N.Y. Insurance Law § 1609: Prohibitions on investments of subsidiaries

§ 1609. Prohibitions on investments of subsidiaries. No subsidiary

acquired by a domestic insurance company pursuant to this article shall

make any investment prohibited by subsection (a) of section one thousand

four hundred seven of this chapter except that an alien subsidiary may

make investments in excess of the limitations described in paragraph

seven of such subsection if found by the superintendent to be reasonably

necessary to protect the interests of the parent corporation or those of

its alien subsidiary and not prejudicial to the interests of the people

of this state.