New York § 1550 - 1550General definitions

§ 1550. 1550General definitions

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