§ 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 financial services 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.