Life Insurance Company Guaranty Corporation (LICGC) credit

Life insurance corporations are eligible, in certain instances, to claim a LICGC credit. The credit is allowed for a portion of the net assessments paid by insurance companies pursuant to Articles 75 and 77 of the Insurance Law and is taken in three equal installments over three tax years, beginning with the first tax year after the next calendar year following the authorized calendar year. The credit is applied against the franchise tax imposed by Article 33, after the application of all other credits, but cannot reduce the tax below the fixed dollar minimum tax. Any unused credit may be carried forward to subsequent tax years. No credit is allowed against the MTA surcharge.

The maximum authorized credit (including any unused credit carryforwards) that can be used by all life insurance companies for a particular tax year is limited to the greater of $40 million or 40% of the total tax liability under Article 33 of all such companies, before credits and not including the MTA surcharge, for tax years beginning in the second preceding calendar year (Tax Law section 1511(f)(3)(B)). The credit as limited is allocated among the life insurance companies in proportion to the net assessments paid by each company. Any credit unused because of this limitation is carried forward and allowed in subsequent tax years.

Additional requirements apply.

How much is the credit?

Tax year 2023

To determine the amount of credit available to be claimed for tax year 2023, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form 33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2021. To determine such net assessments amount, use the 2021 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2021 column. This is the amount of your net assessments paid in the calendar year 2021 pursuant to Article 77 of the Insurance Law.

Note: There were no new net assessments paid in the calendar year 2021 pursuant to Article 75 of the Insurance Law.

For Form CT-33.2, line 6- The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in the calendar year 2021. Such tax year 2021 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$385,241,051

Tax year 2022

To determine the amount of credit available to be claimed for tax year 2022, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2020. To determine such net assessments amount, use the 2020 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2020 column. This is the amount of your net assessments paid in calendar year 2020 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2020 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2020. Such tax year 2020 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$334,981,014

Tax year 2021

To determine the amount of credit available to be claimed for tax year 2021, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2019. To determine such net assessments amount, use the 2019 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2019 column. This is the amount of your net assessments paid in calendar year 2019 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2019 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2019. Such tax year 2019 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$352,257,181

Tax year 2020

To determine the amount of credit available to be claimed for tax year 2020, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2018. To determine such net assessments amount, use the 2018 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2018 column. This is the amount of your net assessments paid in calendar year 2018 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2018 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2018. Such tax year 2018 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$320,349,698

Tax year 2019

To determine the amount of credit available to be claimed for tax year 2019, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2017. To determine such net assessments amount, use the 2017 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2017 column. This is the amount of your net assessments paid in calendar year 2017 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2017 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2017. Such tax year 2017 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$336,616,780

Tax year 2018

To determine the amount of credit available to be claimed for tax year 2018, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2016. To determine such net assessments amount, use the 2016 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2016 column. This is the amount of your net assessments paid in calendar year 2016 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2016 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2016. Such tax year 2016 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$312,574,371

Tax year 2017

To determine the amount of credit available to be claimed for tax year 2017, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2015. To determine such net assessments amount, use the 2015 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2015 column. This is the amount of your net assessments paid in calendar year 2015 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2015 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2015. Such tax year 2015 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$318,929,046

Tax year 2016

To determine the amount of credit available to be claimed for tax year 2016, you must complete Form CT-33.2, Life Insurance Company Guaranty Corporation Credit. See the instructions to Form CT-33.2 for additional information.

In order to complete Form CT-33.2, you will need the following:

For Form CT-33.2, line 4, column A - Your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2014. To determine such net assessments amount, use the 2014 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and determine the amount in your row in the Article 77 Assessments Total 2014 column. This is the amount of your net assessments paid in calendar year 2014 pursuant to Article 77 of the Insurance Law.

Note: There were no net assessments paid in calendar year 2014 pursuant to Article 75 of the Insurance Law.
For Form CT-33.2, line 6 - The total tax liability under Article 33 of all life insurance companies, before credits and not including the MTA surcharge, for tax years beginning in calendar year 2014. Such tax year 2014 total Article 33 tax liability has been determined by the Commissioner of Taxation and Finance to be:

$297,959,516

Tax year 2015

To calculate the amount of the credit available to be claimed for tax year 2015, life insurance corporations must use the Life insurance company guaranty corporation credit online calculator. In line 1, column A of the online calculator, enter your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2013.
To determine your net assessments paid pursuant to Articles 75 and 77 of the Insurance Law for calendar year 2013, use the 2013 Statement of Operations from the NYS Department of Financial Services, Exhibit B: find your company name/NAIC #, and add the amounts in your row in the Article 77 Assessments Total 2013 column and the Article 75 Assessments 2013 column.

Claiming the credit

For tax years 2016 and later, the credit is claimed by completing Form CT-33.2 and submitting it with your Form CT-33 or CT-33-A.

For tax year 2015, the credit may be claimed by entering the amount obtained from the online calculator in the “other credits” box in the Summary of tax credits section of Form CT-33 or CT-33-A.

Additional information

TSB-M-85(6)C, Chapters 802 and 803 Life Insurance Company Guaranty Corporation Credit.
Tax Law Article 33, Section 1511(f).
Statement of Operations from the NYS Department of Financial Services, Exhibit A, Assessments:
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013

Updated: December 15, 2023