(a) Authorization. Any domestic insurer, subject to this subchapter, either by itself or in cooperation with one (1) or more persons, may organize or acquire one (1) or more subsidiaries.
(b) Qualification of Investment -- When Determined. Whether any investment pursuant to subsection (a) of this section meets the applicable requirements thereof is to be determined immediately after the investment is made, taking into account the then-outstanding principal balance on all previous investments in debt obligations and the value of all previous investments in equity securities as of the date they were made.
(c) Cessation of Control. If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to this section within three (3) years from the time of the cessation of control or within such further time as the Insurance Commissioner may prescribe unless, at any time after the investment shall have been made, the investment shall have met the requirements for investment under any other section of this subchapter and the insurer has notified the commissioner thereof.
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