§ 1601. Authority to invest in subsidiaries; businesses of subsidiaries. (a) (1) A domestic insurer authorized to make investments by subsection (c) of section one thousand four hundred three of this chapter may, subject to section one thousand two hundred eighteen of this chapter invest in, or otherwise acquire, subsidiaries engaged or organized to engage […]
§ 1602. Minimum ownership of subsidiaries’ shares. A domestic insurer shall own not less than fifty-one percent of the issued and outstanding voting shares of each of its subsidiaries.
§ 1603. Notice of intent to acquire or divest. (a) A domestic insurer shall not acquire control of any other domestic insurer, whether by purchase of its securities or otherwise, unless: (1) a notice of intention of such proposed acquisition shall have been filed with the superintendent not less than ninety days, or such shorter […]
§ 1604. Registration. (a) An authorized domestic insurer shall register with the superintendent within thirty days of becoming subject to registration and shall amend the registration within thirty days following any material change to the information provided in the registration. The registration shall be in such form and shall contain such matters as the superintendent […]
§ 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 […]
§ 1606. Valuation of shares of subsidiary. In determining the financial condition of a domestic insurance company, all shares of its subsidiaries held pursuant to this article shall be valued in accordance with subsections (c), (f) and (g) of section one thousand four hundred fourteen of this chapter.
§ 1607. Subsidiary’s name not to mislead. The name of any corporation which is a subsidiary of a domestic insurance company shall not be such as to mislead or deceive the public.
§ 1608. Relationships and transactions between parent and subsidiary. (a) The business operations, corporate proceedings and fiscal and accounting records of subsidiaries organized or acquired pursuant to this article shall be conducted or maintained so as to assure the separate legal and operating identities of the parent and subsidiary, but nothing herein shall preclude arrangements […]
§ 1609. Prohibitions on investments of subsidiaries. No subsidiary acquired by a domestic insurance company pursuant to this article shall make any investment prohibited by subsection (a) of section one thousand four hundred seven of this chapter except that an alien subsidiary may make investments in excess of the limitations described in paragraph seven of […]
§ 1610. Authority to conduct certain business directly instead of through subsidiary. (a) A domestic insurance company subject to this article may, provided that it maintains books and records which separately account for such business, engage directly in any business referred to in paragraphs one, two and three of this subsection to the extent any […]
§ 1611. Aggregate limitations. (a) The aggregate investment by the insurer and its subsidiaries in assets which are owned, managed or acquired pursuant to this article shall not exceed the limitations of this chapter otherwise applicable to such investments if held directly by the insurer. (b) The aggregate amount of the insurer’s investment in subsidiaries […]
§ 1612. Regulations. In addition to the powers expressly given by this article, the superintendent shall have the power to promulgate, from time to time, such regulations, not inconsistent with this chapter, as may be appropriate to carry out this article and, insofar as applicable to this article, other provisions of this chapter.
