(a) Every insurer thatis licensed to do business in this State and that is a member of an insuranceholding company system shall register with the Commissioner, except a foreigninsurer subject to the registration requirements and standards adopted bystatute or regulation in the jurisdiction of its domicile that aresubstantially similar to those contained in:
(1) This section.
(2) G.S. 58‑19‑30(a),G.S. 58‑19‑30(c), and G.S. 58‑19‑30(d).
(3) G.S. 58‑19‑30(b)or a statutory or regulatory provision such as the following: Each registeredinsurer shall keep current the information required to be disclosed in itsregistration statement by reporting all material changes or additions within 15days after the end of the month in which it learns of each change or addition.The insurer shall also file a copy of its registration statement and anyamendments to the statement in each state in which that insurer is authorizedto do business, if requested by the insurance regulator of that state.
Any insurer that is subject toregistration under this section shall register within 30 days after it becomessubject to registration, and an amendment to the registration statement shallbe filed by April 1 of each year for the previous calendar year; unless theCommissioner for good cause shown extends the time for registration or filing,and then within the extended time. All registration statements shall contain asummary, on a form prescribed by the Commissioner, outlining all items in thecurrent registration statement representing changes from the prior registrationstatement. The Commissioner may require any insurer that is a member of aholding company system that is not subject to registration under this sectionto furnish a copy of the registration statement or other information filed bythe insurance company with the insurance regulator of its domiciliaryjurisdiction.
(b) Every insurersubject to registration shall file the registration statement on a formprescribed by the Commissioner, which shall contain the following currentinformation:
(1) The bylaws, capitalstructure, general financial condition, ownership, and management of theinsurer and any person controlling the insurer.
(2) The identity andrelationship of every member of the insurance holding company system.
(3) The followingagreements in force, and transactions currently outstanding or that haveoccurred during the last calendar year between such insurer and its affiliates:
a. Loans, otherinvestments, or purchases, sales or exchanges of securities of the affiliatesby the insurer or of the insurer by its affiliates.
b. Purchases, sales, orexchange of assets.
c. Transactions not inthe ordinary course of business.
d. Guarantees orundertakings for the benefit of an affiliate that result in an actualcontingent exposure of the insurer's assets to liability, other than insurancecontracts entered into in the ordinary course of the insurer's business.
e. All managementagreements, service contracts, and cost‑sharing arrangements.
f. Reinsuranceagreements.
g. Dividends and otherdistributions to shareholders.
h. Consolidated taxallocation agreements.
(4) Any pledge of theinsurer's stock, including stock of any subsidiary or controlling affiliate,for a loan made to any member of the insurance holding company system.
(5) Other mattersconcerning transactions between registered insurers and any affiliates as maybe included from time to time in any registration forms adopted or approved bythe Commissioner.
(c) No information needbe disclosed on the registration statement filed pursuant to subsection (b) ofthis section if such information is not material for the purposes of thissection. Unless the Commissioner by rule or order provides otherwise, allsales, purchases, exchanges, loans or extensions of credit, investments, orguarantees involving one‑half of one percent (1/2%) or less of aninsurer's admitted assets as of the preceding December 31 are not material forthe purposes of this section.
(d) Subject to G.S. 58‑7‑130(b)and G.S. 58‑19‑30(c), each domestic insurer shall report to theCommissioner all dividends and other distributions to shareholders within fivebusiness days following the declaration thereof and at least 30 days before thepayment thereof. The Commissioner may adopt rules to further the requirementsof this section.
(e) Any person withinan insurance holding company system subject to registration shall providecomplete and accurate information to an insurer, where such information isreasonably necessary to enable the insurer to comply with the provisions ofthis Article.
(f) The Commissionershall terminate the registration of any insurer that demonstrates that it nolonger is a member of an insurance holding company system.
(g) The Commissionermay require or allow two or more affiliated insurers subject to registrationunder this section to file a consolidated registration statement.
(h) The Commissionermay allow an insurer that is authorized to do business in this State and thatis part of an insurance holding company system to register on behalf of anyaffiliated insurer that is required to register under subsection (a) of thissection and to file all information and material required to be filed underthis section.
(i) The provisions ofthis section do not apply to any insurer, information, or transaction if and tothe extent that the Commissioner by rule or order exempts the same from theprovisions of this section.
(j) Any person mayfile with the Commissioner a disclaimer of affiliation with any authorizedinsurer, or such a disclaimer may be filed by such insurer or any member of aninsurance holding company system. The disclaimer shall fully disclose allmaterial relationships and bases for affiliation between such person and suchinsurer as well as the basis for disclaiming such affiliation. After adisclaimer has been filed, the insurer shall be relieved of any duty toregister or report under this section that may arise out of the insurer'srelationship with such person unless the Commissioner disallows such adisclaimer. The Commissioner shall disallow such a disclaimer only afterfurnishing all parties in interest with notice and opportunity to be heard andafter making specific findings of fact to support such disallowance.
(k) The failure to filea registration statement or any summary of the registration statement theretorequired by this section within the time specified for such filing is aviolation of this section. (1989, c. 722, s. 1; 1991, c. 681, ss. 33, 34; 1993,c. 452, ss. 30‑32; c. 504, s. 13; 1993 (Reg. Sess., 1994), c. 678, s. 14;1995, c. 193, s. 26; 2001‑223, s. 16.6; 2006‑105, s. 3.2.)
(a) Every insurer thatis licensed to do business in this State and that is a member of an insuranceholding company system shall register with the Commissioner, except a foreigninsurer subject to the registration requirements and standards adopted bystatute or regulation in the jurisdiction of its domicile that aresubstantially similar to those contained in:
(1) This section.
(2) G.S. 58‑19‑30(a),G.S. 58‑19‑30(c), and G.S. 58‑19‑30(d).
(3) G.S. 58‑19‑30(b)or a statutory or regulatory provision such as the following: Each registeredinsurer shall keep current the information required to be disclosed in itsregistration statement by reporting all material changes or additions within 15days after the end of the month in which it learns of each change or addition.The insurer shall also file a copy of its registration statement and anyamendments to the statement in each state in which that insurer is authorizedto do business, if requested by the insurance regulator of that state.
Any insurer that is subject toregistration under this section shall register within 30 days after it becomessubject to registration, and an amendment to the registration statement shallbe filed by April 1 of each year for the previous calendar year; unless theCommissioner for good cause shown extends the time for registration or filing,and then within the extended time. All registration statements shall contain asummary, on a form prescribed by the Commissioner, outlining all items in thecurrent registration statement representing changes from the prior registrationstatement. The Commissioner may require any insurer that is a member of aholding company system that is not subject to registration under this sectionto furnish a copy of the registration statement or other information filed bythe insurance company with the insurance regulator of its domiciliaryjurisdiction.
(b) Every insurersubject to registration shall file the registration statement on a formprescribed by the Commissioner, which shall contain the following currentinformation:
(1) The bylaws, capitalstructure, general financial condition, ownership, and management of theinsurer and any person controlling the insurer.
(2) The identity andrelationship of every member of the insurance holding company system.
(3) The followingagreements in force, and transactions currently outstanding or that haveoccurred during the last calendar year between such insurer and its affiliates:
a. Loans, otherinvestments, or purchases, sales or exchanges of securities of the affiliatesby the insurer or of the insurer by its affiliates.
b. Purchases, sales, orexchange of assets.
c. Transactions not inthe ordinary course of business.
d. Guarantees orundertakings for the benefit of an affiliate that result in an actualcontingent exposure of the insurer's assets to liability, other than insurancecontracts entered into in the ordinary course of the insurer's business.
e. All managementagreements, service contracts, and cost‑sharing arrangements.
f. Reinsuranceagreements.
g. Dividends and otherdistributions to shareholders.
h. Consolidated taxallocation agreements.
(4) Any pledge of theinsurer's stock, including stock of any subsidiary or controlling affiliate,for a loan made to any member of the insurance holding company system.
(5) Other mattersconcerning transactions between registered insurers and any affiliates as maybe included from time to time in any registration forms adopted or approved bythe Commissioner.
(c) No information needbe disclosed on the registration statement filed pursuant to subsection (b) ofthis section if such information is not material for the purposes of thissection. Unless the Commissioner by rule or order provides otherwise, allsales, purchases, exchanges, loans or extensions of credit, investments, orguarantees involving one‑half of one percent (1/2%) or less of aninsurer's admitted assets as of the preceding December 31 are not material forthe purposes of this section.
(d) Subject to G.S. 58‑7‑130(b)and G.S. 58‑19‑30(c), each domestic insurer shall report to theCommissioner all dividends and other distributions to shareholders within fivebusiness days following the declaration thereof and at least 30 days before thepayment thereof. The Commissioner may adopt rules to further the requirementsof this section.
(e) Any person withinan insurance holding company system subject to registration shall providecomplete and accurate information to an insurer, where such information isreasonably necessary to enable the insurer to comply with the provisions ofthis Article.
(f) The Commissionershall terminate the registration of any insurer that demonstrates that it nolonger is a member of an insurance holding company system.
(g) The Commissionermay require or allow two or more affiliated insurers subject to registrationunder this section to file a consolidated registration statement.
(h) The Commissionermay allow an insurer that is authorized to do business in this State and thatis part of an insurance holding company system to register on behalf of anyaffiliated insurer that is required to register under subsection (a) of thissection and to file all information and material required to be filed underthis section.
(i) The provisions ofthis section do not apply to any insurer, information, or transaction if and tothe extent that the Commissioner by rule or order exempts the same from theprovisions of this section.
(j) Any person mayfile with the Commissioner a disclaimer of affiliation with any authorizedinsurer, or such a disclaimer may be filed by such insurer or any member of aninsurance holding company system. The disclaimer shall fully disclose allmaterial relationships and bases for affiliation between such person and suchinsurer as well as the basis for disclaiming such affiliation. After adisclaimer has been filed, the insurer shall be relieved of any duty toregister or report under this section that may arise out of the insurer'srelationship with such person unless the Commissioner disallows such adisclaimer. The Commissioner shall disallow such a disclaimer only afterfurnishing all parties in interest with notice and opportunity to be heard andafter making specific findings of fact to support such disallowance.
(k) The failure to filea registration statement or any summary of the registration statement theretorequired by this section within the time specified for such filing is aviolation of this section. (1989, c. 722, s. 1; 1991, c. 681, ss. 33, 34; 1993,c. 452, ss. 30‑32; c. 504, s. 13; 1993 (Reg. Sess., 1994), c. 678, s. 14;1995, c. 193, s. 26; 2001‑223, s. 16.6; 2006‑105, s. 3.2.)
(a) Every insurer thatis licensed to do business in this State and that is a member of an insuranceholding company system shall register with the Commissioner, except a foreigninsurer subject to the registration requirements and standards adopted bystatute or regulation in the jurisdiction of its domicile that aresubstantially similar to those contained in:
(1) This section.
(2) G.S. 58‑19‑30(a),G.S. 58‑19‑30(c), and G.S. 58‑19‑30(d).
(3) G.S. 58‑19‑30(b)or a statutory or regulatory provision such as the following: Each registeredinsurer shall keep current the information required to be disclosed in itsregistration statement by reporting all material changes or additions within 15days after the end of the month in which it learns of each change or addition.The insurer shall also file a copy of its registration statement and anyamendments to the statement in each state in which that insurer is authorizedto do business, if requested by the insurance regulator of that state.
Any insurer that is subject toregistration under this section shall register within 30 days after it becomessubject to registration, and an amendment to the registration statement shallbe filed by April 1 of each year for the previous calendar year; unless theCommissioner for good cause shown extends the time for registration or filing,and then within the extended time. All registration statements shall contain asummary, on a form prescribed by the Commissioner, outlining all items in thecurrent registration statement representing changes from the prior registrationstatement. The Commissioner may require any insurer that is a member of aholding company system that is not subject to registration under this sectionto furnish a copy of the registration statement or other information filed bythe insurance company with the insurance regulator of its domiciliaryjurisdiction.
(b) Every insurersubject to registration shall file the registration statement on a formprescribed by the Commissioner, which shall contain the following currentinformation:
(1) The bylaws, capitalstructure, general financial condition, ownership, and management of theinsurer and any person controlling the insurer.
(2) The identity andrelationship of every member of the insurance holding company system.
(3) The followingagreements in force, and transactions currently outstanding or that haveoccurred during the last calendar year between such insurer and its affiliates:
a. Loans, otherinvestments, or purchases, sales or exchanges of securities of the affiliatesby the insurer or of the insurer by its affiliates.
b. Purchases, sales, orexchange of assets.
c. Transactions not inthe ordinary course of business.
d. Guarantees orundertakings for the benefit of an affiliate that result in an actualcontingent exposure of the insurer's assets to liability, other than insurancecontracts entered into in the ordinary course of the insurer's business.
e. All managementagreements, service contracts, and cost‑sharing arrangements.
f. Reinsuranceagreements.
g. Dividends and otherdistributions to shareholders.
h. Consolidated taxallocation agreements.
(4) Any pledge of theinsurer's stock, including stock of any subsidiary or controlling affiliate,for a loan made to any member of the insurance holding company system.
(5) Other mattersconcerning transactions between registered insurers and any affiliates as maybe included from time to time in any registration forms adopted or approved bythe Commissioner.
(c) No information needbe disclosed on the registration statement filed pursuant to subsection (b) ofthis section if such information is not material for the purposes of thissection. Unless the Commissioner by rule or order provides otherwise, allsales, purchases, exchanges, loans or extensions of credit, investments, orguarantees involving one‑half of one percent (1/2%) or less of aninsurer's admitted assets as of the preceding December 31 are not material forthe purposes of this section.
(d) Subject to G.S. 58‑7‑130(b)and G.S. 58‑19‑30(c), each domestic insurer shall report to theCommissioner all dividends and other distributions to shareholders within fivebusiness days following the declaration thereof and at least 30 days before thepayment thereof. The Commissioner may adopt rules to further the requirementsof this section.
(e) Any person withinan insurance holding company system subject to registration shall providecomplete and accurate information to an insurer, where such information isreasonably necessary to enable the insurer to comply with the provisions ofthis Article.
(f) The Commissionershall terminate the registration of any insurer that demonstrates that it nolonger is a member of an insurance holding company system.
(g) The Commissionermay require or allow two or more affiliated insurers subject to registrationunder this section to file a consolidated registration statement.
(h) The Commissionermay allow an insurer that is authorized to do business in this State and thatis part of an insurance holding company system to register on behalf of anyaffiliated insurer that is required to register under subsection (a) of thissection and to file all information and material required to be filed underthis section.
(i) The provisions ofthis section do not apply to any insurer, information, or transaction if and tothe extent that the Commissioner by rule or order exempts the same from theprovisions of this section.
(j) Any person mayfile with the Commissioner a disclaimer of affiliation with any authorizedinsurer, or such a disclaimer may be filed by such insurer or any member of aninsurance holding company system. The disclaimer shall fully disclose allmaterial relationships and bases for affiliation between such person and suchinsurer as well as the basis for disclaiming such affiliation. After adisclaimer has been filed, the insurer shall be relieved of any duty toregister or report under this section that may arise out of the insurer'srelationship with such person unless the Commissioner disallows such adisclaimer. The Commissioner shall disallow such a disclaimer only afterfurnishing all parties in interest with notice and opportunity to be heard andafter making specific findings of fact to support such disallowance.
(k) The failure to filea registration statement or any summary of the registration statement theretorequired by this section within the time specified for such filing is aviolation of this section. (1989, c. 722, s. 1; 1991, c. 681, ss. 33, 34; 1993,c. 452, ss. 30‑32; c. 504, s. 13; 1993 (Reg. Sess., 1994), c. 678, s. 14;1995, c. 193, s. 26; 2001‑223, s. 16.6; 2006‑105, s. 3.2.)
