New York S 7144: Authorizes the New York convention center operating corporation to create a pure captive insurance company

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S07144 Summary:

BILL NOS07144 

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SAME ASNo Same As

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SPONSORHOYLMAN-SIGAL

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COSPNSR

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MLTSPNSR

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Amd §7002, Ins L; amd §2564, Pub Auth L; amd §§1500 & 1502-b, Tax L

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Authorizes the New York convention center operating corporation to establish a subsidiary for the purposes of forming a pure captive insurance company.

Go to top S07144 Actions:

BILL NOS07144 

&nbsp

04/01/2025REFERRED TO INSURANCE

Go to topS07144 Committee&nbspVotes:

Go to topS07144 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07144 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7144

 2025-2026 Regular Sessions

 IN SENATE

 April 1, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
 when printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, the public authorities law and the
 tax law, in relation to authorizing the New York convention center
 operating corporation to create a pure captive insurance company

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsections (e) and (g) of section 7002 of the insurance
 2 law, as amended by chapter 193 of the laws of 2022, are amended to read
 3 as follows:
 4 (e) "Industrial insured" means an insured:
 5 (1) whose net worth exceeds one hundred million dollars;
 6 (2) who is a member of a holding company system whose net worth
 7 exceeds one hundred million dollars;
 8 (3) who is the metropolitan transportation authority and its statutory
 9 subsidiaries. When filing an application to form a pure captive insur-
 10 ance company the metropolitan transportation authority shall submit
 11 written notice of such filing to the governor, the temporary president
 12 of the senate and the speaker of the assembly;
 13 (4) who is the power authority of the state of New York and any statu-
 14 tory subsidiary thereof. When filing an application to form a pure
 15 captive insurance company the power authority shall submit written
 16 notice of such filing to the governor, the temporary president of the
 17 senate and the speaker of the assembly; [or]
 18 (5) who is the New York convention center operating corporation, or
 19 any statutory subsidiary thereof formed pursuant to section twenty-five
 20 hundred sixty-four of the public authorities law. When filing an appli-
 21 cation to form a pure captive insurance company, the corporation shall
 22 submit written notice of such filing to the governor, the temporary
 23 president of the senate and the speaker of the assembly; or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11366-02-5

 S. 7144 2

 1 (6) who is a city with a population of one million or more. When
 2 filing an application to form a pure captive insurance company, a city
 3 with a population of one million or more shall submit written notice of
 4 such filing to the governor, the temporary president of the senate and
 5 the speaker of the assembly.
 6 (g) "Industrial insured group" means any group of unaffiliated indus-
 7 trial insureds that are engaged in similar or related businesses or
 8 activities, however, the metropolitan transportation authority, the
 9 power authority of the state of New York, the New York convention center
 10 operating corporation and any statutory subsidiary thereof and cities
 11 with a population of one million or more shall not be a member of an
 12 industrial insured group, and that collectively:
 13 (1) own, control or hold with power to vote all of the outstanding
 14 voting shares of stock of a group captive insurance company incorporated
 15 as a stock insurer; or
 16 (2) represent one hundred percent of the voting members of a group
 17 captive insurance company organized as a mutual insurer.
 18 § 2. Subdivisions 2 and 3 of section 2564 of the public authorities
 19 law, subdivision 2 as amended by chapter 3 of the laws of 2004 and
 20 subdivision 3 as added by chapter 35 of the laws of 1979, are amended
 21 and a new subdivision 4 is added to read as follows:
 22 2. To approve the plan and design of the