New York Insurance Law Article 70 - CAPTIVE INSURANCE COMPANIES

• 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...
• 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...
• 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...
• 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...
• 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;...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...

Last modified: February 3, 2019