§ 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.