N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-2.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 80-2.1 - Definitions

For purposes of this Subpart:

(a) Affiliate has the meaning ascribed in section 107 (a)(4) of the Insurance Law.

(b) Control, in connection with a holding company system, has the meaning ascribed in section 1501 (a)(2) of the Insurance Law.

(c) Controlled insurer means an authorized property/casualty insurance company, as that term is defined in section 107 (a)(36) of the Insurance Law, which is:

(1) controlled, directly or indirectly, by a holding company; or

(2) which is a subsidiary of a parent insurer.

(d) Controlling producer means a producer who is:

(1) a member of a holding company system, and who is not controlled by the controlled insurer; or

(2) a subsidiary of a parent insurer, and who is not a subsidiary of the controlled insurer.

(e) Holding company means a person who directly or indirectly controls an authorized insurer, but does not include a person exempted under section 1502 of the Insurance Law.

(f) Holding company system means a holding company together with its controlled insurers and controlled persons.

(g) Parent means a person that has a subsidiary.

(h) Parent insurer means an authorized insurer which is a parent, directly or indirectly, of a controlled insurer, but does not include:

(1) a life insurance company, as that term is defined in section 107 (a)(28) of the Insurance Law;

(2) a corporation subject to article 43 or 64 of the Insurance Law; or

(3) a fraternal benefit society subject to article 45 of the Insurance Law.

(i) Person means an individual, partnership, firm, association, corporation, joint-stock company, trust, any similar entity or any combination of the foregoing acting in concert.

(j) Producer means an insurance agent, insurance broker, or reinsurance intermediary, as those terms are defined in section 2101 of the Insurance Law.

(k) Subsidiary has the meaning ascribed by section 107(a)(40), and also includes a corporation deemed a subsidiary under section 1605 of the Insurance Law.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-2.1