There is a newer version
of
the New York Laws
2019 New York Laws
ISC - Insurance
Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities
1714 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.
Universal Citation: NY Ins L § 1714 (2019)
§ 1714. Authority to conduct certain business directly instead of through subsidiary. (a) A domestic life insurance company may, if it maintains books and records that separately account for such business, engage directly in (i) any business, to the extent necessarily or properly incidental to the insurer's business, including rendering investment advice, investment management services and services related to the functions involved in the operation of an insurance business, and (ii) any other business to the extent approved by the superintendent.(b) In the case of approval pursuant to item (ii) of subsection (a) of this section, the superintendent may prescribe limitations for the protection of the interests of the policyholders of such company after taking into account the effect of such business on such company's existing insurance business and its surplus, the proposed allocation of the estimated cost of such business and the risks inherent in such business as well as the relative advantages to such company and its policyholders of conducting such business directly instead of through a subsidiary.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
