Insurance Law 6707 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 6706 Applicability of other provisions of this chapter up ARTICLE 67 Nonprofit Property/casualty Insurance Companies next SECTION 6708 Rules and regulations Viewing most recent revision (from 2022-07-29) View historical revision as of: -- Choose a Date -- 2022-07-29 2014-09-22 Share Facebook Email SECTION 6707 Tax exemption; residual market participation exemption; security funds Insurance (ISC) CHAPTER 28, ARTICLE 67 § 6707. Tax exemption; 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 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 fifty-four of this chapter and the association pursuant to 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 seventy-six of this chapter and article six-A of the workers' compensation law.