N.Y. Tax Law § 1550: General definitions

§ 1550. General definitions. The following words, as used in this

article, shall have the meanings hereinafter set forth:

(a) The term "person" means an individual, corporation, partnership,

limited liability company, society, association, joint stock company,

estate, receiver, trustee, assignee, referee and any other person acting

in a fiduciary capacity, whether appointed by a court or otherwise, and

any combination of the foregoing.

(b) The term "premium" includes all amounts paid as consideration for

insurance contracts and shall include premium deposits, assessments,

policy fees, membership fees, and every other compensation for such

contract. The term "premium" includes all such amounts paid irrespective

of whether such amounts are deductible for federal income tax purposes.

(c) The term "taxable insurance contract" means a contract of

insurance of the kind described in subsection (a) of section two

thousand one hundred five of the insurance law.

(d) The term "home state" means:

(1) In general. Except as provided in paragraphs two and three of this

subdivision, the term "home state" means, with respect to an insured:

(A) the state in which an insured maintains its principal place of

business or, in the case of an individual, the individual's principal

residence;

(B) if one hundred percent of the insured risk is located out of the

state referred to in subparagraph (A) of this paragraph, the state to

which the greatest percentage of the insured's taxable premium for that

insurance contract is allocated;

(C) if more than one insured from an affiliated group, as defined in

section two thousand one hundred one of the insurance law, are named

insureds on a single insurance contract, the home state of the member of

the affiliated group that has the largest percentage of premium

attributed to it under such insurance contract; or

(D) in the case of a group policy:

(i) if the group policyholder pays one hundred percent of the premium

from its own funds, the home state, as determined pursuant to

subparagraph (A) of this paragraph, of the group policyholder; or

(ii) if the group policyholder does not pay one hundred percent of the

premium from its own funds, the home state, as determined pursuant to

subparagraph (A) of this paragraph, of the group member;

(2) "Principal place of business" means, with respect to determining

the home state of the insured, the state where:

(A) the insured maintains its headquarters and where the insured's

high-level officers direct, control and coordinate the business

activities; or

(B) if the insured's high-level officers direct, control and

coordinate the business activities in more than one state, or if the

insured's principal place of business is located outside any state, the

state to which the greatest percentage of the insured's taxable premium

for that insurance contract is allocated.

(3) "Principal residence" means, with respect to determining the home

state of the insured, the state where:

(a) the insured resides for the greatest number of days during a

calendar year; or

(b) if the insured's principal residence is located outside any state,

the state to which the greatest percentage of the insured's taxable

premium for that insurance contract is allocated.