Businesses can create corporations to insure or reinsure their own risk. To do so, they need this license from the New York State Department of Financial Services (DFS).
This license allows a "captive insurer" to provide life, annuity, health, fire, and/or property insurance. It can be a "pure" insurer, owned by one company, or a "group captive" insurer for several.
NYS Department of Financial Services
Captive Insurance Coordinator
One State Street
New York, NY 10004