N.Y. Ins. Law § 1715

§ 1715. Valuation of shares of subsidiaries. In determining the\nfinancial condition of a parent corporation, all stock of its\nsubsidiaries (except subsidiaries acquired or held under section four\nthousand two hundred forty of this chapter) shall be valued in\naccordance with subsections (c), (f) and (g) of section one thousand\nfour hundred fourteen of this chapter. Stock of subsidiaries acquired or\nheld under section four thousand two hundred forty of this chapter shall\nbe valued as required by section four thousand two hundred forty of this\nchapter.\n