(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.
Structure New York Laws
1601 - Authority to Invest in Subsidiaries; Businesses of Subsidiaries.
1602 - Minimum Ownership of Subsidiaries' Shares.
1603 - Notice of Intent to Acquire or Divest.
1605 - When Corporation Is Deemed a Subsidiary.
1606 - Valuation of Shares of Subsidiary.
1607 - Subsidiary's Name Not to Mislead.
1608 - Relationships and Transactions Between Parent and Subsidiary.
1609 - Prohibitions on Investments of Subsidiaries.
1610 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.