Page:United States Statutes at Large Volume 88 Part 1.djvu/802

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PUBLIC LAW 93-388-AUG. 24, 1974

[88 STAT.

and then within such extended time. The Commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its domiciliary jurisdiction. (b) INFORMATION AND FORM REQUIRED.—Every insurer subject to

registration shall file a registration statement on a form provided by the Commissioner, which shall contain current information about— (1) the capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer; (2) the identity of every member of the insurance holding company system; (3) the following agreements in force, relationships subsisting, and tr-ansactions currently outstanding between such insuriM- and its affiliates; (A) loans, other investments, or purchases, sales or exchanges or 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 which 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; (E) all management and service contracts and all costsharing arrangements, other than cost allocation arrangements based upon generally accepted accounting principles; and (F) reinsurance agreements covering all or substantially all of one or more lines of insurance of the ceding company. (4) 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 Commissioner. (c) MATERIALITY.—No information need be disclosed on the registration statement filed pursuant to subsection (b) if such information is not material for the purposes of this section. Unless the Commissioner by rule, regulation, or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of 1 per centum or less of an insurer's admitted assets as of the thirty-first day of December next preceding shall not be deemed material for purposes of this section. (d) AMENDMENTS TO REGISTRATION STATEMENTS.—Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the Commissioner within fifteen days after the end of the month in which it learns of each such change or addition: Provided, That subject to subsection (c) of section 6, each registered insurer shall so report all dividends and other distributions to shareholders within two business days following the declaration thereof. (e) TERMINATION OF REGISTRATION.—The Commissioner shall terminate the registration of any insurer which demonstrates that it no lon.o-er is a member of an insurance holding company system. (f)

CONSOLIDATED FILING.—The Commissioner

may

require

or

allow two or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports

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