§ 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
parent corporations in subsidiaries are not subject to the limitations
on the making of investments provided for in section one thousand four
hundred three, section one thousand four hundred four (in the case of
insurers making investments under section one thousand four hundred
four) or section one thousand four hundred five (in the case of insurers
making investments under section one thousand four hundred five) of this
chapter.