2013 New York Consolidated Laws
ISC - Insurance
Article 75 - (7501 - 7507) LIFE INSURANCE GUARANTY FUND
7505 - Taxes.

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