N.Y. Ins. Law § 1714

§ 1714. Authority to conduct certain business directly instead of\nthrough subsidiary. (a) A domestic life insurance company may, if it\nmaintains books and records that separately account for such business,\nengage directly in (i) any business, to the extent necessarily or\nproperly incidental to the insurer's business, including rendering\ninvestment advice, investment management services and services related\nto the functions involved in the operation of an insurance business, and\n(ii) any other business to the extent approved by the superintendent.\n (b) In the case of approval pursuant to item (ii) of subsection (a) of\nthis section, the superintendent may prescribe limitations for the\nprotection of the interests of the policyholders of such company after\ntaking into account the effect of such business on such company's\nexisting insurance business and its surplus, the proposed allocation of\nthe estimated cost of such business and the risks inherent in such\nbusiness as well as the relative advantages to such company and its\npolicyholders of conducting such business directly instead of through a\nsubsidiary.\n