N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-1.1

Current through Register Vol. 46, No. 36, September 4, 2024

Section 80-1.1 - Definitions

(a)Equity security shall include any security convertible into an equity security.

(b) Executive officer means any individual charged with active management and control, in an executive capacity, including a president, vice president, treasurer, secretary, comptroller, or any other individual performing for a person, whether incorporated or unincorporated, functions corresponding to those performed by the foregoing officers.

(c)Significant person means:

(1) an insurance company, insurance agent, insurance broker, insurance adjuster or premium finance agency; or

(2) any person, within a holding company system, other than those specified in paragraph (1) of this subdivision if:

(i) the assets of the person, or the investments in and advances to the person by the holding company and any other person within the holding company system, if any, constitute 15 percent of the assets of the holding company and all persons within its system on a consolidated basis;

(ii) the sales and operating revenues of the person constitute 15 percent of the sales and operating revenues of the holding company and all persons within its system on a consolidated basis; or

(iii) the person controls one or more other persons and, together with such other persons would, if considered in the aggregate, constitute a significant person.

(d) All other terms used herein shall have the same meanings prescribed in Insurance Law sections 107 and 1501 unless the context otherwise requires.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-1.1

Amended, New York State Register, Volume XXXVI, Issue 23, effective 6/11/2014