New York § 6707 Tax exemption; residual market participation exemption; security funds

New York Statutes

§ 6707 — Tax exemption; residual market participation exemption; security funds

New York § 6707

Law ISCInsurance

Art. 67Nonprofit Property/casualty Insurance Companies

This text of New York § 6707 (Tax exemption; residual market participation exemption; security funds) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 6707 (2026).

Text

§ 6707. Tax exemption; residual market participation exemption;\nsecurity funds.

(a)Every nonprofit property/casualty insurance company\nsubject to the provisions of this article shall be exempt from any fees,\ntaxes, special ad valorem levies or assessments of any kind, including,\nbut not limited to, franchise taxes, sales taxes or other taxes, upon or\nwith respect to any property owned by it or under its jurisdiction,\ncontrol or supervision, or upon the uses thereof, or upon or with\nrespect to its activities or operations in furtherance of the powers\nconferred upon it by this article, or upon or with respect to any\nrevenues or other income received by the nonprofit property/casualty\ninsurance company, except that every nonprofit property/casualty\ninsurance company licensed pur

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§ 6707. Tax exemption; residual market participation exemption;\nsecurity funds. (a) Every nonprofit property/casualty insurance company\nsubject to the provisions of this article shall be exempt from any fees,\ntaxes, special ad valorem levies or assessments of any kind, including,\nbut not limited to, franchise taxes, sales taxes or other taxes, upon or\nwith respect to any property owned by it or under its jurisdiction,\ncontrol or supervision, or upon the uses thereof, or upon or with\nrespect to its activities or operations in furtherance of the powers\nconferred upon it by this article, or upon or with respect to any\nrevenues or other income received by the nonprofit property/casualty\ninsurance company, except that every nonprofit property/casualty\ninsurance company licensed pursuant to this article shall be subject to\nthe assessment upon domestic insurers under section two hundred six of\nthe financial services law, the assessments upon insurance carriers\nunder sections one hundred fifty-one and two hundred twenty-eight of the\nworkers' compensation law and all special fund assessments upon\ninsurance carriers under the workers' compensation law.\n (b) Every nonprofit property/casualty insurance company subject to the\nprovisions of this article shall be exempt from participation in the\nplan pursuant to article fifty-three of this chapter, the association\npursuant to article fifty-four of this chapter and the association\npursuant to article fifty-five of this chapter.\n (c) A nonprofit property/casualty insurance company and the contracts\nit issues will be subject to the provisions of article seventy-six of\nthis chapter and article six-A of the workers' compensation law.\n