Section 9110*2. Temporary franchise tax on certain insurance companies

1.
  Imposition. (a) For the privilege of conducting business in  this  state
  and  in  addition  to  any  other requirements therefor, every insurance
  company subject to the franchise  tax  imposed  by  subdivision  (a)  of
  section  fifteen  hundred  ten  of  the  tax  law,  other than insurance
  companies whose  premiums  are  received  solely  as  consideration  for
  accident  and  health  insurance  policies, shall pay a franchise tax of
  thirty-five hundredths of one-percent on all gross direct premiums, less
  return premiums thereon, written during calendar year  nineteen  hundred
  ninety-two on risks located or resident in this state.
    (b) Determination of direct premiums--general provisions. (1) The term
  "premium"  includes  all amounts received as consideration for insurance
  contracts or reinsurance contracts, other than  for  annuity  contracts,
  and shall include premium deposits, assessments, policy fees, membership
  fees,  and  every  other compensation for such contract. In ascertaining
  the amount of direct premiums upon which a tax  is  payable  under  this
  section  there  shall  be  first  determined  the  amount of total gross
  premiums or deposit premiums or assessments, less return thereon, on all
  policies,  certificates,  renewals,  policies  subsequently   cancelled,
  insurance  and  reinsurance executed, issued or delivered on property or
  risks  located  or  resident  in  this  state,  including  premiums  for
  reinsurance  assumed,  and  also including premiums written, procured or
  received  in  this  state  on  business  which  cannot  specifically  be
  allocated  or apportioned and reported as taxable premiums or which have
  been used as a measure of a tax  on  business  of  any  other  state  or
  states.  Provided  however, in the case of special risk premiums, direct
  premiums shall include only those premiums written, procured or received
  in this state on property or risks located or residents in  this  state.
  The  reporting  of  premiums  for the purpose of the tax imposed by this
  section shall be on a written basis or on a  paid-for  basis  consistent
  with  the  basis  required  by  the  annual  statement  filed  with  the
  superintendent of insurance pursuant to section three hundred  seven  of
  this chapter.
    (2)  The  term "gross direct premiums," as used in this section, shall
  not include premiums  for  policies  issued  pursuant  to  section  four
  thousand  two  hundred  thirty-six  of  this  chapter  and  premiums for
  insurance upon hulls, freights, or disbursements, or upon goods,  wares,
  merchandise  and  all  other personal property and interests therein, in
  the course  of  exportation  from,  importation  into  any  country,  or
  transportation coastwide, including transportation by land or water from
  point  of origin to final destination in respect to, appertaining to, or
  in connection with, any and all risks or perils of  navigation,  transit
  or  transportation,  and  while  being  prepared for, and while awaiting
  shipment, and during any delays, storage,  transshipment  or  reshipment
  incident thereto, including war risks and marine builder's risks.
    (3) After determining the amount of total gross premiums, less returns
  thereon, as hereinbefore provided, there shall be deducted the following
  items:
    (A)  Such  premiums,  less  return  premiums  thereon, which have been
  received by way of  reinsurance  from  corporations  or  other  insurers
  authorized to transact business in this state;
    (B)  Dividends on such direct business, including unused or unabsorbed
  portions of premium deposits paid or credited to policyholders, but  not
  including  deferred  dividends paid in cash to policyholders on maturing
  policies, nor cash surrender values.
    (4) In determining the amount  of  direct  premiums  taxable  in  this
  state,  all  such  premiums  written, procured or received in this state
  shall be deemed written on property or risks  located  or  residents  in

  this state except such premiums as are properly allocated or apportioned
  and reported as taxable premiums or which have been used as a measure of
  a  tax  of  any  other state or states, provided however, in the case of
  special risk premiums, direct premiums shall include only those premiums
  written, procured or received in this state on property or risks located
  on resident in this state.
    2.  Payment.  Taxes  due  under  this  section  shall  be  paid to the
  superintendent of insurance in such manner as the  superintendent  shall
  prescribe.  The  tax  shall  be  paid  in  two  installments.  The first
  installment shall be due December fifteenth, nineteen hundred ninety-two
  and shall  be  no  less  than  ninety  percent  of  the  tax  ultimately
  determined  to  be  due  under  this section. The balance of any tax due
  shall be paid on March fifteenth, nineteen hundred ninety-three.
    3. Returns and  reports.  A  return,  in  a  form  prescribed  by  the
  superintendent,  shall  accompany  the  tax payment due March fifteenth,
  nineteen hundred  ninety-three.  In  addition,  the  superintendent  may
  prescribe  a  return  to  accompany  the  first  installment  of tax due
  December fifteenth, nineteen hundred ninety-two.
    4. Interest and penalties. (a) Interest. If any amount of tax  is  not
  paid  on or before the date prescribed for payment thereof in subsection
  two of this section, interest on such amount of tax at the  underpayment
  rate set by the commissioner of taxation and finance pursuant to section
  one thousand ninety-six of the tax law, plus one percentage point, shall
  be  paid  to  the superintendent for the period from the date prescribed
  for payment until the date paid.
    (b)  Underpayment  penalty.  If  the  amount  of  tax  paid  by  March
  fifteenth,  nineteen  hundred  ninety-three  is  less  than  ninety-five
  percent of the tax ultimately determined to  be  due  pursuant  to  this
  section, a penalty is hereby imposed equal to one hundred percent of the
  difference  between  the  amount  of  tax  actually paid and ninety-five
  percent of the tax ultimately determined to be due.  In  addition,  this
  penalty  shall  bear  interest at the rate set forth in paragraph (a) of
  this subsection for the period from March  fifteenth,  nineteen  hundred
  ninety-three until the date the penalty is paid.
    5.  Coordination  with  other  laws. Notwithstanding the provisions of
  section one thousand one hundred twelve  of  this  chapter,  taxes  paid
  pursuant  to  this section shall not be considered in the calculation of
  reciprocal taxes due this state pursuant to  section  one  thousand  one
  hundred  twelve  of  this  chapter.  Notwithstanding  the  provisions of
  subdivision (c) of section fifteen hundred eleven of the tax law,  taxes
  paid  to other states on account of the imposition of the tax imposed by
  this section shall not be included in the calculation of the tax  credit
  provided for by subdivision (c) of section fifteen hundred eleven of the
  tax law.
    * NB There are 2 § 9110's