Section 1611. Aggregate limitations

(a) The aggregate investment by the
  insurer and its subsidiaries in  assets  which  are  owned,  managed  or
  acquired  pursuant  to  this article shall not exceed the limitations of
  this chapter otherwise applicable to such investments if  held  directly
  by the insurer.
    (b)  The  aggregate amount of the insurer's investment in subsidiaries
  shall not exceed fifteen percent of the insurer's  invested  assets,  as
  defined  in  subsection  (a) of section one thousand four hundred one of
  this chapter and as shown  by  its  last  statement  on  file  with  the
  superintendent,   but   excluded  from  this  limitation  shall  be  any
  investment in a  subsidiary  which  is  an  insurance  company  and  any
  investment  in  a  subsidiary of the type described in paragraph nine of
  subsection (a) of section one thousand four hundred four or subparagraph
  (B) of paragraph four of subsection (a) of  section  one  thousand  four
  hundred seven of this chapter.