2013 New York Consolidated Laws
ISC - Insurance
Article 16 - (1601 - 1612) SUBSIDIARIES OF DOMESTIC PROPERTY/CASUALTY INSURANCE COMPANIES AND CERTAIN OTHER ENTITIES
1601 - Authority to invest in subsidiaries; businesses of subsidiaries.

 
    §   1601.   Authority   to   invest  in  subsidiaries;  businesses  of
  subsidiaries. (a) (1) A domestic insurer authorized to make  investments
  by  subsection  (c)  of  section one thousand four hundred three of this
  chapter may, subject to section one thousand  two  hundred  eighteen  of
  this  chapter  invest  in, or otherwise acquire, subsidiaries engaged or
  organized to engage in  any  business  lawful  under  the  laws  of  the
  jurisdiction in which such subsidiaries are organized.
    (2)   Notwithstanding   the   provisions  of  paragraph  one  of  this
  subsection, no assessment corporation, as defined in subsection  (b)  of
  section six thousand six hundred two of this chapter, shall invest in or
  otherwise  acquire, directly or indirectly, an insurance company if such
  investment or acquisition results  in  the  control  of  such  insurance
  company by the assessment corporation.
    (b)  Except  as  prohibited by paragraph two of subsection (a) of this
  section, subsidiaries engaged or  organized  to  engage  exclusively  in
  owning  or investing in insurers, directly or indirectly, are subject to
  the limitations set forth in sections one thousand two hundred  eighteen
  and one thousand four hundred eight of this chapter.