N.Y. Insurance Law § 1502: Exemptions

§ 1502. Exemptions. (a) Notwithstanding any other provision of this

article the following shall not be deemed holding companies:

(1) authorized insurers, including alien insurers transacting business

in this state through United States branches, or their subsidiaries; or

(2) the United States, a state or any political subdivision, agency or

instrumentality thereof, or any corporation wholly owned directly or

indirectly by one or more of the foregoing.

(b) The superintendent may conditionally or unconditionally exempt any

specified person or class of persons from any obligation or liability

under this article, if and to the extent he finds the exemption

necessary or appropriate in the public interest or not adverse to the

interests of policyholders or shareholders and consistent with the

purposes of this article.