Section 1605. When corporation is deemed a subsidiary

(a) For the purposes
  of this article:
    (1) any corporation a majority of whose outstanding voting  shares  is
  owned  or controlled by another corporation shall be deemed the latter's
  subsidiary, and
    (2) any corporation  whose  voting  shares  are  held  by  a  domestic
  insurance  company pursuant to section one thousand six hundred two, one
  thousand six hundred three or one thousand  six  hundred  four  of  this
  article shall be deemed the subsidiary of the insurer, provided that for
  purposes  of  section  one  thousand  six hundred six of this article, a
  corporation shall be deemed the insurer's subsidiary only so long as the
  insurer owns a majority of the total voting shares or retains direct  or
  indirect control of such subsidiary.
    (b)  For  purposes of this article "voting shares" means shares of any
  class  having  voting  power  for  the  election  of  the  corporation's
  directors  except  shares  having  such  power  only  by  reason  of the
  happening of a contingency.