§ 1501. Definitions; determinations. (a) In this article, unless the context shall otherwise require: (1) “Person” means an individual, partnership, firm, association, corporation, joint-stock company, trust, any similar entity or any combination of the foregoing acting in concert. (2) “Control”, including the terms “controlling”, “controlled by” and “under common control with”, means the possession direct […]
§ 1502. Exemptions. (a) Notwithstanding any other provision of this article the following shall not be deemed holding companies: (1) authorized insurers, including alien insurers transacting business in this state through United States branches, or their subsidiaries; or (2) the United States, a state or any political subdivision, agency or instrumentality thereof, or any corporation […]
§ 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 […]
§ 1504. Reporting; examination; publication. (a) (1) Every controlled insurer shall file with the superintendent such reports or material as the superintendent may direct for the purpose of disclosing information concerning the operations of persons within the holding company system that may materially affect the operations, management or financial condition of the insurer. (2) To […]
§ 1505. Transactions within a holding company system affecting controlled insurers. (a) Transactions within a holding company system to which a controlled insurer is a party shall be subject to the following: (1) the terms shall be fair and equitable; (2) charges or fees for services performed shall be reasonable; and (3) expenses incurred and […]
§ 1506. Acquisition or retention of control of insurers. (a) No person, other than an authorized insurer, shall acquire control of any domestic insurer, whether by purchase of its securities or otherwise, unless: (1) it gives twenty days written notice to the insurer, or such shorter period of notice as the superintendent permits, of its […]
§ 1507. Management of controlled insurers. (a) Notwithstanding the control of an authorized insurer by any person, the insurer’s officers and directors shall not thereby be relieved of any obligation or liability to which they would otherwise be subject by law, and the insurer shall be managed so as to assure its separate operating identity […]
§ 1508. Acceptance of reports filed with government agencies. To the extent that any information or material is set forth in forms or other matter on file with any government agency or in a registration form filed with the superintendent by another person within the same holding company system, the controlled insurer may comply with […]
§ 1509. Prohibition of indirect action. No holding company or controlled person shall directly or indirectly or through another person do or cause to be done for or in behalf of the controlled insurer any act intended to affect the insurance operations of the insurer which, if done by the insurer, would violate section four […]
§ 1510. Violations; penalties; jurisdiction over non-domiciliaries. (a) In addition to any other penalty provided by law, the superintendent may, upon the wilful failure of any person within a holding company system to comply with this article or any regulation or order promulgated hereunder: (1) proceed under article seventy-four of this chapter with respect to […]
