Section 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.
    (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.