New York Insurance Law Section 1714 - Authority to conduct certain business directly instead of through subsidiary.

  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 and  services  related
  to the functions involved in the operation of an insurance business, and
  (ii) any other business to the extent approved by the superintendent.
(b) In the case of approval pursuant to item (ii) of subsection (a) of
  this  section,  the  superintendent  may  prescribe  limitations for the
  protection of the interests of the policyholders of such  company  after
  taking  into  account  the  effect  of  such  business on such company's
  existing insurance business and its surplus, the proposed allocation  of
  the  estimated  cost  of  such  business  and the risks inherent in such
  business as well as the relative advantages  to  such  company  and  its
  policyholders  of conducting such business directly instead of through a
  subsidiary.

Last modified: February 3, 2019