N.Y. Ins. Law § 1601

§ 1601. Authority to invest in subsidiaries; businesses of\nsubsidiaries. (a) (1) A domestic insurer authorized to make investments\nby subsection (c) of section one thousand four hundred three of this\nchapter may, subject to section one thousand two hundred eighteen of\nthis chapter invest in, or otherwise acquire, subsidiaries engaged or\norganized to engage in any business lawful under the laws of the\njurisdiction in which such subsidiaries are organized.\n (2) Notwithstanding the provisions of paragraph one of this\nsubsection, no assessment corporation, as defined in subsection (b) of\nsection six thousand six hundred two of this chapter, shall invest in or\notherwise acquire, directly or indirectly, an insurance company if such\ninvestment or acquisition results in the control of such insurance\ncompany by the assessment corporation.\n (b) Except as prohibited by paragraph two of subsection (a) of this\nsection, subsidiaries engaged or organized to engage exclusively in\nowning or investing in insurers, directly or indirectly, are subject to\nthe limitations set forth in sections one thousand two hundred eighteen\nand one thousand four hundred eight of this chapter.\n