New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter I - GENERAL PROVISIONS
Part 18 - New York Insurance Exchange, Inc
Subpart 18-2 - Investments In Underwriting Members, Broker Members And Associate Brokers
Section 18-2.2 - Investments in members and associate brokers

(1) No broker member or associate broker and no person which controls, is controlled by or is under common control with a broker member or associate broker may have an investment, directly or indirectly, of 20 percent or more in an underwriting member.

(2) No underwriting member and no person which controls, is controlled by or is under common control with an underwriting member may have an investment, directly or indirectly, of 20 percent or more in a broker member or an associate broker.

(1) owns, or has the right to exercise voting power with respect to, 20 percent or more of the outstanding securities, partnership interests or other investment interests of such other person which have ordinary voting power for the election of members of the board of directors or other governing body of such other person; or

(2) owns securities, partnership interests or other investment interests or any evidences of indebtedness of such other person having a value (securities, partnership interests or other investment interests being valued at book value and evidences of indebtedness being valued at the face amount thereof) of 20 percent or more of the aggregate amount of capital and surplus and indebtedness for money borrowed of such other person, all as set forth in the most recent quarterly balance sheet of such other person prepared in accordance with the accounting principles applied by such person in the preparation of its financial statements.