§431:11-105  Registration of insurers.  (a) Every insurer who is authorized to do business in this State and who is amember of an insurance holding company system shall register with thecommissioner, except a foreign insurer subject to registration requirements andstandards adopted by statute or regulation in the jurisdiction of its domicilethat are substantially similar to those contained in this section and section431:11-106(a)(1), (b), and (d).  The insurer shall file a copy of the summaryof its registration statement as required by subsection (c) in each state inwhich that insurer is authorized to do business if requested by thecommissioner of that state.  Any insurer who is subject to registration underthis section shall register within fifteen days after it becomes subject toregistration, and annually thereafter by March 15 of each year for the previouscalendar year, unless the commissioner for good cause shown extends the timefor registration, and then within the extended time.  The commissioner mayrequire any insurer who is a member of a holding company system who is notsubject to registration under this section to furnish a copy of theregistration statement or other information filed by the insurance company withthe insurance regulatory authority of domiciliary jurisdiction.

(b)  Every insurer subject to registrationshall file the registration statement on a form prescribed by the NationalAssociation of Insurance Commissioners, which shall contain the followingcurrent information:

(1)  The capital structure, general financialcondition, ownership, and management of the insurer and any person controllingthe insurer;

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

(3)  The following agreements in force, andtransactions currently outstanding or which have occurred during the lastcalendar 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 theinsurer by its affiliates;

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

(C)  Transactions not in the ordinary course ofbusiness;

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

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

(F)  Reinsurance agreements;

(G)  Dividends and other distributions toshareholders; and

(H)  Consolidated tax allocation agreements;

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

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

(c)  All registration statements shall containa summary outlining all items in the current registration statementrepresenting changes from the prior registration statement.

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

(e)  Subject to section 431:11-106(b), eachregistered insurer shall report to the commissioner all dividends and otherdistributions to shareholders within fifteen business days following thedeclaration thereof.

(f)  Any person within an insurance holdingcompany system subject to registration shall be required to provide completeand accurate information to an insurer, where the information is reasonablynecessary to enable the insurer to comply with the provisions of this article.

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

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

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

(j)  The provisions of this section shall notapply to any insurer, information, or transaction if and to the extent that thecommissioner by rule or order shall exempt the same from the provisions of thissection.

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

(l)  The failure to file a registrationstatement or any summary of the registration statement required by this sectionwithin 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]