reglab/housing_qa huggingface dataset:
NY Ins L § 1604 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1604 - Registration.

§  1604.  Registration.  (a)  An  authorized  domestic  insurer  shall register with the superintendent within thirty days of becoming  subject to  registration  and  shall  amend  the registration within thirty days following any  material  change  to  the  information  provided  in  the registration.  The  registration shall be in such form and shall contain such matters as the superintendent prescribes.  The  superintendent  may grant reasonable extensions of the time to register.  (b)(1)  An  authorized domestic insurer, other than a domestic insurer required to register as a controlled insurer  pursuant  to  section  one thousand  five  hundred  three  of  this  chapter,  shall adopt a formal enterprise risk management function and shall file  an  enterprise  risk report  with  the  superintendent  by  April thirtieth of each year. The report shall, to  the  best  of  the  insurer's  knowledge  and  belief, identify  the  material  risks  within  any  subsidiary  that could pose enterprise risk to the insurer.  (2) For the purposes of this  article,  "enterprise  risk"  means  any activity, circumstance, event, or series of events involving one or more subsidiaries  of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer,  including  anything  that  would  cause  the  insurer's risk-based  capital  to  fall  into company action level as set forth in section one thousand three hundred twenty-four of this chapter, or  that would  cause  further  transaction  of  business  to be hazardous to the insurer's policyholders or creditors or the public.
NY Ins L § 1605 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 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.
NY Ins L § 1606 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1606 - Valuation of Shares of Subsidiary.

§  1606.  Valuation  of  shares  of  subsidiary.  In  determining  the   financial condition of a domestic insurance company, all shares  of  its   subsidiaries held pursuant to this article shall be valued in accordance   with  subsections  (c), (f) and (g) of section one thousand four hundred   fourteen of this chapter.
NY Ins L § 1607 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1607 - Subsidiary's Name Not to Mislead.

§  1607. Subsidiary's name not to mislead. The name of any corporation   which is a subsidiary of a domestic insurance company shall not be  such   as to mislead or deceive the public.
NY Ins L § 1609 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 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.
NY Ins L § 1610 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1610 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.

§  1610.  Authority  to  conduct  certain business directly instead of through subsidiary. (a) A domestic insurance  company  subject  to  this article  may,  provided  that  it  maintains  books  and  records  which separately account for such business, engage directly  in  any  business referred  to  in paragraphs one, two and three of this subsection to the extent any such business is necessarily or properly  incidental  to  the insurance business the insurer is authorized to do in this state:  (1) rendering investment advice;  (2)  rendering  services  related  to  the  functions  involved in the operation of an insurance business including actuarial, loss prevention, safety engineering, data  processing,  accounting,  claims,  appraisals, collections  and soliciting and engaging in the business of representing self-insurers pursuant to section fifty  of  the  workers'  compensation law; and  (3)  acting  as  administrative agent for a government instrumentality which is performing an insurance function or is responsible for a health or welfare program.  (b) A domestic insurance company subject to this article may, provided that it maintains books and records which separately  account  for  such business,  engage  directly  in  any  other business activity reasonably ancillary to an insurance business to the extent any  such  business  is approved  by  the  superintendent  and subject to any limitations he may prescribe to protect the interests of the policyholders of  the  insurer after taking into account:  (1)  the  effect  of such business on the insurer's existing insurance business and its surplus,  (2) the proposed allocation of the estimated cost of such business,  (3) the risks inherent in such business, and  (4) the relative advantages to the insurer and  its  policyholders  of conducting such business directly instead of through a subsidiary.
NY Ins L § 1611 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1611 - Aggregate Limitations.

§  1611.  Aggregate  limitations.  (a) The aggregate investment by the insurer and its subsidiaries in  assets  which  are  owned,  managed  or acquired  pursuant  to  this article shall not exceed the limitations of this chapter otherwise applicable to such investments if  held  directly by the insurer.  (b)  The  aggregate amount of the insurer's investment in subsidiaries shall not exceed fifteen percent of the insurer's  invested  assets,  as defined  in  subsection  (a) of section one thousand four hundred one of this chapter and as shown  by  its  last  statement  on  file  with  the superintendent,   but   excluded  from  this  limitation  shall  be  any investment in a  subsidiary  which  is  an  insurance  company  and  any investment  in  a  subsidiary of the type described in paragraph nine of subsection (a) of section one thousand four hundred four or subparagraph (B) of paragraph four of subsection (a) of  section  one  thousand  four hundred seven of this chapter.
NY Ins L § 1612 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1612 - Regulations.

§ 1612. Regulations. In addition to the powers expressly given by this   article,  the  superintendent  shall  have the power to promulgate, from   time to time, such regulations, not inconsistent with this  chapter,  as   may  be appropriate to carry out this article and, insofar as applicable   to this article, other provisions of this chapter.
NY Ins L § 1701 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 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.
NY Ins L § 1702 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1702 - Meaning of "Subsidiary", "Parent Corporation" and "Enterprise Risk"; Certain Types of Subsidiaries Defined.

§  1702. Meaning of "subsidiary", "parent corporation" and "enterprise risk"; certain types of subsidiaries defined. As used in  this  article: (a) "Subsidiary" means subsidiaries of the types described in subsection (b)  of  section  one  thousand  seven  hundred four of this article and subsidiaries acquired or held under this article, section  one  thousand four  hundred  five  or  section four thousand two hundred forty of this chapter, but shall not include  a  subsidiary  acquired  or  held  under section  one  thousand four hundred four of this chapter or a subsidiary acquired or held  by  an  insurer  authorized  to  make  investments  by subsection  (c)  of  section  one  thousand  four  hundred three of this chapter.  (b)  "Parent  corporation"  means  a  parent  corporation  of  a  type described  in  subsection  (a), (b) or (c) of section one thousand seven hundred one of this article.  (c) "Holding company operating subsidiary" means a  subsidiary  (other than  a  separate  account subsidiary) engaged or organized to engage in either or both  of  the  following  activities  (1)  the  ownership  and management  of  other subsidiaries, and (2) the raising of capital (debt or equity) that could be loaned to, or invested in,  other  subsidiaries or  loaned  to the parent corporation, provided that any such subsidiary may in addition  engage  in  the  ownership  and  management  of  assets authorized as investments for the parent corporation.  (d)  "Investment subsidiary" means a subsidiary (other than a separate account subsidiary) engaged or organized to engage  exclusively  in  the ownership  and  management  of  assets  (other than equity securities of subsidiaries) authorized as investments for the parent  corporation  and of other investment subsidiaries.  (e)  "Separate account subsidiary" means a subsidiary acquired or held under section four thousand two hundred forty of this chapter.  (f) "Enterprise risk" means  any  activity,  circumstance,  event,  or series  of  events  involving  one  or  more  subsidiaries  of  a parent corporation that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of  the  parent corporation,   including   anything   that   would   cause   the  parent corporation's risk-based capital to fall into company  action  level  as set  forth  in  section  one  thousand  three hundred twenty-two of this chapter, or that would cause  further  transaction  of  business  to  be hazardous to the insurer's policyholders or creditors or the public.
NY Ins L § 1703 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1703 - Standard of Care for Investments in Subsidiaries.

§  1703. Standard of care for investments in subsidiaries. In addition   to other requirements of law (statutory or otherwise)  that  affect  the   standard  of  care  of directors and officers of corporations, directors   and officers shall perform their duties in connection  with  investments   in,  or  other acquisitions of, subsidiaries in good faith and with that   degree of care that an ordinarily prudent individual in a like  position   would use under similar circumstances.
NY Ins L § 1704 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1704 - Exemptions Applicable to Subsidiaries; Limitations Generally.

§  1704. Exemptions applicable to subsidiaries; limitations generally. (a) Investments in  separate  account  subsidiaries  and  in  investment subsidiaries are exempt from the provisions of subsection (a) of section one  thousand  seven  hundred  five of this article and separate account subsidiaries and investment subsidiaries are exempt from the  provisions of  item (ii) of section one thousand seven hundred ten of this article. Investments by the  parent  corporation  in  holding  company  operating subsidiaries  are  exempt  from  the  provisions  of  paragraph  two  of subsection (a) of section  one  thousand  seven  hundred  five  of  this article.  (b)  Subsidiaries  that become such as a result of (i) the acquisition of securities received as permitted by subsection  (e)  of  section  one thousand  four  hundred  three  of  this  chapter  or (ii) the temporary assumption of control by the owners of securities upon the happening  of a  contingency  are  exempt  from the provisions of section one thousand seven hundred eight and item (ii) of section one thousand seven  hundred ten  of this article for one year, and from the provisions of subsection (a) of section one thousand seven hundred five of this article for  five years, after becoming subsidiaries.  (c)  Investments in subsidiaries engaged or organized to engage in any kind of insurance business in which the parent corporation  may  engage, and   investments   in  subsidiaries  engaged  or  organized  to  engage exclusively in the ownership and management of  such  subsidiaries,  are exempt  from  the  provisions  of subsection (a) of section one thousand seven hundred five of this article.  (d) Investments made or acquired by investment subsidiaries  shall  be deemed,  for  the  purposes  of  this  chapter,  to  be made or acquired directly by  the  parent  corporation  (pro  rata,  in  the  case  of  a subsidiary  less  than  all  of whose voting securities are owned by the parent  corporation,  in  accordance  with  the   parent   corporation's investment in such subsidiary), and shall (to such extent) be subject to all  the  provisions  and limitations (including quantitative limits) on the making thereof specified in this chapter with respect to investments by the parent corporation.
NY Ins L § 1706 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1706 - Exemptions Applicable to Parent Corporation.

§  1706.  Exemptions  applicable  to  parent  corporation.  Except  as   provided in subsection (d) of section one thousand four hundred five  of   this  chapter  and  except for investments deemed to be made or acquired   directly by the parent corporation (as provided  in  subsection  (d)  of   section one thousand seven hundred four of this article), investments by   parent  corporations  in subsidiaries are not subject to the limitations   on the making of investments provided for in section one  thousand  four   hundred  three,  section  one thousand four hundred four (in the case of   insurers making investments under  section  one  thousand  four  hundred   four) or section one thousand four hundred five (in the case of insurers   making investments under section one thousand four hundred five) of this   chapter.
NY Ins L § 1707 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1707 - Regulations to Restrict Pyramiding.

§  1707.  Regulations  to  restrict pyramiding. The superintendent may   adopt  regulations  designed  to  prevent  an  insurer  from  pyramiding   subsidiaries  to  a  degree that, in the judgment of the superintendent,   would  be  materially  adverse  to  the  interests   of   policyholders,   subscribers or the people of this state.
NY Ins L § 1708 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1708 - Information Reports.

§  1708.  Information  reports.  Every  parent  corporation  that  has   acquired one or more subsidiaries shall (except to the  extent  exempted   by  section  one  thousand  seven  hundred four of this article) file an   information report on or before May first of each year or on  or  before   such  other  date  as  the  superintendent may permit.   The information   report shall  provide  (i)  a  description  of  the  activities  of  the   subsidiary,  (ii) a description of all material transactions between the   subsidiary  and  such  parent  corporation  and   affiliates   of   such   subsidiary,  and  (iii) such other information as the superintendent may   by regulation prescribe.
NY Ins L § 1709 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1709 - Confidentiality of Information Reports.

§  1709.  Confidentiality of information reports. The contents of each   information report filed hereunder and  information  pertaining  thereto   shall  be  kept confidential, shall not be subject to subpoena and shall   not be made public unless, after notice and opportunity to be heard, the   superintendent  determines  that   the   interests   of   policyholders,   subscribers,   stockholders   or  the  public  will  be  served  by  the   publication thereof.  The  provisions  of  this  section  shall  not  be   applicable to any information report filed hereunder and any information   pertaining  thereto,  if the parent corporation is a corporation subject   to article forty-three of this chapter.
NY Ins L § 1710 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1710 - Divestiture of Control; Superintendent's Power to Order Disposition of Subsidiaries.

§  1710.  Divestiture  of  control;  superintendent's  power  to order disposition of subsidiaries.  (a) Any parent corporation seeking to divest its controlling  interest in   a   domestic   insurer,   in   any  manner,  shall  file  with  the superintendent, with a copy to  the  insurer,  notice  of  its  proposed divestiture at least thirty days prior to the cessation of control.  (b)  In addition to the powers granted to the superintendent elsewhere in this chapter (including, without limitation, section one hundred nine of this chapter and section three hundred nine of the financial services law), the superintendent may, at any time, order a parent corporation to dispose of any subsidiary, if the superintendent finds, after notice and an opportunity to be heard, either:  (1) that  its  acquisition  or  continued  retention  is  or  was  not permitted by the provisions of this article; or  (2) except in the case of a subsidiary then exempted by the provisions of  subsection  (a) or (b) of section one thousand seven hundred four of this article, that its continued retention is materially adverse to  the interests of the parent corporation's policyholders or subscribers.
NY Ins L § 1711 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1711 - Subsidiary's Name Not to Mislead.

§  1711.  Subsidiary's name not to mislead. The name of any subsidiary   shall not be such as to mislead or deceive the public.
NY Ins L § 1713 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 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.
NY Ins L § 1714 (2021)
2021 New York Laws ISC - Insurance Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities 1714 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.

§  1714.  Authority  to  conduct  certain business directly instead of through subsidiary. (a) A domestic life insurance  company  may,  if  it maintains  books  and records that separately account for such business, engage directly in (i)  any  business,  to  the  extent  necessarily  or properly  incidental  to  the  insurer's  business,  including rendering investment advice, investment management services and  services  related to the functions involved in the operation of an insurance business, and (ii) any other business to the extent approved by the superintendent.  (b) In the case of approval pursuant to item (ii) of subsection (a) of this  section,  the  superintendent  may  prescribe  limitations for the protection of the interests of the policyholders of such  company  after taking  into  account  the  effect  of  such  business on such company's existing insurance business and its surplus, the proposed allocation  of the  estimated  cost  of  such  business  and the risks inherent in such business as well as the relative advantages  to  such  company  and  its policyholders  of conducting such business directly instead of through a subsidiary.