§431:11-105 - Registration of insurers.

§431:11-105 Registration of insurers. (a)
Every insurer who is authorized to do business in this State and who is a
member of an insurance holding company system shall register with the
commissioner, except a foreign insurer subject to registration requirements and
standards adopted by statute or regulation in the jurisdiction of its domicile
that are substantially similar to those contained in this section and section
431:11-106(a)(1), (b), and (d). The insurer shall file a copy of the summary
of its registration statement as required by subsection (c) in each state in
which that insurer is authorized to do business if requested by the
commissioner of that state. Any insurer who is subject to registration under
this section shall register within fifteen days after it becomes subject to
registration, and annually thereafter by March 15 of each year for the previous
calendar year, unless the commissioner for good cause shown extends the time
for registration, and then within the extended time. The commissioner may
require any insurer who is a member of a holding company system who is not
subject to registration under this section to furnish a copy of the
registration statement or other information filed by the insurance company with
the insurance regulatory authority of domiciliary jurisdiction.

(b) Every insurer subject to registration
shall file the registration statement on a form prescribed by the National
Association of Insurance Commissioners, which shall contain the following
current information:

(1) The capital structure, general financial
condition, ownership, and management of the insurer and any person controlling
the insurer;

(2) The identity and relationship of every member of
the insurance holding company system;

(3) The following agreements in force, and
transactions currently outstanding or which have occurred during the last
calendar year between such insurer and its affiliates:

(A) Loans, other investments, or purchases,
sales or exchanges of securities of the affiliates by the insurer or of the
insurer by its affiliates;

(B) Purchases, sales, or exchange of assets;

(D) Guarantees or undertakings for the benefit
of an affiliate which result in an actual contingent exposure of the insurer's
assets to liability, other than insurance contracts entered into in the
ordinary course of the insurer's business;

(E) All management agreements, service
contracts and all cost-sharing arrangements;

(F) Reinsurance agreements;

(G) Dividends and other distributions to
shareholders; and

(H) Consolidated tax allocation agreements;

(4) Any pledge of the insurer's stock, including
stock of any subsidiary or controlling affiliate, for a loan made to any member
of the insurance holding company system; and

(5) Other matters concerning transactions between
registered insurers and any affiliates as may be included from time to time in
any registration forms adopted or approved by the commissioner.

(c) All registration statements shall contain
a summary outlining all items in the current registration statement
representing changes from the prior registration statement.

(d) No information need be disclosed on the
registration statement filed pursuant to subsection (b) if the information is
not material for the purposes of this section. Unless the commissioner by rule
or order provides otherwise, sales, purchases, exchanges, loans or extensions
of credit, investments, or guarantees involving one-half of one per cent or
less of an insurer's admitted assets as of the thirty-first day of December
next preceding shall not be deemed material for purposes of this section.

(e) Subject to section 431:11-106(b), each
registered insurer shall report to the commissioner all dividends and other
distributions to shareholders within fifteen business days following the
declaration thereof.

(f) Any person within an insurance holding
company system subject to registration shall be required to provide complete
and accurate information to an insurer, where the information is reasonably
necessary to enable the insurer to comply with the provisions of this article.

(g) The commissioner shall terminate the
registration of any insurer which demonstrates that it no longer is a member of
an insurance holding company system.

(h) The commissioner may require or allow two
or more affiliated insurers subject to registration to file a consolidated
registration statement.

(i) The commissioner may allow an insurer who
is authorized to do business in this State and who is part of an insurance
holding company system to register on behalf of any affiliated insurer who is
required to register under subsection (a) and to file all information and
material required to be filed under this section.

(j) The provisions of this section shall not
apply to any insurer, information, or transaction if and to the extent that the
commissioner by rule or order shall exempt the same from the provisions of this
section.

(k) Any person may file with the commissioner
a disclaimer of affiliation with any authorized insurer or a disclaimer may be
filed by the insurer or any member of an insurance holding company system. The
disclaimer shall fully disclose all material relationships and bases for
affiliation between the person and the insurer as well as the basis for
disclaiming the affiliation. After a disclaimer has been filed, the insurer
shall be relieved of any duty to register or report under this section which
may arise out of the insurer's relationship with the person unless and until
the commissioner disallows the disclaimer. The commissioner shall disallow a
disclaimer only after furnishing all parties in interest with notice and
opportunity to be heard and after making specific findings of fact to support
the disallowance.

(l) The failure to file a registration
statement or any summary of the registration statement required by this section
within the time specified for such filing shall be a violation of this section.
[L 1987, c 349, pt of §8; am L 1993, c 321, §15; am L 2000, c 182, §12]