N.Y. Ins. Law § 1611

§ 1611. Aggregate limitations. (a) The aggregate investment by the\ninsurer and its subsidiaries in assets which are owned, managed or\nacquired pursuant to this article shall not exceed the limitations of\nthis chapter otherwise applicable to such investments if held directly\nby the insurer.\n (b) The aggregate amount of the insurer's investment in subsidiaries\nshall not exceed fifteen percent of the insurer's invested assets, as\ndefined in subsection (a) of section one thousand four hundred one of\nthis chapter and as shown by its last statement on file with the\nsuperintendent, but excluded from this limitation shall be any\ninvestment in a subsidiary which is an insurance company and any\ninvestment in a subsidiary of the type described in paragraph nine of\nsubsection (a) of section one thousand four hundred four or subparagraph\n(B) of paragraph four of subsection (a) of section one thousand four\nhundred seven of this chapter.\n