Javits Convention Center authorized to form pure captive insurer

New York’s Javits Convention Center has been given the green light to form a pure captive insurer.

New York Governor Kathy Hochul signed legislation on May 9 that expanded the definition of “industrial insured” to include the New York Convention Center Operating Corp., which operates the Javits Center.

The move authorizes the NYCCOC to establish a captive insurance company after completing a feasibility study and obtaining a license from the New York Department of Financial Services.

The model could benefit other public-benefit organizations, experts say.