§ 1501. Definitions; determinations. (a) In this article, unless the
context shall otherwise require:

(1) "Person" means an individual, partnership, firm, association,
corporation, joint-stock company, trust, any similar entity or any
combination of the foregoing acting in concert.

(2) "Control", including the terms "controlling", "controlled by" and
"under common control with", means the possession direct or indirect of
the power to direct or cause the direction of the management and
policies of a person, whether through the ownership of voting
securities, by contract (except a commercial contract for goods or
non-management services) or otherwise; but no person shall be deemed to
control another person solely by reason of his being an officer or
director of such other person. Subject to subsection (c) hereof, control
shall be presumed to exist if any person directly or indirectly owns,
controls or holds with the power to vote ten percent or more of the
voting securities of any other person.

(3) "Holding company" means any person who directly or indirectly
controls any authorized insurer.

(4) "Controlled insurer" means an authorized insurer controlled
directly or indirectly by a holding company.

(5) "Controlled person" means any person other than a controlled
insurer, who is controlled directly or indirectly by a holding company.

(6) "Holding company system" means a holding company together with its
controlled insurers and controlled persons.

(7) "Enterprise risk" means any activity, circumstance, event, or
series of events involving the holding company system that, if not
remedied promptly, is likely to have a material adverse effect upon the
financial condition or liquidity of the insurer or its holding company
system, including anything that would cause the insurer's risk-based
capital to fall into company action level as set forth in section one
thousand three hundred twenty-two or one thousand three hundred
twenty-four of this chapter, or that would cause further transaction of
business to be hazardous to the insurer's policyholders or creditors or
the public.

(8) "Group capital calculation instructions" means the group capital
calculation instructions as adopted by the NAIC and as amended by the
NAIC from time to time in accordance with the procedures adopted by the
NAIC, except where such instructions conflict with the laws of this
state and subject to exceptions the superintendent may take in a
regulation upon a written finding that the exceptions would not be
unduly burdensome on the holding company or insurer.

(9) "NAIC" means the National Association of Insurance Commissioners.

(10) "NAIC liquidity stress test framework" means an NAIC publication
that includes a history of the NAIC's development of regulatory
liquidity stress testing, the scope criteria applicable for a specific
data year, and the liquidity stress test instructions and reporting
templates for a specific data year, such scope criteria, instructions
and reporting template being as adopted by the NAIC and as amended by
the NAIC from time to time in accordance with the procedures adopted by
the NAIC, except where such instructions conflicts with the laws of this
state and subject to exceptions the superintendent may take in a
regulation upon a written finding that the exceptions would not be
unduly burdensome on the holding company or insurer.

(11) "Scope criteria" means the designated exposure bases along with
minimum magnitudes thereof for the specified data year, used to
establish a preliminary list of insurers considered scoped into the NAIC
liquidity stress test framework for that data year.

(b) Notwithstanding the provisions of paragraph two of subsection (a)
of this section, the superintendent may determine, after notice and
opportunity to be heard, that a person exercises directly or indirectly
either alone or pursuant to an agreement with one or more other persons
such a controlling influence over the management or policies of an
authorized insurer as to make it necessary or appropriate in the public
interest or for the protection of the insurer's policyholders or
shareholders that the person be deemed to control the insurer.

(c) The superintendent may determine upon application that any person
does not or will not upon the taking of some proposed action control
another person. Such determination shall be made within thirty days or
such further period as the superintendent may prescribe. The filing of
the application in good faith by any person shall relieve the applicant
from any obligation or liability imposed by this article with respect to
the subject of the application, except as contained in section one
thousand five hundred six of this article, until the superintendent has
acted upon the application. The superintendent may prospectively revoke
or modify his determination, after notice and opportunity to be heard,
whenever in his judgment revocation or modification is consistent with
this article.

(d) For the purposes of this article only, every foreign life insurer
which is authorized to do business in this state which is controlled by
a person not authorized to do an insurance business in this state, and
which, during its three preceding fiscal years taken together, or during
any lesser period of time if it has been licensed to transact its
business in New York only for such lesser period of time, has written an
average of more gross premiums in the state of New York than it has
written in its state of domicile during the same period, and such gross
premiums written constitute twenty percent or more of its total gross
premiums written everywhere in the United States for such three year or
lesser period, as reported in its three most recent annual statements,
shall be deemed a domestic insurer, provided written notice of the
applicability of this subsection is given to such company by the
superintendent prior to this article being applicable.