(a) Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile if substantially similar to those contained in this section. The exemption from registration for those foreign insurers shall not apply to any commercially domiciled insurer within this state, as provided in Section 1215.14. Any insurer that is subject to registration under this section shall register within 60 days after the effective date of this article or 15 days after it becomes subject to registration, whichever is later, and annually thereafter by April 30 of each year for the previous calendar year, unless the commissioner for good cause shown extends the time for registration. The commissioner may require a holding company system that 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 a registration statement with the commissioner on a form and in a format prescribed by the NAIC, which shall contain current information about the following: (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, relationships subsisting, and transactions currently outstanding or that have occurred during the last calendar year between the insurer and its affiliates: (A) Loans, extensions of credit, 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 exchanges of assets. (C) Transactions not in the ordinary course of business. (D) Guarantees or undertakings for the benefit of an affiliate that result in an actual contingent exposure of the insurerâs assets to liability, other than insurance contracts entered into in the ordinary course of the insurerâs business. (E) All management agreements, service contracts, and cost-sharing arrangements. However, subscription agreements or powers of attorney executed by subscribers of a reciprocal or interinsurance exchange are not required to be reported pursuant to this section if the form of the agreement was in use before 1943 and was not amended in any way to modify payments, fees, or waivers of fees or otherwise substantially amended after 1943. (F) Reinsurance agreements. (G) Dividends and other distributions to shareholders. (H) Consolidated tax allocation agreements. (4) A pledge of the insurerâs stock, including stock of a subsidiary or controlling affiliate, for a loan made to a member of the insurance holding company system. (5) If requested by the commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates. Financial statements may include, but are not limited to, annual audited financial statements filed with the United States Securities and Exchange Commission (SEC) pursuant to the federal Securities Act of 1933, as amended, or the federal Securities Exchange Act of 1934, as amended. An insurer required to file financial statements pursuant to this paragraph may satisfy the request by providing the commissioner with the most recently filed parent corporation financial statements that have been filed with the SEC. (6) Statements that the insurerâs board of directors is responsible for overseeing corporate governance and internal controls and that the insurerâs officers or senior management have approved, implemented, and continue to maintain and monitor corporate governance
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