Insurance Law Section 6707
- residual market participation exemption
- security funds
(a)Every nonprofit property/casualty insurance company subject to the provisions of this article shall be exempt from any fees, taxes, special ad valorem levies or assessments of any kind, including, but not limited to, franchise taxes, sales taxes or other taxes, upon or with respect to any property owned by it or under its jurisdiction, control or supervision, or upon the uses thereof, or upon or with respect to its activities or operations in furtherance of the powers conferred upon it by this article, or upon or with respect to any revenues or other income received by the nonprofit property/casualty insurance company, except that every nonprofit property/casualty insurance company licensed pursuant to this article shall be subject to the assessment upon domestic insurers under Financial Services Law § 206 (Assessments to defray operating expenses of the department)section two hundred six of the financial services law, the assessments upon insurance carriers under sections one hundred fifty-one and two hundred twenty-eight of the workers’ compensation law and all special fund assessments upon insurance carriers under the workers’ compensation law.
(b)Every nonprofit property/casualty insurance company subject to the provisions of this article shall be exempt from participation in the plan pursuant to article fifty-three of this chapter, the association pursuant to article 54 (New York Property Insurance Underwriting Association)article fifty-four of this chapter and the association pursuant to article 55 (Medical Malpractice Insurance Association)article fifty-five of this chapter.
(c)A nonprofit property/casualty insurance company and the contracts it issues will be subject to the provisions of article 76 (Property/casualty Security Funds)article seventy-six of this chapter and article six-A of the workers’ compensation law.
Section 6707 — Tax exemption; residual market participation exemption; security funds,
https://www.nysenate.gov/legislation/laws/ISC/6707 (updated Jul. 29, 2022; accessed Nov. 25, 2023).