§ 1701 Authority to invest in subsidiaries; businesses of subsidiaries
§ 1702 Meaning of “subsidiary”, “parent corporation” and “enterprise risk”; certain types of subsidiaries defined
§ 1703 Standard of care for investments in subsidiaries
§ 1704 Exemptions applicable to subsidiaries; limitations generally
§ 1705 Quantitative limitations
§ 1706 Exemptions applicable to parent corporation
§ 1707 Regulations to restrict pyramiding
§ 1708 Information reports
§ 1709 Confidentiality of information reports
§ 1710 Divestiture of control; superintendent’s power to order disposition of subsidiaries
§ 1711 Subsidiary’s name not to mislead
§ 1712 Relationships and transactions between parent corporation and subsidiary
§ 1713 Prohibitions on investments of subsidiaries
§ 1714 Authority to conduct certain business directly instead of through subsidiary
§ 1715 Valuation of shares of subsidiaries
§ 1716 Regulations
§ 1717 Registration

Terms Used In New York Laws > Insurance > Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Enterprise risk: means any activity, circumstance, event, or series of events involving one or more subsidiaries of a parent corporation that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the parent corporation, including anything that would cause the parent corporation's risk-based capital to fall into company action level as set forth in section one thousand three hundred twenty-two of this chapter, or that would cause further transaction of business to be hazardous to the insurer's policyholders or creditors or the public. See N.Y. Insurance Law 1702
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Holding company operating subsidiary: means a subsidiary (other than a separate account subsidiary) engaged or organized to engage in either or both of the following activities (1) the ownership and management of other subsidiaries, and (2) the raising of capital (debt or equity) that could be loaned to, or invested in, other subsidiaries or loaned to the parent corporation, provided that any such subsidiary may in addition engage in the ownership and management of assets authorized as investments for the parent corporation. See N.Y. Insurance Law 1702
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Investment subsidiary: means a subsidiary (other than a separate account subsidiary) engaged or organized to engage exclusively in the ownership and management of assets (other than equity securities of subsidiaries) authorized as investments for the parent corporation and of other investment subsidiaries. See N.Y. Insurance Law 1702
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Parent corporation: means a parent corporation of a type described in subsection (a), (b) or (c) of section one thousand seven hundred one of this article. See N.Y. Insurance Law 1702
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Separate account subsidiary: means a subsidiary acquired or held under section four thousand two hundred forty of this chapter. See N.Y. Insurance Law 1702
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subpoena: A command to a witness to appear and give testimony.
  • 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 or section four thousand two hundred forty of this chapter, but shall not include a subsidiary acquired or held under section one thousand four hundred four of this chapter or a subsidiary acquired or held by an insurer authorized to make investments by subsection (c) of section one thousand four hundred three of this chapter. See N.Y. Insurance Law 1702
  • Water supplier: shall mean any person who owns or operates a community water system that supplies drinking water to more than three thousand three hundred people. See N.Y. Public Health Law 1125
  • Water supply emergency plan: shall mean a plan reviewed and approved by the commissioner and filed with the department. See N.Y. Public Health Law 1125
  • water works corporation: shall mean any entity that has one thousand or more water service connections, and comes within the definition in section two of the public service law or paragraph (a) of subdivision one of section one hundred twenty-u of the general municipal law. See N.Y. Public Health Law 1150