N.Y. Insurance Law § 6707: Tax exemption; residual market participation exemption; security funds

§ 6707. Tax exemption; residual market participation exemption;

security funds. (a) Every nonprofit property/casualty insurance company

subject to the provisions of this article shall be exempt from any fees,

taxes, special ad valorem levies or assessments of any kind, including,

but not limited to, franchise taxes, sales taxes or other taxes, upon or

with respect to any property owned by it or under its jurisdiction,

control or supervision, or upon the uses thereof, or upon or with

respect to its activities or operations in furtherance of the powers

conferred upon it by this article, or upon or with respect to any

revenues or other income received by the nonprofit property/casualty

insurance company, except that every nonprofit property/casualty

insurance company licensed pursuant to this article shall be subject to

the assessment upon domestic insurers under section two hundred six of

the financial services law, the assessments upon insurance carriers

under sections one hundred fifty-one and two hundred twenty-eight of the

workers' compensation law and all special fund assessments upon

insurance carriers under the workers' compensation law.

(b) Every nonprofit property/casualty insurance company subject to the

provisions of this article shall be exempt from participation in the

plan pursuant to article fifty-three of this chapter, the association

pursuant to article fifty-four of this chapter and the association

pursuant to article fifty-five of this chapter.

(c) A nonprofit property/casualty insurance company and the contracts

it issues will be subject to the provisions of article seventy-six of

this chapter and article six-A of the workers' compensation law.