N.Y. Insurance Law 2701 – Definitions
§ 2701. Definitions. For the purpose of this article:
Terms Used In N.Y. Insurance Law 2701
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Insurance policy: shall mean any policy of insurance substantially similar to any kind of insurance that was authorized at any time in New York between and including the years nineteen hundred twenty-nine and nineteen hundred forty-five or authorized by the jurisdiction in which the policy was sold at the time it was sold including but not limited to any form of life, accident and health, annuities, property, casualty, education or dowry insurance. See N.Y. Insurance Law 2701
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Legatee: A beneficiary of a decedent
(a) "Holocaust victim" shall mean any person, claimant, or the estate, heir, legatee, descendant, survivor, beneficiary, or other such successor-in-interest of such person, who lost his or her life or property as a result of discriminatory laws, policies, or actions targeted against discrete groups of persons based on race, religion, ethnicity, sexual orientation or national origin, whether or not such person was actually a member of any of the foregoing enumerated groups or because such person assisted or allegedly assisted any of the foregoing groups, between January first, nineteen hundred twenty-nine and December thirty-first, nineteen hundred forty-five in areas under Nazi influence as defined in subsection (f) of this section.
(b) "Person", "control", "holding company", and "holding company system" and any other term used in this article but not otherwise defined shall have the same meaning as it has in article fifteen of this chapter.
(c) "Insurance policy" shall mean any policy of insurance substantially similar to any kind of insurance that was authorized at any time in New York between and including the years nineteen hundred twenty-nine and nineteen hundred forty-five or authorized by the jurisdiction in which the policy was sold at the time it was sold including but not limited to any form of life, accident and health, annuities, property, casualty, education or dowry insurance.
(d) "Proceeds" shall mean the face or other pay-out value of an insurance policy or annuity plus reasonable interest to date of payment as shall be prescribed by regulations promulgated by the superintendent.
(e) "Member of a holding company system" shall include a holding company, a controlled insurer, a controlled person, and any person who alone or in concert with any other persons directly or indirectly controls a holding company or controls a person who controls a holding company.
(f) "Areas under Nazi influence" shall mean the country of Nazi Germany, areas occupied by Nazi Germany, those European countries allied with Nazi Germany, areas occupied by those European countries allied with Nazi Germany, or any other neutral European country or area in Europe under the influence or threat of Nazi invasion.