N.Y. Insurance Law 6702 – Definitions
§ 6702. Definitions. As used in this article, the following terms shall have the following meanings:
Terms Used In N.Y. Insurance Law 6702
- 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) "Member" shall, in the case of a nonprofit property/casualty insurance company organized as a type B corporation pursuant to paragraph (b) of section two hundred one of the not-for-profit corporation law, have the meaning set forth in paragraph (a) of section one hundred two of the not-for-profit corporation law or, in the case of a nonprofit property/casualty insurance company organized as nonprofit reciprocal insurer under article sixty-one of this chapter, have the meaning set forth in subsection (g) of section six thousand one hundred one of this chapter.
(b) "Nonmember charitable organization" shall have the meaning set forth in subsection (n) of section 501 of the Internal Revenue Code.
(c) "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.
(d) "Startup capital" shall have the meaning set forth in subsection (n) of section 501 of the Internal Revenue Code.