NY A07987

Adds the Power Authority of the State of New York and its statutory subsidiaries to the definition of "industrial insured" eligible to form a pure captive insurance company under Insurance Law Section 7002.

Requires the Power Authority to submit written notice to the governor, temporary president of the senate, and speaker of the assembly when filing an application to form a pure captive insurance company.

Authorizes the Power Authority to establish a subsidiary corporation to form a pure captive insurance company, with the same members as the authority holding positions.

Exempts the Power Authority and its statutory subsidiaries from state and local fees, taxes, and assessments related to captive insurance company operations under Tax Law Sections 1500 and 1502-b.

Takes effect immediately upon enactment.