N.Y. Insurance Law § 7505: Taxes

§ 7505. Taxes. (a) The corporation shall be exempt from all taxes and

fees imposed by this state or by any county, municipality, or local

authority or subdivision, except that real property owned by the

corporation shall be subject to county, municipal or local authority or

subdivision taxation to the same extent, according to its value, as

other similar real property.

(b) Any company whose policies have been assumed, reinsured or

guaranteed by the corporation shall remain liable for the taxes required

by article thirty-three of the tax law, and shall remain liable as to

taxes accrued before January first, nineteen hundred seventy-four, which

were required by section one hundred eighty-seven of the tax law as in

effect before January first, nineteen hundred seventy-four, on all

premiums received on policies issued by it, but payment of such taxes

shall be suspended. Payment of or on account of such taxes shall be

made under such terms and conditions as the superintendent prescribes,

except that no such payment may be required or made if such company

would become impaired by the making of such payment or if such payment

would reduce its capital and surplus below the minimum statutory

requirements for organization of a like new life insurance company. No

dividends to shareholders shall be declared unless all premium taxes

have been fully paid.