§ 1503. Registration. (a) Every person who becomes a controlled\ninsurer shall, within thirty days thereafter register with the\nsuperintendent and shall amend the registration within thirty days\nfollowing any change in the identity of its holding company or any other\nmaterial change to the information provided in the registration. The\nregistration shall be in such form and shall contain such matters as the\nsuperintendent prescribes. The superintendent may grant reasonable\nextensions of the time to register.\n (b) A holding company that directly or indirectly controls an insurer\nshall adopt a formal enterprise risk management function and shall file\nan enterprise risk report with the superintendent by April thirtieth of\neach year. The report shall, to the best of the holding company's\nknowledge and belief, identify the material risks within the holding\ncompany system that could pose enterprise risk to the insurer.\n (c) (1) An ultimate holding company shall file with the superintendent\nan annual group capital calculation by June thirtieth of each year when\nthis state is the lead state of the holding company system as determined\nin accordance with the procedures within the financial analysis handbook\nadopted by the NAIC, as amended from time to time. When the lead state\nis not this state, an ultimate holding company shall file with the\nsuperintendent the annual group capital calculation as adopted by its\nlead state if the ultimate holding company has filed the annual group\ncapital calculation with the lead state but the lead state is not\nwilling or able to share the annual group capital calculation with the\nsuperintendent.\n (2) When this state is the lead state, the ultimate holding company\nshall complete the annual group capital calculation in accordance with\nthe group capital calculation instructions, which may permit the\nsuperintendent to allow a holding company that is not the ultimate\nholding company to file the annual group capital calculation.\n (3) When this state is the lead state, an ultimate holding company\nshall be exempt from filing an annual group capital calculation if it is\npart of a holding company system that:\n (A) has only one insurer within its system that only writes business\nand is only licensed in its domestic state and assumes no business from\nany other insurer;\n (B) is required to perform a group capital calculation specified by\nthe United States Federal Reserve Board, except that the holding company\nshall not be exempt if the superintendent requests the group capital\ncalculation from the United States Federal Reserve Board under the terms\nof information sharing agreements in effect and the Federal Reserve\nBoard cannot share the calculation with the superintendent;\n (C) has a non-United States group-wide supervisor that is located\nwithin a reciprocal jurisdiction, as described in part one hundred\ntwenty-five of title eleven of the official compilation of codes, rules\nand regulations of this state, that recognizes the United States state\nregulatory approach to group supervision and group capital; or\n (D)(i) provides information to the superintendent, either directly or\nindirectly through the group-wide supervisor, who has determined such\ninformation is satisfactory to allow the superintendent to comply with\nthe NAIC group supervision approach, as detailed in the NAIC financial\nanalysis handbook; and\n (ii) has a non-United States group-wide supervisor that is not in a\nreciprocal jurisdiction that recognizes and accepts, as specified by the\nsuperintendent in a regulation, the group capital calculation as the\nworld-wide group capital assessment for United States holding company\nsystems that operate in that jurisdiction.\n (4) Notwithstanding subparagraphs (C) and (D) of paragraph three of\nthis subsection, when this state is the lead state, the superintendent\nshall require the group capital calculation for United States operations\nof any non-Uni
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