N.Y. ISC Law § 1502
This is the official text of N.Y. ISC Law § 1502, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Exemptions
Official statutory text
§ 1502. Exemptions. (a) Notwithstanding any other provision of this\narticle the following shall not be deemed holding companies:\n (1) authorized insurers, including alien insurers transacting business\nin this state through United States branches, or their subsidiaries; or\n (2) the United States, a state or any political subdivision, agency or\ninstrumentality thereof, or any corporation wholly owned directly or\nindirectly by one or more of the foregoing.\n (b) The superintendent may conditionally or unconditionally exempt any\nspecified person or class of persons from any obligation or liability\nunder this article, if and to the extent he finds the exemption\nnecessary or appropriate in the public interest or not adverse to the\ninterests of policyholders or shareholders and consistent with the\npurposes of this article.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.