Allow the New York Power Authority to form a pure captive insurance company (Article 33)

Beginning May 9, 2022, the New York Power Authority may establish a subsidiary corporation for the purpose of forming a pure captive insurance company as provided in section 7002 of the Insurance Law. This type of subsidiary corporation is not considered a captive insurance company for purposes of section 1500(a) of the Tax Law.

For more information, see Form CT-33-C , Captive Insurance Company Franchise Tax Return , and its instructions .

[Chapter 193 of the Laws of 2022; Tax Law § 1500(a)]