N.Y. Ins. Law § 1703

§ 1703. Standard of care for investments in subsidiaries. In addition\nto other requirements of law (statutory or otherwise) that affect the\nstandard of care of directors and officers of corporations, directors\nand officers shall perform their duties in connection with investments\nin, or other acquisitions of, subsidiaries in good faith and with that\ndegree of care that an ordinarily prudent individual in a like position\nwould use under similar circumstances.\n