§ 1503. Registration. (a) Every person who becomes a controlled
insurer shall, within thirty days thereafter register with the
superintendent and shall amend the registration within thirty days
following any change in the identity of its holding company or any other
material change to the information provided in the registration. The
registration shall be in such form and shall contain such matters as the
superintendent prescribes. The superintendent may grant reasonable
extensions of the time to register.

(b) A holding company that directly or indirectly controls an insurer
shall adopt a formal enterprise risk management function and shall file
an enterprise risk report with the superintendent by April thirtieth of
each year. The report shall, to the best of the holding company's
knowledge and belief, identify the material risks within the holding
company system that could pose enterprise risk to the insurer.

(c) (1) An ultimate holding company shall file with the superintendent
an annual group capital calculation by June thirtieth of each year when
this state is the lead state of the holding company system as determined
in accordance with the procedures within the financial analysis handbook
adopted by the NAIC, as amended from time to time. When the lead state
is not this state, an ultimate holding company shall file with the
superintendent the annual group capital calculation as adopted by its
lead state if the ultimate holding company has filed the annual group
capital calculation with the lead state but the lead state is not
willing or able to share the annual group capital calculation with the
superintendent.

(2) When this state is the lead state, the ultimate holding company
shall complete the annual group capital calculation in accordance with
the group capital calculation instructions, which may permit the
superintendent to allow a holding company that is not the ultimate
holding company to file the annual group capital calculation.

(3) When this state is the lead state, an ultimate holding company
shall be exempt from filing an annual group capital calculation if it is
part of a holding company system that:

(A) has only one insurer within its system that only writes business
and is only licensed in its domestic state and assumes no business from
any other insurer;

(B) is required to perform a group capital calculation specified by
the United States Federal Reserve Board, except that the holding company
shall not be exempt if the superintendent requests the group capital
calculation from the United States Federal Reserve Board under the terms
of information sharing agreements in effect and the Federal Reserve
Board cannot share the calculation with the superintendent;

(C) has a non-United States group-wide supervisor that is located
within a reciprocal jurisdiction, as described in part one hundred
twenty-five of title eleven of the official compilation of codes, rules
and regulations of this state, that recognizes the United States state
regulatory approach to group supervision and group capital; or

(D)(i) provides information to the superintendent, either directly or
indirectly through the group-wide supervisor, who has determined such
information is satisfactory to allow the superintendent to comply with
the NAIC group supervision approach, as detailed in the NAIC financial
analysis handbook; and

(ii) has a non-United States group-wide supervisor that is not in a
reciprocal jurisdiction that recognizes and accepts, as specified by the
superintendent in a regulation, the group capital calculation as the
world-wide group capital assessment for United States holding company
systems that operate in that jurisdiction.

(4) Notwithstanding subparagraphs (C) and (D) of paragraph three of
this subsection, when this state is the lead state, the superintendent
shall require the group capital calculation for United States operations
of any non-United States-based holding company system where, after any
necessary consultation with other supervisors or officials, it is deemed
appropriate by the superintendent for prudential oversight and solvency
monitoring purposes or for ensuring the competitiveness of the insurance
marketplace.

(5) Notwithstanding the exemptions from filing the group capital
calculation set forth in paragraph three of this subsection, when this
state is the lead state, the superintendent has the discretion to exempt
a holding company from filing an annual group capital calculation or
accept a limited group capital calculation filing or report in
accordance with criteria as specified by the superintendent in a
regulation.

(6) When this state is the lead state, if the superintendent
determines that a holding company no longer meets one or more of the
requirements for an exemption from filing the group capital calculation
under this subsection, the holding company shall file the group capital
calculation at the next annual filing date unless given an extension by
the superintendent based on reasonable grounds shown.

(d)(1) An ultimate holding company that directly or indirectly
controls an insurer subject to registration and that is scoped into the
NAIC liquidity stress test framework shall file the results of a
specific year's annual liquidity stress test with the superintendent
when this state is the lead state of the holding company system as
determined by the procedures within the financial analysis handbook
adopted by the NAIC and as amended from time to time.

(2) When the lead state is not this state, an ultimate holding company
shall file with the superintendent the results of a specific year's
liquidity stress test as adopted by its lead state if the ultimate
holding company has filed the results with the lead state but the lead
state is not willing or able to share the results with the
superintendent.

(3) When this state is the lead state, the performance of, and filing
of the results from, a specific year's liquidity stress test shall
comply with the NAIC liquidity stress test framework.

(4) When this state is the lead state, 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 first of the
year following the calendar year when such changes are adopted.

(5) When this state is the lead state, an insurer meeting at least one
threshold of the scope criteria shall be considered scoped into the NAIC
liquidity stress test framework for the specified data year unless the
superintendent, in consultation with the NAIC financial stability task
force, or its successor, determines the insurer shall not be scoped into
the NAIC liquidity stress test framework for that data year.

(6) When this state is the lead state, an insurer that does not
trigger at least one threshold of the scope criteria shall be considered
scoped out of the NAIC liquidity stress test framework for the specified
data year, unless the superintendent, in consultation with the NAIC
financial stability task force, or its successor, determines the insurer
shall be scoped into the NAIC liquidity stress test framework for that
data year.

(7) The superintendent, in consultation with the NAIC financial
stability task force, or its successor, shall assess the concern of
wishing to avoid having insurers scoped in and out of the NAIC liquidity
stress test framework on a frequent basis as part of the determination
for an insurer.

(e) No insurer, insurance producer, or other person shall make,
publish, disseminate, circulate, issue, or place before the public, or
cause directly or indirectly to be made, published, disseminated,
circulated, issued, or placed before the public, in this state, in any
newspaper, magazine, or other publication, or in the form of a notice,
circular, pamphlet, letter, or poster, or over any radio or television
station or any electronic means of communication available to the
public, or in any other way as an advertisement, announcement, or
statement containing a representation or statement with regard to the
group capital calculation, group capital ratio, liquidity stress test
results, or supporting disclosures for such test, or any component
derived in the calculation thereof, of any insurer or holding company
system, provided, however, that an insurer may publish, with the
superintendent's prior approval, an announcement in a written
publication to rebut any materially false statement with respect to the
foregoing if the insurer is able to demonstrate to the superintendent
with substantial proof the falsity of such statement or
inappropriateness, as the case may be, and if the sole purpose of the
announcement is to rebut the materially false statement.