N.Y. Insurance Law § 1701: Authority to invest in subsidiaries; businesses of subsidiaries

§ 1701. Authority to invest in subsidiaries; businesses of

subsidiaries. Subject to the provisions of section one thousand two

hundred eighteen of this chapter:

(a) A domestic life insurance company may, subject to the provisions

of subsection (d) of section one thousand four hundred five of this

chapter, invest in, or otherwise acquire, subsidiaries engaged or

organized to engage in any business lawful under the laws of the

jurisdictions in which such subsidiaries are organized;

(b) A domestic corporation subject to article forty-three of this

chapter may invest in, or otherwise acquire, subsidiaries of the types

described in subsection (b) of section one thousand seven hundred four

of this article and subsidiaries engaged or organized to engage in (i)

activities that such corporation could engage in directly, (ii)

management or information services reasonably related to the provision

of health insurance, (iii) the delivery or financing of health care, or

(iv) any other business directly related to providing administration or

sales of any employer provided or arranged employee health and welfare

benefits, provided that notice of any such acquisition or investment

shall be given to the superintendent within five days thereafter; and

(c) A domestic retirement system subject to article forty-six of this

chapter may invest in, or otherwise acquire, subsidiaries of the types

described in subsection (b) of section one thousand seven hundred four

of this article and subsidiaries of the type authorized by article

forty-six of this chapter.