Section 1713. Prohibitions on investments of subsidiaries

No subsidiary
  shall make any investment (i) in obligations, shares or other securities
  issued by a corporation, other  than  an  insurance  corporation,  if  a
  majority  of the shares having voting powers of such issuing corporation
  is owned directly or indirectly by or for the benefit  of  one  or  more
  officers or directors of the insurer or (ii) found by the superintendent
  to be against public policy or designed to evade any prohibition of this
  chapter or (iii) in the case of a subsidiary that is a property/casualty
  insurance  company  (other  than  an  alien  insurer),  in  any  foreign
  investment that would be prohibited under paragraph seven of  subsection
  (a) of section one thousand four hundred seven of this chapter.