N.Y. Insurance Law § 7009 – Investments

(a) No captive insurance company shall be subject to any restrictions on allowable investments, except as set forth in subsections (b) and (c) of this section.
(b) A group captive insurance company shall not make loans to the industrial insureds that comprise its industrial insured group. A pure captive insurance company may make loans to its parent company or affiliates with the prior approval of the superintendent. Such loan must be evidenced by a note in a form approved by the superintendent. Loans of minimum capital and surplus funds required by section seven thousand four of this article are prohibited.
(c) The superintendent may prohibit or limit any investment that threatens the solvency or liquidity of any captive insurance company.