New York Laws
Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities
1704 - Exemptions Applicable to Subsidiaries; Limitations Generally.

(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.