N.Y. Insurance Law 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.
Terms Used In N.Y. Insurance Law 1706
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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. See N.Y. Insurance Law 1702