§ 1717. Registration. (a) A parent corporation shall register with the\nsuperintendent within thirty days of becoming subject to registration\nand shall amend the registration within thirty days following any\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 parent corporation, other than a parent corporation required to\nregister as a controlled insurer pursuant to section one thousand five\nhundred three of this chapter, shall adopt a formal enterprise risk\nmanagement function and shall file an enterprise risk report with the\nsuperintendent by April thirtieth of each year. The report shall, to the\nbest of the parent corporation's knowledge and belief, identify the\nmaterial risks within any subsidiary that could pose enterprise risk to\nthe parent corporation.\n (c) (1) A parent corporation, other than a parent corporation required\nto register as a controlled insurer pursuant to section one thousand\nfive hundred three of this chapter, shall file with the superintendent\nan annual group capital calculation by June thirtieth of each year when\nthis state is the lead state as determined in accordance with the\nprocedures within the financial analysis handbook adopted by the NAIC,\nas amended from time to time.\n (2) When the lead state is not this state, a parent corporation shall\nfile with the superintendent the annual group capital calculation as\nadopted by its lead state if the parent corporation has filed the annual\ngroup capital 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 (3) When this state is the lead state, the parent corporation shall\ncomplete the annual group capital calculation in accordance with the\ngroup capital calculation instructions, which may permit the\nsuperintendent to allow a subsidiary to file the annual group capital\ncalculation.\n (4) When this state is the lead state, a parent corporation shall be\nexempt from filing an annual group capital calculation if it:\n (A) has only one insurer subsidiary that only writes business and is\nonly licensed in its domestic state and assumes no business from any\nother insurer;\n (B) is required to perform a group capital calculation specified by\nthe United States Federal Reserve Board, except that the parent\ncorporation shall not be exempt if the superintendent requests the group\ncapital calculation from the United States Federal Reserve Board under\nthe terms of information sharing agreements in effect and the Federal\nReserve Board 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 systems that\noperate in that jurisdiction.\n (5) Notwithstanding subparagraphs (C) and (D) of paragraph four of\nthis subsection, when this state is the lead state, the superintendent\nshall require the group capital calculation for United State
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