Insurance Law 1713 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1712 Relationships and transactions between parent corporation and subsidiary up ARTICLE 17 Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities next SECTION 1714 Authority to conduct certain business directly instead of through subsidiary Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1713 Prohibitions on investments of subsidiaries Insurance (ISC) CHAPTER 28, ARTICLE 17 § 1713. Prohibitions on investments of subsidiaries. No subsidiary shall make any investment (i) in obligations, shares or other securities issued by a corporation, other than an insurance corporation, if a majority of the shares having voting powers of such issuing corporation is owned directly or indirectly by or for the benefit of one or more officers or directors of the insurer or (ii) found by the superintendent to be against public policy or designed to evade any prohibition of this chapter or (iii) in the case of a subsidiary that is a property/casualty insurance company (other than an alien insurer), in any foreign investment that would be prohibited under paragraph seven of subsection (a) of section one thousand four hundred seven of this chapter.