§ 1710. Divestiture of control; superintendent's power to order
disposition of subsidiaries.

(a) Any parent corporation seeking to divest its controlling interest
in a domestic insurer, in any manner, shall file with the
superintendent, with a copy to the insurer, notice of its proposed
divestiture at least thirty days prior to the cessation of control,
provided, however that this subsection shall not apply if notice is
provided as required by subsection (b) of section one thousand seven
hundred one of this article.

(b) In addition to the powers granted to the superintendent elsewhere
in this chapter (including, without limitation, section one hundred nine
of this chapter and section three hundred nine of the financial services
law), the superintendent may, at any time, order a parent corporation to
dispose of any subsidiary, if the superintendent finds, after notice and
an opportunity to be heard, either:

(1) that its acquisition or continued retention is or was not
permitted by the provisions of this article; or

(2) except in the case of a subsidiary then exempted by the provisions
of subsection (a) or (b) of section one thousand seven hundred four of
this article, that its continued retention is materially adverse to the
interests of the parent corporation's policyholders or subscribers.