundred percent of the insured risk is located out of the\nstate referred to in subparagraph (A) of this paragraph, the state to\nwhich the greatest percentage of the insured's taxable premium for that\ninsurance contract is allocated;\n (C) if more than one insured from an affiliated group, as defined in\nsection two thousand one hundred one of the insurance law, are named\ninsureds on a single insurance contract, the home state of the member of\nthe affiliated group that has the largest percentage of premium\nattributed to it under such insurance contract; or\n (D) in the case of a group policy:\n (i) if the group policyholder pays one hundred percent of the premium\nfrom its own funds, the home state, as determined pursuant to\nsubparagraph (A) of this paragraph, of the group policyholder; or\n (ii) if the group policyholder does not pay one hundred percent of the\npremium from its own funds, the home state, as determined pursuant to\nsubparagraph (A) of this paragraph, of the group member;\n (2) "Principal place of business" means, with respect to determining\nthe home state of the insured, the state where:\n (A) the insured maintains its headquarters and where the insured's\nhigh-level officers direct, control and coordinate the business\nactivities; or\n (B) if the insured's high-level officers direct, control and\ncoordinate the business activities in more than one state, or if the\ninsured's principal place of business is located outside any state, the\nstate to which the greatest percentage of the insured's taxable premium\nfor that insurance contract is allocated.\n (3) "Principal residence" means, with respect to determining the home\nstate of the insured, the state where:\n (a) the insured resides for the greatest number of days during a\ncalendar year; or\n (b) if the insured's principal residence is located outside any state,\nthe state to which the greatest percentage of the insured's taxable\npremium for that insurance contract is allocated.\n