Insurance Law 6702 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 6701 Purpose; construction up ARTICLE 67 Nonprofit Property/casualty Insurance Companies next SECTION 6703 Organization of nonprofit property/casualty insurance companies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 6702 Definitions Insurance (ISC) CHAPTER 28, ARTICLE 67 § 6702. Definitions. As used in this article, the following terms shall have the following meanings: (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 section two hundred sixteen-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.