Every insurer subject to registration shall file a registration statement on a form and in a format prescribed by the national association of insurance commissioners, which shall include:

A. information about the current capital structure, general financing condition, ownership and management of the insurer and any person controlling the insurer;

B. the identity of every current member of the insurance holding company system;

C. the following agreements in force, relationships subsisting and transactions currently outstanding between such insurer and its affiliates:

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

(2) purchases, sales or exchanges of assets;

(3) transactions not in the ordinary course of business;

(4) guarantees or undertakings for the benefit of an affiliate that 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;

(5) all management and service contracts and all cost-sharing arrangements;

(6) reinsurance agreements;

(7) dividends and other distributions to shareholders; and

(8) consolidated tax allocation agreements;

D. information about any existing 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;

E. if requested by the superintendent, financial statements of or within an insurance holding company system and its affiliates. Financial statements may include existing annual audited financial statements filed with the federal securities and exchange commission pursuant to the federal Securities Act of 1933, as amended, or the federal Securities Exchange Act of 1934, as amended. An insurer may satisfy the requirement to file financial statements pursuant to this subsection by providing the superintendent with the most recent parent corporation financial statements that have been filed with the securities and exchange commission;

F. 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 superintendent;

G. statements that the insurer's board of directors oversees corporate governance and internal controls and that the insurer's officers or senior management have approved, implemented and continue to maintain and monitor corporate governance and internal control procedures; and

H. other information required by a rule that was promulgated by the superintendent.

History: Laws 1984, ch. 127, § 627; 1993, ch. 320, § 77; 2014, ch. 59, § 35.

Cross references. — For the federal Securities Act of 1933, see 15 U.S.C. §§ 77a to 77aa.

For the federal Securities Exchange Act of 1934, see 15 U.S.C. § 78a et seq.

The 2014 amendment, effective July 1, 2014, provided for the filing of financial statements and assurances that the insurer's board of directors oversees corporate governance and internal controls; in the introductory sentence, after "statement on a form", deleted "provided by the superintendent" and added "and in a format prescribed by the national association of insurance commissioners", and after "which shall" deleted "contain current information about"; in Subsection A, at the beginning of the sentence, added "information about", and after "information about the", added "current"; in Subsection B, after "identity of every", added "current"; in Subsection D, at the beginning of the sentence, added "information about", and after "information about any", added "existing"; and added Subsections E, G and H.

Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected.

The 1993 amendment, effective June 18, 1993, in Subsection C, deleted "other than cost allocation arrangements based upon generally accepted accounting principles; and" at the end of Paragraph (5), deleted "covering all or substantially all of one or more lines of insurance of the ceding company; and" at the end of Paragraph (6), and added Paragraphs (7) and (8); added Subsection D; and redesignated former Subsection D as Subsection E.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 61.

44 C.J.S. Insurance § 20.