New York Insurance Law Section 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 of care that an ordinarily prudent individual in a like  position
  would use under similar circumstances.

Last modified: February 3, 2019