§ 1703. Standard of care for investments in subsidiaries. In addition to other requirements of law (statutory or otherwise) that affect the standard of care of directors and officers of corporations, directors and officers shall perform their duties in connection with investments in, or other acquisitions of, subsidiaries in good faith and with that degree of care that an ordinarily prudent individual in a like position would use under similar circumstances.
Standard of care for investments in subsidiaries
N.Y. Insurance Law § 1703, under Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities.
N.Y. Insurance Law § 1703