2012 New York Consolidated Laws
TAX - Tax
Article 33 - (1500 - 1520) FRANCHISE TAXES ON INSURANCE CORPORATIONS
1512 - Exemptions.

 
    § 1512. Exemptions. (a) This article shall not apply to:
    (1)  the  government  of  the  United  States,  or  of  any  state  or
  municipality thereof, or any instrumentality of any such government;
    (2)   any   charitable,   religious,   missionary,   educational    or
  philanthropic  non-stock  corporation that would have been excepted from
  the classification of the business of insurance by section nine  of  the
  insurance  law  in  effect  immediately prior to January first, nineteen
  hundred forty, or any person,  firm,  corporation  or  association  that
  would  have  been  exempted  from  the provisions of article six of such
  insurance law by section two hundred fourteen thereof, or exempted  from
  the  provisions  of  article  seven of such insurance law by section two
  hundred forty-five thereof;
    (3) any retirement system or pension fund which  does  exclusively  an
  annuity business;
    (4)  any  non-profit  medical  expense  indemnity  or hospital service
  corporation organized under article forty-three of the insurance law;
    (5) any incorporated or unincorporated fraternal benefit  society,  or
  in  the  event  of  (i) the conversion of any such society into a mutual
  life insurance company or (ii) the reinsurance of the business  of  such
  society by the superintendent of financial services pursuant to an order
  of   liquidation,   the   premiums   payable   under  insurance  benefit
  certificates  issued  by  such  society  prior  to  the  conversion   or
  reinsurance;
    (6)  any  corporation  for  the  insurance  of domestic animals on the
  cooperative or assessment plan, organized under the laws of this  state;
  and
    (7)  a  town or county cooperative insurance corporation as heretofore
  contemplated by section one hundred  eighty-seven  of  this  chapter  in
  effect   immediately   prior   to   January   first,   nineteen  hundred
  seventy-four.
    (8) any not-for-profit voluntary  employees'  beneficiary  association
  which  is exempt from federal income tax pursuant to section 501 (c) (9)
  of the United States internal revenue code, the  members  of  which  are
  employees  or  the  beneficiaries  or  dependents  of the employees of a
  single employer or an affiliated group of  employers.  For  purposes  of
  this  paragraph,  an  affiliated  group shall mean one or more chains of
  corporations connected through stock ownership with a common  parent  if
  (i) eighty percent or more of the voting stock of each corporation other
  than  the  common  parent  is owned directly by one or more of the other
  corporations and (ii) eighty percent or more of the voting stock  of  at
  least  one  of  the  corporations  other than the common parent is owned
  directly by the common parent.
    (9)  any  nonprofit  property/casualty  insurance  company   organized
  pursuant  to  section  six thousand seven hundred three of the insurance
  law.
    (10) any nonprofit health maintenance organization required to  obtain
  a certificate of authority under article forty-four of the public health
  law.
    (b) The tax imposed by section fifteen hundred ten shall not apply to:
    (1) any insurance on property or risks located or resident outside the
  state  of New York written by a fire or life insurance company organized
  and operated, without profit to any private shareholder  or  individual,
  exclusively  for  the  purpose  of  aiding and strengthening charitable,
  religious, missionary, educational  or  philanthropic  institutions,  by
  issuing  insurance  and  annuity contracts only to or for the benefit of
  such institutions, to  individuals  engaged  in  the  services  of  such
  institutions,   and  to  members  of  the  immediate  families  of  such
  individuals;

    (2) any insurance on risks resident outside of the state of  New  York
  written  by  a  life  insurance company which has been organized for the
  purpose of establishing a  non-profit  voluntary  employees  beneficiary
  association  to  provide  life,  sick,  accident  or  other  benefits to
  eligible  employees  or their beneficiaries, is operated exclusively for
  said purposes and without profit, direct or  indirect,  to  any  private
  shareholder  or  individual,  and  is  duly  exempt from income taxation
  pursuant to the United States internal revenue code; or
    (3)  except  in  the  case  of  foreign  and  alien  title   insurance
  corporations,  premiums,  other  than  those  for  accident  and  health
  insurance, written, procured or received in this state for insurance  on
  property or risks located or resident outside the United States.
    (c) The taxes imposed by sections fifteen hundred one, fifteen hundred
  two-a,  and  fifteen  hundred ten of this article shall not apply to any
  corporation, association, joint stock company  or  association,  person,
  society,  aggregation  or  partnership  doing an insurance business as a
  member of the New York  insurance  exchange  described  in  section  six
  thousand   two   hundred   one  of  the  insurance  law.  However,  such
  corporations,  associations,  joint  stock  companies  or  associations,
  persons,   societies,  aggregations  or  partnerships  must  compute  an
  allocated entire net income pursuant to sections fifteen  hundred  three
  and  fifteen  hundred  four of this article and transmit a return to the
  tax commission pursuant to  section  fifteen  hundred  fifteen  of  this
  article.