N.Y. Tax Law § 1502-a: Tax on non-life insurance corporations

§ 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.