N.Y. Ins. Law § 4529

§ 4529. Subsidiaries authorized. (a) A domestic fraternal benefit\nsociety may invest in subsidiaries as authorized in article seventeen of\nthis chapter for domestic life insurance companies, provided such\nsociety meets the requirements of subsection (b) of section forty-five\nhundred twenty-seven or section four thousand five hundred thirty of\nthis article.\n (b) A domestic fraternal benefit society may create, maintain and\noperate, or may establish organizations to operate, not-for-profit\ninstitutions to provide one or more social, intellectual, educational,\ncharitable, benevolent, moral, fraternal, patriotic or religious\nbenefits to members. Such institutions may furnish services free or at a\nreasonable charge. Any real or personal property owned, held or leased\nby the society for this purpose shall be reported in the society's\nannual statement.\n