N.Y. Insurance Law 7201 – Definitions
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§ 7201. Definitions. In this article:
Terms Used In N.Y. Insurance Law 7201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(a) "Domestication" means the reorganization pursuant to the provisions of this article of the United States branch of an alien insurer whereby a domestic or foreign insurer succeeds to all business and assets and assumes all liabilities of such branch.
(b) "United States branch" means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of such insurer within the United States pertaining to such business.
(c) "Domestic insurer" means a stock insurance company incorporated under the laws of this state.
(d) "Foreign insurer" means a stock insurance company incorporated under the laws of any other state.