§ 1717. Registration. (a) A parent corporation shall register with the
superintendent within thirty days of becoming subject to registration
and shall amend the registration within thirty days following any
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 parent corporation, other than a parent corporation required to
register as a controlled insurer pursuant to section one thousand five
hundred three of this chapter, 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 parent corporation's knowledge and belief, identify the
material risks within any subsidiary that could pose enterprise risk to
the parent corporation.

(c) (1) A parent corporation, other than a parent corporation required
to register as a controlled insurer pursuant to section one thousand
five hundred three of this chapter, shall file with the superintendent
an annual group capital calculation by June thirtieth of each year when
this state is the lead state as determined in accordance with the
procedures within the financial analysis handbook adopted by the NAIC,
as amended from time to time.

(2) When the lead state is not this state, a parent corporation shall
file with the superintendent the annual group capital calculation as
adopted by its lead state if the parent corporation 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.

(3) When this state is the lead state, the parent corporation shall
complete the annual group capital calculation in accordance with the
group capital calculation instructions, which may permit the
superintendent to allow a subsidiary to file the annual group capital
calculation.

(4) When this state is the lead state, a parent corporation shall be
exempt from filing an annual group capital calculation if it:

(A) has only one insurer subsidiary 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 parent
corporation 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 systems that
operate in that jurisdiction.

(5) Notwithstanding subparagraphs (C) and (D) of paragraph four 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 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.

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

(7) When this state is the lead state, if the superintendent
determines that a parent corporation no longer meets one or more of the
requirements for an exemption from filing the group capital calculation
under this subsection, the parent corporation 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) A parent corporation, other than a parent corporation required
to register as a controlled insurer pursuant to section one thousand
five hundred three of this chapter, that has a subsidiary that is scoped
into the NAIC liquidity stress test framework shall file the results of
a specific year's liquidity stress test with the superintendent when
this state is the lead state 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, a parent corporation shall
file with the superintendent the results of a specific year's liquidity
stress test as adopted by its lead state if the parent corporation 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 the lead state is this 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 a
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 parent corporation or
subsidiary thereof, provided, however, that a parent corporation may
publish, with the superintendent's prior approval, announcements 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
the inappropriateness, as the case may be, and if the sole purpose of
the announcement is to rebut the materially false statement.