N.Y. Ins. Law § 1702

§ 1702. Meaning of "subsidiary", "parent corporation" and "enterprise\nrisk"; certain types of subsidiaries defined. As used in this article:\n(a) "Subsidiary" means subsidiaries of the types described in subsection\n(b) of section one thousand seven hundred four of this article and\nsubsidiaries acquired or held under this article, section one thousand\nfour hundred five or section four thousand two hundred forty of this\nchapter, but shall not include a subsidiary acquired or held under\nsection one thousand four hundred four of this chapter or a subsidiary\nacquired or held by an insurer authorized to make investments by\nsubsection (c) of section one thousand four hundred three of this\nchapter.\n (b) "Parent corporation" means a parent corporation of a type\ndescribed in subsection (a), (b) or (c) of section one thousand seven\nhundred one of this article.\n (c) "Holding company operating subsidiary" means a subsidiary (other\nthan a separate account subsidiary) engaged or organized to engage in\neither or both of the following activities (1) the ownership and\nmanagement of other subsidiaries, and (2) the raising of capital (debt\nor equity) that could be loaned to, or invested in, other subsidiaries\nor loaned to the parent corporation, provided that any such subsidiary\nmay in addition engage in the ownership and management of assets\nauthorized as investments for the parent corporation.\n (d) "Investment subsidiary" means a subsidiary (other than a separate\naccount subsidiary) engaged or organized to engage exclusively in the\nownership and management of assets (other than equity securities of\nsubsidiaries) authorized as investments for the parent corporation and\nof other investment subsidiaries.\n (e) "Separate account subsidiary" means a subsidiary acquired or held\nunder section four thousand two hundred forty of this chapter.\n (f) "Enterprise risk" means any activity, circumstance, event, or\nseries of events involving one or more subsidiaries of a parent\ncorporation that, if not remedied promptly, is likely to have a material\nadverse effect upon the financial condition or liquidity of the parent\ncorporation, including anything that would cause the parent\ncorporation's risk-based capital to fall into company action level as\nset forth in section one thousand three hundred twenty-two of this\nchapter, or that would cause further transaction of business to be\nhazardous to the insurer's policyholders or creditors or the public.\n