N.Y. Insurance Law § 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.