N.Y. Insurance Law 6701 – Purpose; construction
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§ 6701. Purpose; construction. (a) The purpose of this article is to provide for the organization and licensing of a nonprofit property/casualty insurance company that insures nonprofit organizations and that will qualify, and continue to qualify, as a "qualified charitable risk pool" as defined in subsection (n) of section 501 of the Internal Revenue Code.
Terms Used In N.Y. Insurance Law 6701
- Nonprofit organizations: means organizations described in paragraph (3) of subsection (c), and exempt from taxation under subsection (a), of section 501 of the Internal Revenue Code, including, if qualified thereunder, type B or D organizations formed pursuant to paragraph (b) of section two hundred one of the not-for-profit corporation law, and organizations described in § 216-a of the education law. See N.Y. Insurance Law 6702
(b) This article shall be liberally construed to effect the purpose under subsection (a) of this section which shall constitute an aid and guide to interpretation.