§ 1551 — Imposition of tax

§ 1551. Imposition of tax. There is hereby imposed on any person whose\nhome state is New York and who purchases or renews a taxable insurance\ncontract from an insurer not authorized to transact business in this\nstate under a certificate of authority from the superintendent of\nfinancial services a tax at the rate of three and six-tenths percent of\nthe premiums paid or to be paid, less returns thereon, for such\ninsurance. Nothing in this article modifies or abrogates any provision\nof the insurance law.\n