§ 7505 — Taxes

§ 7505. Taxes. (a) The corporation shall be exempt from all taxes and\nfees imposed by this state or by any county, municipality, or local\nauthority or subdivision, except that real property owned by the\ncorporation shall be subject to county, municipal or local authority or\nsubdivision taxation to the same extent, according to its value, as\nother similar real property.\n (b) Any company whose policies have been assumed, reinsured or\nguaranteed by the corporation shall remain liable for the taxes required\nby article thirty-three of the tax law, and shall remain liable as to\ntaxes accrued before January first, nineteen hundred seventy-four, which\nwere required by section one hundred eighty-seven of the tax law as in\neffect before January first, nineteen hundred seventy-four, on all\npremiums received on policies issued by it, but payment of such taxes\nshall be suspended. Payment of or on account of such taxes shall be\nmade under such terms and conditions as the superintendent prescribes,\nexcept that no such payment may be required or made if such company\nwould become impaired by the making of such payment or if such payment\nwould reduce its capital and surplus below the minimum statutory\nrequirements for organization of a like new life insurance company. No\ndividends to shareholders shall be declared unless all premium taxes\nhave been fully paid.\n