Insurance Law 1605 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1604 Registration up ARTICLE 16 Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities next SECTION 1606 Valuation of shares of subsidiary Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1605 When corporation is deemed a subsidiary Insurance (ISC) CHAPTER 28, ARTICLE 16 § 1605. When corporation is deemed a subsidiary. (a) For the purposes of this article: (1) any corporation a majority of whose outstanding voting shares is owned or controlled by another corporation shall be deemed the latter's subsidiary, and (2) any corporation whose voting shares are held by a domestic insurance company pursuant to section one thousand six hundred two, one thousand six hundred three or one thousand six hundred four of this article shall be deemed the subsidiary of the insurer, provided that for purposes of section one thousand six hundred six of this article, a corporation shall be deemed the insurer's subsidiary only so long as the insurer owns a majority of the total voting shares or retains direct or indirect control of such subsidiary. (b) For purposes of this article "voting shares" means shares of any class having voting power for the election of the corporation's directors except shares having such power only by reason of the happening of a contingency.