New York Savings Bank v. Joseph

Savings banks having life insurance departments issuing mutual policies under article 10-A of the Insurance Law, were regarded as mutual companies within the coverage of the Insurance Law (Matter of Columbian Protective Assn. v. McGoldrick, 292 N. Y. 171 , 174). The subsequent transfer of article 10-A from the Insurance Law to article YI-A of the Banking Law did not alter the character of such companies. Such department of a savings bank partakes of the nature of a mutual life insurance company for the purpose of determining the applicability of the municipal gross receipts tax (Administrative Code of City of New York, § RR41-1.0). Determination unanimously confirmed, with $20 costs and disbursements to the respondents. Present — Dore, J. P., Cohn, Callahan, Yan Yoorhis and Breitel, JJ. [See ante, p. 815; post, p. 882.]