State Codes and Statutes

Statutes > New-york > Isc > Article-16 > 1601

§   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.

State Codes and Statutes

Statutes > New-york > Isc > Article-16 > 1601

§   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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-16 > 1601

§   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.

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