Authorizes the New York convention center operating corporation to establish a subsidiary for a pure captive insurance company.

The bill amends the insurance law, public authorities law, and tax law to authorize the New York convention center operating corporation to establish a subsidiary for forming a pure captive insurance company. It requires the corporation to complete a feasibility study before forming the subsidiary. The study must analyze actuarial risks, measure the value of insurance captives, and compare them to commercial insurance or self-financing. The bill also modifies tax rates for captive insurance companies.

Authorizes the New York convention center operating corporation to establish a subsidiary for a pure captive insurance company.

The bill amends the insurance law, public authorities law, and tax law to authorize the New York convention center operating corporation to establish a subsidiary for forming a pure captive insurance company. It requires the corporation to complete a feasibility study before forming the subsidiary. The study must analyze actuarial risks, measure the value of insurance captives, and compare them to commercial insurance or self-financing. The bill also modifies tax rates for captive insurance companies.