N.Y. Insurance Law 9101 – Definitions
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§ 9101. Definitions. In this article:
Terms Used In N.Y. Insurance Law 9101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) "Insurer" includes every corporation, firm, association, individual or aggregation of individuals, by whatever name known, doing an insurance business in this state; and every such insurer shall be an "insurance corporation" within the meaning of the tax laws of this state.
(b) "Premium" includes all amounts received as consideration for insurance contracts or reinsurance contracts, other than for annuity contracts, and includes premium deposits, assessments, policy fees, membership fees, and every other compensation for such contract.