§ 1713. Prohibitions on investments of subsidiaries. No subsidiary
shall make any investment (i) in obligations, shares or other securities
issued by a corporation, other than an insurance corporation, if a
majority of the shares having voting powers of such issuing corporation
is owned directly or indirectly by or for the benefit of one or more
officers or directors of the insurer or (ii) found by the superintendent
to be against public policy or designed to evade any prohibition of this
chapter or (iii) in the case of a subsidiary that is a property/casualty
insurance company (other than an alien insurer), in any foreign
investment that would be prohibited under paragraph seven of subsection
(a) of section one thousand four hundred seven of this chapter.