1710 - Superintendent's power to order disposition of subsidiaries. - New York Statutes

§ 1710. Superintendent's power to order disposition of subsidiaries. In addition to the powers granted to the superintendent elsewhere in this chapter (including, without limitation, sections one hundred nine and three hundred twenty-seven of this chapter), 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 (i) that its acquisition or continued retention is or was not permitted by the provisions of this article or (ii) 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.