New York Consolidated Laws, Insurance Law - ISC § 1502. Exemptions

(a) Notwithstanding any other provision of this article the following shall not be deemed holding companies:

(b) The superintendent may conditionally or unconditionally exempt any specified person or class of persons from any obligation or liability under this article, if and to the extent he finds the exemption necessary or appropriate in the public interest or not adverse to the interests of policyholders or shareholders and consistent with the purposes of this article.