Section 1501. Imposition of tax

(a) Every domestic insurance corporation
  and every foreign or alien insurance corporation, for the  privilege  of
  exercising  its  corporate  franchise,  or  of  doing  business,  or  of
  employing capital, or of owning or leasing property in this state  in  a
  corporate  or  organized  capacity,  or of maintaining an office in this
  state, for all or any part of  its  taxable  year,  except  corporations
  specified  in  subdivision  (a) of section fifteen hundred twelve, shall
  annually pay a franchise tax which shall  be  computed  as  provided  in
  section fifteen hundred two.
    (b)  Every life insurance corporation which shall obtain a certificate
  of authority to transact business in this state or  a  renewal  of  such
  certificate  from  the  superintendent  of  insurance  shall,  upon  the
  expiration of such certificate for any cause  or  upon  its  ceasing  to
  transact  new  business  in  this  state, continue to pay a tax upon its
  business remaining in force in this state as provided in section fifteen
  hundred two.