N.Y. Public Authorities Law § 2564: Special powers and duties of the corporation

§ 2564. Special powers and duties of the corporation. The corporation

shall have the power and duty:

1. To maintain and operate the convention center including the

expansion project; to rent parts thereof, and grant concessions, all on

such terms and conditions as it may determine are fair and reasonable,

subject, in the case of rentals and concessions other than for

exhibition purposes, to the prior approval of the state comptroller;

2. To approve the plan and design of the convention center project as

required by a chapter of the laws of nineteen hundred seventy-nine and

the plan and design of the expansion project and any convention hotel

financed by chapter three of the laws of two thousand four;

3. To transfer or otherwise make available to the subsidiary of New

York state urban development corporation organized pursuant to said

chapter of the laws of nineteen hundred seventy-nine, without

consideration and when and as requested by said subsidiary, any or all

rights, property and assets which shall have been transferred to the

corporation pursuant to section twenty-two-a of chapter ten hundred

eleven of the laws of nineteen hundred seventy-one as added by section

eighteen of said chapter of the laws of nineteen hundred seventy-nine;

and

4. To establish a subsidiary for the purposes of forming a pure

captive insurance company as provided in section seven thousand two of

the insurance law. Prior to forming such captive insurance company, the

corporation or its subsidiary shall complete a feasibility study

including, but not limited to, an analysis of the actuarial risks and

feasibility associated with the creation of the insurance captive, a

measurement of value of such insurance captives relative to financing

risk utilizing commercial insurance or self-financing, including in the

aggregate and by respective insurance type, the advantages and

disadvantages of potential insurance captive structures, and a domicile

analysis. Such feasibility study shall be provided to the temporary

president of the senate, the speaker of the assembly, and the governor

upon completion, and shall be conducted by an independent risk

consultant firm or captive insurance broker licensed by the state to

perform such duties. Such related risk consultant firm, captive

insurance broker, or any subsidiaries or affiliates thereof shall be

prohibited from providing any management services for the captive

insurance company for the corporation for no less than five years from

the date of completing the study.