§ 7001. Purpose and applicability. (a) The purpose of this article is to facilitate the formation and operation of captive insurance companies within the state of New York. (b) In addition to the provisions of this article and this chapter specifically referred to in this article, the following provisions of this chapter shall apply to […]
§ 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 […]
§ 7003. License; power; filing; fees. (a) Any captive insurance company, when permitted by its articles of association or charter, shall apply to the superintendent for a license to do a captive insurance business under this article. A captive insurance business consists of the kinds of insurance set forth in section one thousand one hundred […]
§ 7004. Required capital and surplus as regards policyholders. (a) No pure captive insurance company or group captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus as regards policyholders of: (1) in the case of a pure captive insurance company incorporated as a stock […]
§ 7005. Organization and corporate procedure. (a) A pure captive insurance company may be incorporated (1) as a stock insurer with its capital divided into shares and held by the stockholders; or (2) as a mutual insurer without capital stock, the governing body of which is appointed by the parent industrial insured; or (3) in […]
§ 7006. Annual report. Every captive insurance company licensed to do a captive insurance business in this state shall file with the superintendent: (a) annually on or before March first, a statement of its financial condition and any amendment to the plan of operation at last year-end, verified by the oath of at least two […]
§ 7007. Examinations. The superintendent may make an examination into the affairs of any captive insurance company licensed to do a captive insurance business in this state whenever it is deemed necessary for the protection of the interests of the people of this state but the superintendent shall conduct at least one examination every five […]
§ 7008. Suspension or revocation of license. (a) The license of a captive insurance company to do a captive insurance business in this state may be suspended or revoked by the superintendent for any of the following reasons: (1) insolvency or impairment of required capital or surplus to policyholders; (2) refusal or failure to submit […]
§ 7009. Investments. (a) No captive insurance company shall be subject to any restrictions on allowable investments, except as set forth in subsections (b) and (c) of this section. (b) A group captive insurance company shall not make loans to the industrial insureds that comprise its industrial insured group. A pure captive insurance company may […]
§ 7010. Reinsurance. (a) Any captive insurance company may assume reinsurance on risks ceded by any other insurer when the risks ceded under the reinsurance agreement are solely those of the industrial insured or members of industrial insured group owning the captive insurance company. (b) With the approval of the superintendent, any captive insurance company […]
§ 7011. Exemption from compulsory associations. No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, nor shall any captive insurance company, or its insured, or its parent or any affiliated company, or any member organization of its association, receive […]
§ 7012. Franchise taxes. Captive insurance companies licensed to do a captive insurance business shall be liable for the payment of franchise taxes in accordance with section fifteen hundred two-b of the tax law.
