N.Y. Ins. Law § 1706

§ 1706. Exemptions applicable to parent corporation. Except as\nprovided in subsection (d) of section one thousand four hundred five of\nthis chapter and except for investments deemed to be made or acquired\ndirectly by the parent corporation (as provided in subsection (d) of\nsection one thousand seven hundred four of this article), investments by\nparent corporations in subsidiaries are not subject to the limitations\non the making of investments provided for in section one thousand four\nhundred three, section one thousand four hundred four (in the case of\ninsurers making investments under section one thousand four hundred\nfour) or section one thousand four hundred five (in the case of insurers\nmaking investments under section one thousand four hundred five) of this\nchapter.\n