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This entry was published on 2014-09-22
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SECTION 1502-A
Tax on non-life insurance corporations
Tax (TAX) CHAPTER 60, ARTICLE 33
§ 1502-a. Tax on non-life insurance corporations. In lieu of the tax
imposed by section fifteen hundred one of this article, every domestic
insurance corporation, every foreign insurance corporation and every
alien insurance corporation, other than such corporations transacting
the business of life insurance, (1) authorized to transact business in
this state under a certificate of authority from the superintendent of
financial services, (2) that is a risk retention group as defined in
subsection (n) of section five thousand nine hundred two of the
insurance law, or (3) that is a health maintenance organization required
to obtain a certificate of authority under article forty-four of the
public health law, shall, for the privilege of exercising corporate
franchises or for carrying on business in a corporate or organized
capacity within this state, and in addition to any other taxes imposed
for such privilege, pay a tax on all gross direct premiums, less return
premiums thereon, written on risks located or resident in this state.
The tax imposed by this section shall be computed in the manner set
forth in subdivision (a) of section fifteen hundred ten of this article
as such subdivision applied to taxable years beginning before January
first, two thousand three, except that the rate of tax imposed by this
section shall be one and seventy-five hundredths percent on all gross
direct premiums, less return premiums thereon, for accident and health
insurance contracts, including contracts with health maintenance
organizations for health services, and two percent on all other such
premiums. All the other provisions in section fifteen hundred ten of
this article as amended from time to time, other than subdivision (b) of
such section, shall apply to the tax imposed by this section. In no
event shall the tax imposed under this section be less than two hundred
fifty dollars.