(A) An insurer authorized to do business in this State and who is a member of an insurance holding company system shall register with the department, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this chapter.
(B) An insurer who is subject to registration under this chapter shall register within fifteen days after it becomes subject to registration, and annually thereafter by March first of each year for the previous calendar year, unless the director or his designee for good cause shown extends the time for registration, and then within the extended time. The director or his designee may require any authorized insurer which is a member of an insurance 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 the insurance company with the insurance regulatory authority of its domiciliary jurisdiction.
HISTORY: Former 1976 Code Section 38-29-140 [1962 Code Section 37-1412; 1971 (57) 351; Section 1. 1986 Act No. 426, Section 8] recodified as Section 38-21-130 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 572; 2015 Act No. 2 (S.342), Section 9, eff March 9, 2015.
Effect of Amendment
2015 Act No. 2, Section 9, inserted the paragraph designators; in (A), substituted "An insurer authorized to do business in this State and who" for "Every insurer authorized to do business in this State which"; and in (B), substituted "An insurer who is subject" for "Any insurer which is subject", and substituted "a member of an insurance holding company system" for "a member of a holding company system".
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