Section 1500. General definitions

The  following words, as used in this
  article, shall have the meanings hereinafter set forth.
    (a)  The  term  "insurance  corporation"   includes   a   corporation,
  association,  joint  stock  company  or  association,  person,  society,
  aggregation or partnership, by whatever name known, doing  an  insurance
  business, and, notwithstanding the provisions of section fifteen hundred
  twelve  of  this  article,  shall  include (1) a risk retention group as
  defined in subsection (n) of section five thousand nine hundred  two  of
  the  insurance  law, (2) the state insurance fund and (3) a corporation,
  association,  joint  stock  company  or  association,  person,  society,
  aggregation  or  partnership  doing an insurance business as a member of
  the New York insurance exchange described in section  six  thousand  two
  hundred one of the insurance law. The definition of the "state insurance
  fund"  contained  in  this subdivision shall be limited in its effect to
  the provisions of this  article  and  the  related  provisions  of  this
  chapter  and  shall  have no force and effect other than with respect to
  such provisions. The term "insurance corporation" shall also  include  a
  captive insurance company doing a captive insurance business, as defined
  in  subsections (c) and (b), respectively, of section seven thousand two
  of the insurance law; provided, however, "insurance  corporation"  shall
  not  include  the  metropolitan  transportation  authority,  or a public
  benefit corporation or not-for-profit corporation formed by a city  with
  a  population  of  one  million  or  more  pursuant to subsection (a) of
  section seven thousand five of the  insurance  law,  each  of  which  is
  expressly exempt from the payment of fees, taxes or assessments, whether
  state  or  local;  and provided further "insurance corporation" does not
  include  any  overcapitalized  captive  insurance  company.   The   term
  "insurance  corporation"  shall  also  include  an  unauthorized insurer
  operating from an office within the state, pursuant to paragraph five of
  subsection (b) of section one thousand one hundred  one  and  subsection
  (i)  of section two thousand one hundred seventeen of the insurance law.
  The term "insurance corporation"  also  includes  a  health  maintenance
  organization required to obtain a certificate of authority under article
  forty-four of the public health law.
    (b)  The  term  "domestic  insurance  corporation"  means an insurance
  corporation incorporated or organized under  the  laws  of  this  state.
  Provided, however, the savings banks life insurance fund and savings and
  insurance banks which are authorized to transact the business authorized
  by  the  provisions of article six-a of the banking law shall be subject
  to  taxation  as  domestic  insurance  corporations  on  such  insurance
  business under this article.
    (c)  The  term  "foreign  insurance  corporation"  means  an insurance
  corporation incorporated or organized under the laws of any other  state
  of  the  United  States, the District of Columbia or the Commonwealth of
  Puerto Rico.
    (d)  The  term  "alien  insurance  corporation"  means  an   insurance
  corporation  incorporated  or  organized  under  the  laws  of any other
  foreign nation, or of any province or territory not included  under  the
  definition of "foreign insurance corporation."
    (e) The term "taxpayer" means any insurance corporation subject to the
  tax imposed under section fifteen hundred one, fifteen hundred two-a, or
  fifteen  hundred ten or any captive insurance company subject to the tax
  imposed under section fifteen hundred two-b of this article.
    (f) The term "taxable year" means  the  taxpayer's  taxable  year  for
  federal  income  tax  purposes,  or  the  part  thereof during which the
  taxpayer is subject to the tax under this article.
    (g) The term "subsidiary" means a  corporation  of  which  over  fifty
  percent  of  the number of shares of stock entitling the holders thereof

  to vote for the election of  directors  or  trustees  is  owned  by  the
  taxpayer.
    (h)  The  term  "subsidiary capital" means investments in the stock of
  subsidiaries  and  any  indebtedness  from  subsidiaries,  exclusive  of
  accounts receivable acquired in the ordinary course of trade or business
  for  services  rendered or for sales of property held primarily for sale
  to customers, whether or not evidenced by a written instrument, on which
  interest is not claimed and deducted by the subsidiary for  purposes  of
  taxation  under  any article of this chapter, provided, however, that in
  the discretion of the tax  commission,  there  shall  be  deducted  from
  subsidiary  capital  any  liabilities  payable  by their terms on demand
  within one year from the date incurred, other  than  loans  or  advances
  outstanding  for  more  than  one year as of any date during the taxable
  year covered  by  the  return,  which  are  attributable  to  subsidiary
  capital.
    (i)  The  term "investment capital" means investments in stocks, bonds
  and other securities, corporate and governmental, not held for  sale  to
  customers  in  the  regular  course of business, exclusive of subsidiary
  capital and stock issued by the taxpayer, provided, however, that in the
  discretion  of  the  tax  commission,  there  shall  be  deducted   from
  investment  capital  any liabilities payable by their terms on demand or
  within one year from the date incurred, other  than  loans  or  advances
  outstanding  for more than a year as of any date during the year covered
  by the return, which are attributable to investment  capital,  provided,
  also,  there shall be excluded from investment capital, such investments
  which are held to maintain  reserves  of  the  taxpayer  required  under
  sections  one  thousand  three hundred three, one thousand three hundred
  four and one thousand three hundred five of the insurance law.
    (j)  The  term  "business  capital"  means  all  assets,  other   than
  subsidiary capital, investment capital and stock issued by the taxpayer,
  less  liabilities  not  deducted  from  subsidiary or investment capital
  which are payable by their terms on demand or within one year  from  the
  date  incurred, other than loans or advances outstanding for more than a
  year as of any date during the year covered by the return,  except  that
  cash  on  hand  and  on  deposit  shall  be  treated as investment or as
  business capital as the taxpayer  may  elect,  provided,  however,  that
  there shall be excluded from business capital such assets which are held
  to  maintain  reserves  of  the  taxpayer  required  under  sections one
  thousand three hundred three, one thousand three hundred  four  and  one
  thousand three hundred five of the insurance law.
    (k)  The  term  "special  risk  premium" means any premium received on
  insurance provided the insurance is exempt from the filing  requirements
  with  respect  to rates and policy forms pursuant to article sixty-three
  of the insurance law.