N.Y. Insurance Law Section 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 one thousand six hundred two, one thousand six hundred three or one thousand six hundred four of this article shall be deemed the subsidiary of the insurer, provided that for purposes of § 1606 (Valuation of shares of subsidiary)section one thousand six hundred six of this article, a corporation shall be deemed the insurer’s subsidiary only so long as the insurer owns a majority of the total voting shares or retains direct or indirect control of such subsidiary.

(b)

For purposes of this article “voting shares” means shares of any class having voting power for the election of the corporation’s directors except shares having such power only by reason of the happening of a contingency.

Source: Section 1605 — When corporation is deemed a subsidiary, https://www.­nysenate.­gov/legislation/laws/ISC/1605 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

Green check means up to date. Up to date

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 1605’s source at nysenate​.gov

Link Style