1550 - General definitions. - New York Statutes

§ 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 type described in paragraphs four through fourteen, sixteen, seventeen, nineteen, twenty and twenty-two of subsection (a) of section one thousand one hundred thirteen of the insurance law that covers risks located or resident within this state.