(2) Domestic, foreign and alien life insurance corporations. The provisions of this paragraph shall apply to taxpayers subject to tax under paragraph one of subdivision (b) of section fifteen hundred ten of this article. Notwithstanding the provisions of sections fifteen hundred one and fifteen hundred ten of this article, the amount of taxes imposed under such sections for taxable years beginning on or after January first, nineteen hundred seventy-seven, computed without regard to any credits allowable against such tax other than those credits provided under subdivisions (g) and (h) of section fifteen hundred eleven of this article, shall not exceed an amount computed as if such taxes were determined solely under section fifteen hundred ten, except that for purposes of the limitation provided herein, the rate of tax under such section shall be deemed to be (i) two and six-tenths percent for taxable years beginning on or after January first, nineteen hundred seventy-seven and before January first, nineteen hundred ninety-eight, and (ii) two percent for taxable years beginning on or after January first, nineteen hundred ninety-eight.

(b) Notwithstanding the provisions of sections fifteen hundred one and fifteen hundred ten of this article, in the case of taxpayers subject to tax under subdivision (b) of section fifteen hundred ten, the total amount of tax imposed under this article, computed before the application of any credits allowable against such tax, shall in no event be less than the amount computed as if such tax was determined solely under section fifteen hundred ten, except that the rate of tax under section fifteen hundred ten shall be deemed to be one and five-tenths percent.

(c) For purposes of the limitation set forth in subdivision (a) of this section, in the case of an insurance corporation more than ninety-five percent of whose premiums are received as consideration for annuity contracts or are for policies and insurance described in paragraph two of subdivision (c) of section fifteen hundred ten of this article, in determining the amount of tax computed solely under section fifteen hundred ten of this article, gross direct premiums subject to tax under such section shall include such amounts received as consideration for annuity contracts and premiums for policies and insurance, including any separate costs assessed by such insurance corporation upon its policyholders, described in paragraph two of subdivision (c) of such section that exceed ninety-five percent of all premiums received, including consideration for annuity contracts and premiums for policies and insurance (and any separate costs assessed by such insurance corporations upon its policyholders) described in paragraph two of subdivision (c) of such section.