N.Y. Insurance Law § 1605: When corporation is deemed a subsidiary

§ 1605. When corporation is deemed a subsidiary. (a) For the purposes

of this article:

(1) any corporation a majority of whose outstanding voting shares is

owned or controlled by another corporation shall be deemed the latter's

subsidiary, and

(2) any corporation whose voting shares are held by a domestic

insurance company pursuant to section one thousand six hundred two, one

thousand six hundred three or one thousand six hundred four of this

article shall be deemed the subsidiary of the insurer, provided that for

purposes of section one thousand six hundred six of this article, a

corporation shall be deemed the insurer's subsidiary only so long as the

insurer owns a majority of the total voting shares or retains direct or

indirect control of such subsidiary.

(b) For purposes of this article "voting shares" means shares of any

class having voting power for the election of the corporation's

directors except shares having such power only by reason of the

happening of a contingency.