58-5A-20. Registration of subsidiary insurer--Time for registration--Statement required of foreign insurer.
172 words·~1 min read·
/sd/title-58/chapter-58-5/58-5a-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the director. However, this requirement does not apply to a foreign insurer domiciled in a jurisdiction which has adopted by statute or regulation disclosure requirements and standards substantially similar to those contained herein. Any insurer which is subject to registration under the provisions of this section shall register within fifteen days after it becomes subject to registration and annually thereafter by July first of each year for the previous calendar year, unless the director, for good cause shown, extends the time for registration, and then within the extended time.
Nothing in this section prohibits the director from requesting any authorized insurer, which is a member of a holding company system, which is not subject to registration under the provisions of this section for a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its state of domicile.