N.Y. Ins. Law § 1713

§ 1713. Prohibitions on investments of subsidiaries. No subsidiary\nshall make any investment (i) in obligations, shares or other securities\nissued by a corporation, other than an insurance corporation, if a\nmajority of the shares having voting powers of such issuing corporation\nis owned directly or indirectly by or for the benefit of one or more\nofficers or directors of the insurer or (ii) found by the superintendent\nto be against public policy or designed to evade any prohibition of this\nchapter or (iii) in the case of a subsidiary that is a property/casualty\ninsurance company (other than an alien insurer), in any foreign\ninvestment that would be prohibited under paragraph seven of subsection\n(a) of section one thousand four hundred seven of this chapter.\n