Section 1706. Exemptions applicable to parent corporation

Except  as
  provided in subsection (d) of section one thousand four hundred five  of
  this  chapter  and  except for investments deemed to be made or acquired
  directly by the parent corporation (as provided  in  subsection  (d)  of
  section one thousand seven hundred four of this article), investments by
  parent  corporations  in subsidiaries are not subject to the limitations
  on the making of investments provided for in section one  thousand  four
  hundred  three,  section  one thousand four hundred four (in the case of
  insurers making investments under  section  one  thousand  four  hundred
  four) or section one thousand four hundred five (in the case of insurers
  making investments under section one thousand four hundred five) of this
  chapter.