§ 1701 — Authority to invest in subsidiaries; businesses of subsidiaries

New York § 1701

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 17: Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities

Text

§ 1701. Authority to invest in subsidiaries; businesses of\nsubsidiaries. Subject to the provisions of section one thousand two\nhundred eighteen of this chapter:\n (a) A domestic life insurance company may, subject to the provisions\nof subsection (d) of section one thousand four hundred five of this\nchapter, invest in, or otherwise acquire, subsidiaries engaged or\norganized to engage in any business lawful under the laws of the\njurisdictions in which such subsidiaries are organized;\n (b) A domestic corporation subject to article forty-three of this\nchapter may invest in, or otherwise acquire, subsidiaries of the types\ndescribed in subsection (b) of section one thousand seven hundred four\nof this article and subsidiaries engaged or organized to engage in (i)\nactivities that such corporation could engage in directly, (ii)\nmanagement or information services reasonably related to the provision\nof health insurance, (iii) the delivery or financing of health care, or\n(iv) any other business directly related to providing administration or\nsales of any employer provided or arranged employee health and welfare\nbenefits, provided that notice of any such acquisition or investment\nshall be given to the superintendent within five days thereafter; and\n (c) A domestic retirement system subject to article forty-six of this\nchapter may invest in, or otherwise acquire, subsidiaries of the types\ndescribed in subsection (b) of section one thousand seven hundred four\nof this article and subsidiaries of the type authorized by article\nforty-six of this chapter.\n