1710 – Divestiture of Control; Superintendent’s Power to Order Disposition of Subsidiaries.
§ 1710. Divestiture of control; superintendent’s power to order disposition of subsidiaries. (a) Any parent corporation seeking to divest its controlling interest in a domestic insurer, in any manner, shall file with the superintendent, with a copy to the insurer, notice of its proposed divestiture at least thirty days prior to the cessation of control. […]
1711 – Subsidiary’s Name Not to Mislead.
§ 1711. Subsidiary’s name not to mislead. The name of any subsidiary shall not be such as to mislead or deceive the public.
1712 – Relationships and Transactions Between Parent Corporation and Subsidiary.
§ 1712. Relationships and transactions between parent corporation and subsidiary. (a) The business operations, corporate proceedings and fiscal and accounting records of subsidiaries shall be conducted or maintained so as to assure the separate legal and operating identities of the parent corporation and subsidiary, but nothing herein shall preclude arrangements for common management or the […]
1713 – Prohibitions on Investments of Subsidiaries.
§ 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 […]
1701 – Authority to Invest in Subsidiaries; Businesses of Subsidiaries.
§ 1701. Authority to invest in subsidiaries; businesses of subsidiaries. Subject to the provisions of section one thousand two hundred eighteen of this chapter: (a) A domestic life insurance company may, subject to the provisions of subsection (d) of section one thousand four hundred five of this chapter, invest in, or otherwise acquire, subsidiaries engaged […]
1702 – Meaning of “Subsidiary”, “Parent Corporation” and “Enterprise Risk”; Certain Types of Subsidiaries Defined.
§ 1702. Meaning of “subsidiary”, “parent corporation” and “enterprise risk”; certain types of subsidiaries defined. As used in this article: (a) “Subsidiary” means subsidiaries of the types described in subsection (b) of section one thousand seven hundred four of this article and subsidiaries acquired or held under this article, section one thousand four hundred five […]
1703 – Standard of Care for Investments in Subsidiaries.
§ 1703. Standard of care for investments in subsidiaries. In addition to other requirements of law (statutory or otherwise) that affect the standard of care of directors and officers of corporations, directors and officers shall perform their duties in connection with investments in, or other acquisitions of, subsidiaries in good faith and with that degree […]