N.Y. Tax Law § 1501: Imposition of tax

§ 1501. Imposition of tax. (a) Every domestic insurance corporation

and every foreign or alien insurance corporation, for the privilege of

exercising its corporate franchise, or of doing business, or of

employing capital, or of owning or leasing property in this state in a

corporate or organized capacity, or of maintaining an office in this

state, for all or any part of its taxable year, except corporations

specified in subdivision (a) of section fifteen hundred twelve, shall

annually pay a franchise tax which shall be computed as provided in

section fifteen hundred two.

(b) Every life insurance corporation which shall obtain a certificate

of authority to transact business in this state or a renewal of such

certificate from the superintendent of financial services shall, upon

the expiration of such certificate for any cause or upon its ceasing to

transact new business in this state, continue to pay a tax upon its

business remaining in force in this state as provided in section fifteen

hundred two.