MARVIN MANDEL, Governor                        605

(d)    "Department" means the Insurance Department, the Insur-
ance Commissioner or his authorized representative.

(e)    "Insurance company or insurer" means a company qualified
and licensed by the Department to transact the business of insur-
ance in this State.

(f)    "Insurance holding company" means any company which di-
rectly or indirectly controls an insurance company or controls any
other company which controls an insurance company.

(g)    "Insurance holding company system" consists of two or
more affiliated persons, one or more of which is an insurance com-
pany.

(h) "Person" means an individual, partnership, corporation,
firm, association, joint stock company, business trust, unincorpo-
rated organization, any similar entity or any group or combination
of the foregoing acting in concert.

(i) "Subsidiary" of a specified person is an affiliate controlled
by such person directly, or indirectly through one or more inter-
mediaries.

493.

(a) Any domestic insurer, either by itself or in cooperation with
one or more persons, subject to the limitations set forth herein or
elsewhere in this Article IN ADDITION TO OTHER PERMITTED
INVESTMENTS, may invest in or otherwise acquire one or more
subsidiaries engaged in or registered to engage in one or more of the
following insurance or ancillary businesses:

(a) (1) an insurance business authorized by the jurisdiction in
which it is incorporated;

(2)    an insurance agency for its parent or for any of its parent's
insurer subsidiaries or intermediate insurer subsidiaries;

(3)    investing, reinvesting or trading in securities for its own
account, that of its parent, any subsidiary of its parent, or any af-
filiate or subsidiary;

(4)    management of any investment company subject to or regis-
tered pursuant to the Federal Investment Company Act of 1940, as
amended, including related sales and services;

(5)    acting as a broker-dealer subject to or registered pursuant
to the Securities Exchange Act of 1934 as amended;

(6)    rendering investment advice to governments, governmental
agencies, corporations or other organizations or groups;

(7)    rendering other services related to the operations of an in-
surance business including, but not limited to, actuarial, loss preven-
tion, safety engineering, data processing, accounting, claims, ap-
praisal and collection services;

(8)    ownership and management of assets which the parent
corporation could itself own and manage;

(9)    acting as administrative agent for a government instrumen-
tality which is performing an insurance function;