§ 1502-A — Tax on non-life insurance corporations

§ 1502-a. Tax on non-life insurance corporations. In lieu of the tax\nimposed by section fifteen hundred one of this article, every domestic\ninsurance corporation, every foreign insurance corporation and every\nalien insurance corporation, other than such corporations transacting\nthe business of life insurance, (1) authorized to transact business in\nthis state under a certificate of authority from the superintendent of\nfinancial services, (2) that is a risk retention group as defined in\nsubsection (n) of section five thousand nine hundred two of the\ninsurance law, or (3) that is a health maintenance organization required\nto obtain a certificate of authority under article forty-four of the\npublic health law, shall, for the privilege of exercising corporate\nfranchises or for carrying on business in a corporate or organized\ncapacity within this state, and in addition to any other taxes imposed\nfor such privilege, pay a tax on all gross direct premiums, less return\npremiums thereon, written on risks located or resident in this state.\nThe tax imposed by this section shall be computed in the manner set\nforth in subdivision (a) of section fifteen hundred ten of this article\nas such subdivision applied to taxable years beginning before January\nfirst, two thousand three, except that the rate of tax imposed by this\nsection shall be one and seventy-five hundredths percent on all gross\ndirect premiums, less return premiums thereon, for accident and health\ninsurance contracts, including contracts with health maintenance\norganizations for health services, and two percent on all other such\npremiums. All the other provisions in section fifteen hundred ten of\nthis article as amended from time to time, other than subdivision (b) of\nsuch section, shall apply to the tax imposed by this section. In no\nevent shall the tax imposed under this section be less than two hundred\nfifty dollars.\n