New York Laws
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.

(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.