N.Y. ISC Law § 1610

§ 1610. Authority to conduct certain business directly instead of\nthrough subsidiary. (a) A domestic insurance company subject to this\narticle may, provided that it maintains books and records which\nseparately account for such business, engage directly in any business\nreferred to in paragraphs one, two and three of this subsection to the\nextent any such business is necessarily or properly incidental to the\ninsurance business the insurer is authorized to do in this state:\n (1) rendering investment advice;\n (2) rendering services related to the functions involved in the\noperation of an insurance business including actuarial, loss prevention,\nsafety engineering, data processing, accounting, claims, appraisals,\ncollections and soliciting and engaging in the business of representing\nself-insurers pursuant to section fifty of the workers' compensation\nlaw; and\n (3) acting as administrative agent for a government instrumentality\nwhich is performing an insurance function or is responsible for a health\nor welfare program.\n (b) A domestic insurance company subject to this article may, provided\nthat it maintains books and records which separately account for such\nbusiness, engage directly in any other business activity reasonably\nancillary to an insurance business to the extent any such business is\napproved by the superintendent and subject to any limitations he may\nprescribe to protect the interests of the policyholders of the insurer\nafter taking into account:\n (1) the effect of such business on the insurer's existing insurance\nbusiness and its surplus,\n (2) the proposed allocation of the estimated cost of such business,\n (3) the risks inherent in such business, and\n (4) the relative advantages to the insurer and its policyholders of\nconducting such business directly instead of through a subsidiary.\n