§ 4310. Investments; financial conditions; reserves. (a) Every\ncorporation subject to the provisions of this article shall annually on\nor before the first day of March file in the office of the\nsuperintendent a statement, verified by at least two of the principal\nofficers of such corporation, showing its condition on the thirty-first\nday of December then next preceding which shall be in such form and\nshall contain such matters as the superintendent shall prescribe.\n (b) No such corporation shall invest in any securities other than\nthose permitted by the provisions of paragraph two of subsection (a) of\nsection one thousand four hundred three of this chapter, except as\nprovided in paragraphs one and two of this subsection.\n (1) A corporation (or two or more such corporations under common\nmanagement) with admitted assets of greater than eighty million dollars\nand maintaining cash and reserve investments under subsection (a) of\nsection one thousand four hundred four of this chapter (except\nparagraphs eight and ten of subsection (a) of such section) free from\nany lien or pledge, which, when valued in accordance with the provisions\nof this chapter, seven percent or more of net premium income for the\nmost recent twelve month period, as shown by its last sworn statement,\nannual or quarterly, on file with the superintendent, may also invest\nits funds or otherwise acquire or loan upon investments permitted under\nparagraphs eight and ten of subsection (a) of section one thousand four\nhundred four of this chapter without having to meet the otherwise\napplicable qualitative standards and the otherwise applicable aggregate\nlimitation for such investments, provided that the aggregate amount of\nall such investments shall not exceed the lesser of surplus to\npolicyholders or fifteen percent of its admitted assets as shown by its\nlast statement on file with the superintendent. Any corporation subject\nto the provisions of this article may jointly exercise control of a\nsubsidiary by acting together with one or more other corporations,\nprovided that such other corporations are either corporations subject to\nthis article, foreign corporations which perform similar functions in\nother states or which belong to a national association comprised of\nsimilar corporations to which one or more corporations organized under\nthis article also belong, or an institution controlled by any such\nforeign corporation. No such corporation shall hold a direct or indirect\nownership interest in a risk retention group, as defined in article\nfifty-nine of this chapter, other than in a risk retention group all of\nwhose members are insurance companies. Notwithstanding any other\nprovision of this chapter, including, but not limited to, section one\nthousand four hundred seven of this chapter, any corporation subject to\nthe provisions of this article may also invest, in the aggregate, not\nmore than three percent of its admitted assets in obligations, shares or\nother securities (including certificates of deposit) issued by a parent\ncorporation which is organized as a not for profit entity or a\ncorporation which is an affiliate or will be an affiliate after direct\nor indirect acquisition by the parent corporation; provided, however,\nthat the board of directors of the parent organization is constituted in\naccordance with the requirements of subsection (k) of section four\nthousand three hundred one of this article and, provided further\nhowever, that the investments of the corporation organized under this\narticle in its own subsidiaries shall not be included in that\nlimitation.\n (2) A corporation maintaining cash and reserve investments under\nsubsection (a) of section one thousand four hundred four of this chapter\n(except paragraphs eight and ten of subsection (a) of such section),\nfree from any lien or pledge, which, when valued in accordance with the\nprovisions of this chapter, equal ten percent or more of net premium\ninco
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