§ 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. 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. 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 […]
§ 1704. Exemptions applicable to subsidiaries; limitations generally. (a) Investments in separate account subsidiaries and in investment subsidiaries are exempt from the provisions of subsection (a) of section one thousand seven hundred five of this article and separate account subsidiaries and investment subsidiaries are exempt from the provisions of item (ii) of section one thousand […]
§ 1705. Quantitative limitations. * (a)(1) Unless the superintendent shall have given prior written approval, a parent corporation shall not make an investment for its own account in any subsidiary (not at the time exempt from the provisions of this section) if, after giving effect to such investment, the aggregate investment value of all subsidiaries […]
§ 1706. Exemptions applicable to parent corporation. Except as provided in subsection (d) of section one thousand four hundred five of this chapter and except for investments deemed to be made or acquired directly by the parent corporation (as provided in subsection (d) of section one thousand seven hundred four of this article), investments by […]
§ 1707. Regulations to restrict pyramiding. The superintendent may adopt regulations designed to prevent an insurer from pyramiding subsidiaries to a degree that, in the judgment of the superintendent, would be materially adverse to the interests of policyholders, subscribers or the people of this state.
§ 1708. Information reports. Every parent corporation that has acquired one or more subsidiaries shall (except to the extent exempted by section one thousand seven hundred four of this article) file an information report on or before May first of each year or on or before such other date as the superintendent may permit. The […]
§ 1709. Confidentiality of information reports. The contents of each information report filed hereunder and information pertaining thereto shall be kept confidential, shall not be subject to subpoena and shall not be made public unless, after notice and opportunity to be heard, the superintendent determines that the interests of policyholders, subscribers, stockholders or the public […]
§ 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. 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. (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. 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 […]
§ 1714. Authority to conduct certain business directly instead of through subsidiary. (a) A domestic life insurance company may, if it maintains books and records that separately account for such business, engage directly in (i) any business, to the extent necessarily or properly incidental to the insurer’s business, including rendering investment advice, investment management services […]
§ 1715. Valuation of shares of subsidiaries. In determining the financial condition of a parent corporation, all stock of its subsidiaries (except subsidiaries acquired or held under section four thousand two hundred forty of this chapter) shall be valued in accordance with subsections (c), (f) and (g) of section one thousand four hundred fourteen of […]
§ 1716. 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 the provisions of this chapter, as may be appropriate to carry out the provisions of this article and, insofar as applicable to this article, other […]
§ 1717. Registration. (a) A parent corporation 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 prescribes. […]
