§ 7002. Definitions. In this article: (a) "Affiliated companies" means
companies in the same corporate system as an industrial insured by
virtue of common ownership, control, operation, or management. Such term
shall also include any statutory subsidiary, affiliate, contractor,
subcontractor and consultant of any tier of a city with a population of
one million or more for liability related to or arising out of
activities in or near the World Trade Center site in response to the
attacks of September eleventh, two thousand one.

(b) "Captive insurance business" means the business authorized
pursuant to subsection (a) of section seven thousand three of this
article.

(c) "Captive insurance company" means any pure captive insurance
company or any group captive insurance company licensed to do a captive
insurance business under the provisions of this article.

(d) "Captive manager" means any person or firm contracted by a captive
insurance company to manage its affairs.

(e) "Industrial insured" means an insured:

(1) whose net worth exceeds one hundred million dollars;

(2) who is a member of a holding company system whose net worth
exceeds one hundred million dollars;

(3) who is the metropolitan transportation authority and its statutory
subsidiaries. When filing an application to form a pure captive
insurance company the metropolitan transportation authority shall submit
written notice of such filing to the governor, the temporary president
of the senate and the speaker of the assembly;

(4) who is the power authority of the state of New York and any
statutory subsidiary thereof. When filing an application to form a pure
captive insurance company the power authority shall submit written
notice of such filing to the governor, the temporary president of the
senate and the speaker of the assembly; or

(5) who is a city with a population of one million or more. When
filing an application to form a pure captive insurance company, a city
with a population of one million or more shall submit written notice of
such filing to the governor, the temporary president of the senate and
the speaker of the assembly.

(f) "Group captive insurance company" means any domestic insurance
company licensed under the provisions of this article for the primary
purpose of providing insurance or reinsurance covering the risks of the
industrial insureds that comprise the industrial insured group.

(g) "Industrial insured group" means any group of unaffiliated
industrial insureds that are engaged in similar or related businesses or
activities, however, the metropolitan transportation authority, the
power authority of the state of New York and any statutory subsidiary
thereof and cities with a population of one million or more shall not be
a member of an industrial insured group, and that collectively:

(1) own, control or hold with power to vote all of the outstanding
voting shares of stock of a group captive insurance company incorporated
as a stock insurer; or

(2) represent one hundred percent of the voting members of a group
captive insurance company organized as a mutual insurer.

(h) "Pure captive insurance company" means any company that:

(1) is a subsidiary of an industrial insured which is one hundred
percent owned by or is a statutory subsidiary of the industrial insured;
and

(2) is licensed under the provisions of this article for the primary
purpose of providing insurance or reinsurance covering the risks of its
parent and affiliated companies.