N.Y. Ins. Law § 1609

§ 1609. Prohibitions on investments of subsidiaries. No subsidiary\nacquired by a domestic insurance company pursuant to this article shall\nmake any investment prohibited by subsection (a) of section one thousand\nfour hundred seven of this chapter except that an alien subsidiary may\nmake investments in excess of the limitations described in paragraph\nseven of such subsection if found by the superintendent to be reasonably\nnecessary to protect the interests of the parent corporation or those of\nits alien subsidiary and not prejudicial to the interests of the people\nof this state.\n