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This entry was published on 2014-09-22
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Insurance (ISC) CHAPTER 28, ARTICLE 16
§ 1604. Registration. (a) An authorized domestic insurer 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)(1) An authorized domestic insurer, other than a domestic insurer
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 insurer's knowledge and belief,
identify the material risks within any subsidiary that could pose
enterprise risk to the insurer.

(2) For the purposes of this article, "enterprise risk" means any
activity, circumstance, event, or series of events involving one or more
subsidiaries of an insurer that, if not remedied promptly, is likely to
have a material adverse effect upon the financial condition or liquidity
of the insurer, including anything that would cause the insurer's
risk-based capital to fall into company action level as set forth in
section one thousand three hundred twenty-four of this chapter, or that
would cause further transaction of business to be hazardous to the
insurer's policyholders or creditors or the public.