N.Y. Insurance Law § 1713: Prohibitions on investments of subsidiaries

§ 1713. Prohibitions on investments of subsidiaries. No subsidiary

shall make any investment (i) in obligations, shares or other securities

issued by a corporation, other than an insurance corporation, if a

majority of the shares having voting powers of such issuing corporation

is owned directly or indirectly by or for the benefit of one or more

officers or directors of the insurer or (ii) found by the superintendent

to be against public policy or designed to evade any prohibition of this

chapter or (iii) in the case of a subsidiary that is a property/casualty

insurance company (other than an alien insurer), in any foreign

investment that would be prohibited under paragraph seven of subsection

(a) of section one thousand four hundred seven of this chapter.