(a) Registration. 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 Insurance Commissioner, except:(1) A foreign insurer subject to disclosure requirements and standards adopted by code, statute, or regulation in the jurisdiction of its domicile that are substantially similar to those contained in this section; and(2) A domestic insurer or a domestic holding company system authorized and doing business solely within this state that:(A) Is not affiliated with a foreign or alien insurer; and(B) Reported less than seven million dollars ($7,000,000) in gross premium during the most recent annual reporting period.
(1) A foreign insurer subject to disclosure requirements and standards adopted by code, statute, or regulation in the jurisdiction of its domicile that are substantially similar to those contained in this section; and
(2) A domestic insurer or a domestic holding company system authorized and doing business solely within this state that:(A) Is not affiliated with a foreign or alien insurer; and(B) Reported less than seven million dollars ($7,000,000) in gross premium during the most recent annual reporting period.
(A) Is not affiliated with a foreign or alien insurer; and
(B) Reported less than seven million dollars ($7,000,000) in gross premium during the most recent annual reporting period.
(b) Information and Form Required. Every insurer subject to registration shall file a registration statement on a form prescribed by the National Association of Insurance Commissioners, which shall contain current information about:(1) The capital structure, general financial condition, and 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 transactions currently outstanding between the insurer and its affiliates:(A) Loans, other investments, 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 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 cost-sharing arrangements;(F) Reinsurance agreements covering all or substantially all of one (1) or more lines of insurance of the ceding company;(G) Dividends and other distributions to shareholders; and(H) Consolidated tax allocation agreements;(4) Any 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;(5) (A) (i) If requested by the Insurance Commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates.(ii) Financial statements may include without limitation annual audited financial statements filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, 15 U.S.C. § 77a et seq., as it existed on January 1, 2017, or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.(B) An insurer required to file financial statements pursuant to this section may satisfy the request by providing the Insurance Commissioner with the most recently filed parent corporation financial statements that have been filed with the United States Securities and Exchange Commission;(6) 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 Insurance Commissioner; and(7) 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.
(1) The capital structure, general financial condition, and 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 transactions currently outstanding between the insurer and its affiliates:(A) Loans, other investments, 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 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 cost-sharing arrangements;(F) Reinsurance agreements covering all or substantially all of one (1) or more lines of insurance of the ceding company;(G) Dividends and other distributions to shareholders; and(H) Consolidated tax allocation agreements;
(A) Loans, other investments, 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 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 cost-sharing arrangements;
(F) Reinsurance agreements covering all or substantially all of one (1) or more lines of insurance of the ceding company;
(G) Dividends and other distributions to shareholders; and
(H) Consolidated tax allocation agreements;
(4) Any 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;
(5) (A) (i) If requested by the Insurance Commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates.(ii) Financial statements may include without limitation annual audited financial statements filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, 15 U.S.C. § 77a et seq., as it existed on January 1, 2017, or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.(B) An insurer required to file financial statements pursuant to this section may satisfy the request by providing the Insurance Commissioner with the most recently filed parent corporation financial statements that have been filed with the United States Securities and Exchange Commission;
(A) (i) If requested by the Insurance Commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates.(ii) Financial statements may include without limitation annual audited financial statements filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, 15 U.S.C. § 77a et seq., as it existed on January 1, 2017, or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.
(i) If requested by the Insurance Commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates.
(ii) Financial statements may include without limitation annual audited financial statements filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, 15 U.S.C. § 77a et seq., as it existed on January 1, 2017, or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.
(B) An insurer required to file financial statements pursuant to this section may satisfy the request by providing the Insurance Commissioner with the most recently filed parent corporation financial statements that have been filed with the United States Securities and Exchange Commission;
(6) 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 Insurance Commissioner; and
(7) 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.
(c) Materiality. (1) (A) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if the information is not material for the purposes of this section.(B) Unless the Insurance Commissioner by rule or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of one percent (0.5%) or less of an insurer's admitted assets as of the December 31 next-preceding shall not be deemed material for purposes of this section.(C) For purposes of this section, materiality under this subsection shall not apply for purposes of the group capital calculation instructions or the NAIC liquidity stress test framework.(2) (A) However, each registered insurer shall disclose in writing to the Insurance Commissioner within five (5) business days following the declaration of a dividend and no less than ten (10) business days prior to the payment of the dividend, all ordinary dividends payable to shareholders.(B) The disclosure shall also be included in the reporting insurer's next annual and restated insurance registration statement and upon any statutory filing required under this section or § 23-63-515.
(1) (A) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if the information is not material for the purposes of this section.(B) Unless the Insurance Commissioner by rule or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of one percent (0.5%) or less of an insurer's admitted assets as of the December 31 next-preceding shall not be deemed material for purposes of this section.(C) For purposes of this section, materiality under this subsection shall not apply for purposes of the group capital calculation instructions or the NAIC liquidity stress test framework.
(A) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if the information is not material for the purposes of this section.
(B) Unless the Insurance Commissioner by rule or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of one percent (0.5%) or less of an insurer's admitted assets as of the December 31 next-preceding shall not be deemed material for purposes of this section.
(C) For purposes of this section, materiality under this subsection shall not apply for purposes of the group capital calculation instructions or the NAIC liquidity stress test framework.
(2) (A) However, each registered insurer shall disclose in writing to the Insurance Commissioner within five (5) business days following the declaration of a dividend and no less than ten (10) business days prior to the payment of the dividend, all ordinary dividends payable to shareholders.(B) The disclosure shall also be included in the reporting insurer's next annual and restated insurance registration statement and upon any statutory filing required under this section or § 23-63-515.
(A) However, each registered insurer shall disclose in writing to the Insurance Commissioner within five (5) business days following the declaration of a dividend and no less than ten (10) business days prior to the payment of the dividend, all ordinary dividends payable to shareholders.
(B) The disclosure shall also be included in the reporting insurer's next annual and restated insurance registration statement and upon any statutory filing required under this section or § 23-63-515.
(d) Amendments to Registration Statements. (1) (A) 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 Insurance Commissioner within fifteen (15) days after the end of the month in which it learns of each material change or addition.(B) However, subject to § 23-63-515(c), each registered insurer shall report all dividends and other distributions to shareholders within five (5) business days following the declaration and no less than ten (10) business days prior to the payment of the dividend or other distribution.(2) Registered insurers shall annually refile an amended and restated registration statement in the manner and at the times prescribed by the Insurance Commissioner.
(1) (A) 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 Insurance Commissioner within fifteen (15) days after the end of the month in which it learns of each material change or addition.(B) However, subject to § 23-63-515(c), each registered insurer shall report all dividends and other distributions to shareholders within five (5) business days following the declaration and no less than ten (10) business days prior to the payment of the dividend or other distribution.
(A) 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 Insurance Commissioner within fifteen (15) days after the end of the month in which it learns of each material change or addition.
(B) However, subject to § 23-63-515(c), each registered insurer shall report all dividends and other distributions to shareholders within five (5) business days following the declaration and no less than ten (10) business days prior to the payment of the dividend or other distribution.
(2) Registered insurers shall annually refile an amended and restated registration statement in the manner and at the times prescribed by the Insurance Commissioner.
(e) Termination of Registration. The Insurance Commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
(f) Consolidated Filing. The Insurance Commissioner may require or allow two (2) or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.
(g) Alternative Registration. The Insurance Commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and material required to be filed under this section.
(h) Exemptions. The provisions of this section shall not apply to any insurer, information, or transaction if, and to the extent that, the Insurance Commissioner by rule or order shall exempt it from the provisions of this section.
(i) Disclaimer. (1) Any person may file with the Insurance Commissioner a disclaimer of affiliation with any authorized insurer, or the disclaimer may be filed by the insurer or any member of an insurance holding company system.(2) The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation.(3) After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report under this section which may arise out of the insurer's relationship with the person unless and until the Insurance Commissioner disallows the disclaimer.(4) The Insurance Commissioner shall disallow a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance.
(1) Any person may file with the Insurance Commissioner a disclaimer of affiliation with any authorized insurer, or the disclaimer may be filed by the insurer or any member of an insurance holding company system.
(2) The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation.
(3) After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report under this section which may arise out of the insurer's relationship with the person unless and until the Insurance Commissioner disallows the disclaimer.
(4) The Insurance Commissioner shall disallow a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance.
(j) Information of Insurers. Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurer, when such information is reasonably necessary to enable the insurer to comply with the provisions of this subchapter.
(k) [Repealed.]
(l) Applicability. This section applies to domestic and foreign insurers or insurance holding company systems consistent with the definitions in § 23-63-503.
(m) Enterprise Risk Filing. The ultimate controlling person of an insurer registered under this section, to the best of the ultimate controlling person's knowledge and belief, shall file an annual enterprise risk report that:(1) Identifies the material risks within the insurance holding company system that may pose an enterprise risk to the insurer; and(2) Is filed with the insurance commissioner of the lead state of the insurance holding company system as determined by the Financial Analysis Handbook, as adopted by the National Association of Insurance Commissioners.
(1) Identifies the material risks within the insurance holding company system that may pose an enterprise risk to the insurer; and
(2) Is filed with the insurance commissioner of the lead state of the insurance holding company system as determined by the Financial Analysis Handbook, as adopted by the National Association of Insurance Commissioners.
(n) Group Capital Calculation. (1) Except as provided below, the ultimate controlling person of every insurer subject to this section shall concurrently file with the insurer's registration an annual group capital calculation report as directed by the lead state commissioner.(2) The annual group capital calculation report under subdivision (n)(1) of this section shall be:(A) Completed according to the group capital calculation instructions; and(B) Filed with the lead state commissioner of the insurance holding company system as determined by the Insurance Commissioner according to the Financial Analysis Handbook procedures adopted by the National Association of Insurance Commissioners, as adopted by rule of the Insurance Commissioner.(3) (A) The following insurance holding company systems are exempt from filing an annual group capital calculation report under subdivision (n)(1) of this section:(i) An insurance holding company system that:(a) Has only one (1) insurer within its holding company structure;(b) Is licensed and writes business only in its domestic state; and(c) Assumes no business from another insurer;(ii) (a) An insurance holding company that is required to perform a group capital calculation specified by the Board of Governors of the Federal Reserve System.(b) The lead state commissioner shall request the group capital calculation from the Board of Governors of the Federal Reserve System under an information sharing agreement, if applicable.(c) If the Board of Governors of the Federal Reserve System cannot share the group capital calculation with the lead state commissioner, the insurance holding company system is not exempt from the group capital calculation filing;(iii) An insurance holding company system whose non-United States group-wide supervisor is located within a reciprocal jurisdiction as described in § 23-62-305 that recognizes the United States state regulatory approach to group supervision and group capital; and(iv) An insurance holding company:(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC Financial Regulation Standards and Accreditation Program, either directly or indirectly, through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the National Association of Insurance Commissioners group supervision approach, as detailed in the NAIC Financial Analysis Handbook; and(b) Whose non-United States group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the Insurance Commissioner by rule, the group capital calculation as the world-wide group capital assessment for United States insurance groups who operate in that jurisdiction.(B) Notwithstanding subdivisions (n)(3)(A)(iii) and (iv) of this section, a lead state commissioner shall require the group capital calculation instructions for United States operations of any non-United States based insurance holding company system when it is deemed appropriate by the lead state commissioner for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.(4) Notwithstanding the exemptions from filing the group capital calculations stated in subdivisions (n)(3)(A)(i) and (iv) of this section, the lead state commissioner has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing or report in accordance with criteria as specified by the Insurance Commissioner by rule.(5) If the lead state commissioner determines that an insurance holding company system no longer meets one (1) or more of the requirements for an exemption from filing the group capital calculation under subdivision (n)(3) of this section, the insurance holding company system shall file the group capital calculation at the next annual filing date unless given an extension by the lead state commissioner.
(1) Except as provided below, the ultimate controlling person of every insurer subject to this section shall concurrently file with the insurer's registration an annual group capital calculation report as directed by the lead state commissioner.
(2) The annual group capital calculation report under subdivision (n)(1) of this section shall be:(A) Completed according to the group capital calculation instructions; and(B) Filed with the lead state commissioner of the insurance holding company system as determined by the Insurance Commissioner according to the Financial Analysis Handbook procedures adopted by the National Association of Insurance Commissioners, as adopted by rule of the Insurance Commissioner.
(A) Completed according to the group capital calculation instructions; and
(B) Filed with the lead state commissioner of the insurance holding company system as determined by the Insurance Commissioner according to the Financial Analysis Handbook procedures adopted by the National Association of Insurance Commissioners, as adopted by rule of the Insurance Commissioner.
(3) (A) The following insurance holding company systems are exempt from filing an annual group capital calculation report under subdivision (n)(1) of this section:(i) An insurance holding company system that:(a) Has only one (1) insurer within its holding company structure;(b) Is licensed and writes business only in its domestic state; and(c) Assumes no business from another insurer;(ii) (a) An insurance holding company that is required to perform a group capital calculation specified by the Board of Governors of the Federal Reserve System.(b) The lead state commissioner shall request the group capital calculation from the Board of Governors of the Federal Reserve System under an information sharing agreement, if applicable.(c) If the Board of Governors of the Federal Reserve System cannot share the group capital calculation with the lead state commissioner, the insurance holding company system is not exempt from the group capital calculation filing;(iii) An insurance holding company system whose non-United States group-wide supervisor is located within a reciprocal jurisdiction as described in § 23-62-305 that recognizes the United States state regulatory approach to group supervision and group capital; and(iv) An insurance holding company:(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC Financial Regulation Standards and Accreditation Program, either directly or indirectly, through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the National Association of Insurance Commissioners group supervision approach, as detailed in the NAIC Financial Analysis Handbook; and(b) Whose non-United States group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the Insurance Commissioner by rule, the group capital calculation as the world-wide group capital assessment for United States insurance groups who operate in that jurisdiction.(B) Notwithstanding subdivisions (n)(3)(A)(iii) and (iv) of this section, a lead state commissioner shall require the group capital calculation instructions for United States operations of any non-United States based insurance holding company system when it is deemed appropriate by the lead state commissioner for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.
(A) The following insurance holding company systems are exempt from filing an annual group capital calculation report under subdivision (n)(1) of this section:(i) An insurance holding company system that:(a) Has only one (1) insurer within its holding company structure;(b) Is licensed and writes business only in its domestic state; and(c) Assumes no business from another insurer;(ii) (a) An insurance holding company that is required to perform a group capital calculation specified by the Board of Governors of the Federal Reserve System.(b) The lead state commissioner shall request the group capital calculation from the Board of Governors of the Federal Reserve System under an information sharing agreement, if applicable.(c) If the Board of Governors of the Federal Reserve System cannot share the group capital calculation with the lead state commissioner, the insurance holding company system is not exempt from the group capital calculation filing;(iii) An insurance holding company system whose non-United States group-wide supervisor is located within a reciprocal jurisdiction as described in § 23-62-305 that recognizes the United States state regulatory approach to group supervision and group capital; and(iv) An insurance holding company:(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC Financial Regulation Standards and Accreditation Program, either directly or indirectly, through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the National Association of Insurance Commissioners group supervision approach, as detailed in the NAIC Financial Analysis Handbook; and(b) Whose non-United States group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the Insurance Commissioner by rule, the group capital calculation as the world-wide group capital assessment for United States insurance groups who operate in that jurisdiction.
(i) An insurance holding company system that:(a) Has only one (1) insurer within its holding company structure;(b) Is licensed and writes business only in its domestic state; and(c) Assumes no business from another insurer;
(a) Has only one (1) insurer within its holding company structure;
(b) Is licensed and writes business only in its domestic state; and
(c) Assumes no business from another insurer;
(ii) (a) An insurance holding company that is required to perform a group capital calculation specified by the Board of Governors of the Federal Reserve System.(b) The lead state commissioner shall request the group capital calculation from the Board of Governors of the Federal Reserve System under an information sharing agreement, if applicable.(c) If the Board of Governors of the Federal Reserve System cannot share the group capital calculation with the lead state commissioner, the insurance holding company system is not exempt from the group capital calculation filing;
(a) An insurance holding company that is required to perform a group capital calculation specified by the Board of Governors of the Federal Reserve System.
(b) The lead state commissioner shall request the group capital calculation from the Board of Governors of the Federal Reserve System under an information sharing agreement, if applicable.
(c) If the Board of Governors of the Federal Reserve System cannot share the group capital calculation with the lead state commissioner, the insurance holding company system is not exempt from the group capital calculation filing;
(iii) An insurance holding company system whose non-United States group-wide supervisor is located within a reciprocal jurisdiction as described in § 23-62-305 that recognizes the United States state regulatory approach to group supervision and group capital; and
(iv) An insurance holding company:(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC Financial Regulation Standards and Accreditation Program, either directly or indirectly, through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the National Association of Insurance Commissioners group supervision approach, as detailed in the NAIC Financial Analysis Handbook; and(b) Whose non-United States group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the Insurance Commissioner by rule, the group capital calculation as the world-wide group capital assessment for United States insurance groups who operate in that jurisdiction.
(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC Financial Regulation Standards and Accreditation Program, either directly or indirectly, through the group-wide supervisor, who has determined the information is satisfactory to allow the lead state to comply with the National Association of Insurance Commissioners group supervision approach, as detailed in the NAIC Financial Analysis Handbook; and
(b) Whose non-United States group-wide supervisor that is not in a reciprocal jurisdiction recognizes and accepts, as specified by the Insurance Commissioner by rule, the group capital calculation as the world-wide group capital assessment for United States insurance groups who operate in that jurisdiction.
(B) Notwithstanding subdivisions (n)(3)(A)(iii) and (iv) of this section, a lead state commissioner shall require the group capital calculation instructions for United States operations of any non-United States based insurance holding company system when it is deemed appropriate by the lead state commissioner for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.
(4) Notwithstanding the exemptions from filing the group capital calculations stated in subdivisions (n)(3)(A)(i) and (iv) of this section, the lead state commissioner has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing or report in accordance with criteria as specified by the Insurance Commissioner by rule.
(5) If the lead state commissioner determines that an insurance holding company system no longer meets one (1) or more of the requirements for an exemption from filing the group capital calculation under subdivision (n)(3) of this section, the insurance holding company system shall file the group capital calculation at the next annual filing date unless given an extension by the lead state commissioner.
(o) Liquidity Stress Test. (1) The ultimate controlling person of every insurer subject to registration and scoped into the NAIC liquidity stress test framework shall file the results of a specific year's NAIC liquidity stress test framework.(2) The filing under subdivision (o)(1) of this section shall be made to the lead state insurance commissioner of the insurance holding company system, as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners and adopted by rule by the Insurance Commissioner.(3) (A) The NAIC liquidity stress test framework includes scope criteria that are applicable to a specific date year.(B) The scope criteria are reviewed at least annually by the NAIC Financial Stability E Task Force or its successor.(C) Any change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured shall be effective on January 1 of the year following the calendar year when the changes are adopted.(D) An insurer that meets at least one (1) threshold of the scope criteria is considered scoped into the NAIC liquidity stress test framework for the specified date year unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines that the insurer should not be scoped into the NAIC liquidity stress test framework for that data year.(E) An insurer that does not trigger at least one (1) threshold of the scope criteria is considered scoped out of the NAIC liquidity stress test framework for the specified data year, unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines the insurer should be scoped into the NAIC liquidity stress test framework for that data year.(4) The performance of, and filing of the results from, a specific year's NAIC liquidity stress test framework shall comply with:(A) The NAIC liquidity stress test framework's instructions and reporting templates for that year; and(B) Any lead state insurance commissioner determinations, in consultation with the NAIC Financial Stability E Task Force or its successor, provided within the NAIC liquidity stress test framework.
(1) The ultimate controlling person of every insurer subject to registration and scoped into the NAIC liquidity stress test framework shall file the results of a specific year's NAIC liquidity stress test framework.
(2) The filing under subdivision (o)(1) of this section shall be made to the lead state insurance commissioner of the insurance holding company system, as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners and adopted by rule by the Insurance Commissioner.
(3) (A) The NAIC liquidity stress test framework includes scope criteria that are applicable to a specific date year.(B) The scope criteria are reviewed at least annually by the NAIC Financial Stability E Task Force or its successor.(C) Any change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured shall be effective on January 1 of the year following the calendar year when the changes are adopted.(D) An insurer that meets at least one (1) threshold of the scope criteria is considered scoped into the NAIC liquidity stress test framework for the specified date year unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines that the insurer should not be scoped into the NAIC liquidity stress test framework for that data year.(E) An insurer that does not trigger at least one (1) threshold of the scope criteria is considered scoped out of the NAIC liquidity stress test framework for the specified data year, unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines the insurer should be scoped into the NAIC liquidity stress test framework for that data year.
(A) The NAIC liquidity stress test framework includes scope criteria that are applicable to a specific date year.
(B) The scope criteria are reviewed at least annually by the NAIC Financial Stability E Task Force or its successor.
(C) Any change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured shall be effective on January 1 of the year following the calendar year when the changes are adopted.
(D) An insurer that meets at least one (1) threshold of the scope criteria is considered scoped into the NAIC liquidity stress test framework for the specified date year unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines that the insurer should not be scoped into the NAIC liquidity stress test framework for that data year.
(E) An insurer that does not trigger at least one (1) threshold of the scope criteria is considered scoped out of the NAIC liquidity stress test framework for the specified data year, unless the lead state insurance commissioner, in consultation with the NAIC Financial Stability E Task Force or its successor, determines the insurer should be scoped into the NAIC liquidity stress test framework for that data year.
(4) The performance of, and filing of the results from, a specific year's NAIC liquidity stress test framework shall comply with:(A) The NAIC liquidity stress test framework's instructions and reporting templates for that year; and(B) Any lead state insurance commissioner determinations, in consultation with the NAIC Financial Stability E Task Force or its successor, provided within the NAIC liquidity stress test framework.
(A) The NAIC liquidity stress test framework's instructions and reporting templates for that year; and
(B) Any lead state insurance commissioner determinations, in consultation with the NAIC Financial Stability E Task Force or its successor, provided within the NAIC liquidity stress test framework.
(p) Violations. The failure to file a registration statement, summary of the registration statement, or enterprise risk filing required by this section within the time specified is a violation of this section.