(a) 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 commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in:

1. (1) this section;
2. (2) section 4(a) and 4(c) of this chapter; and

3. (3) section 4(b) of this chapter or a provision such as the following:

   Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within fifteen (15) days after the end of the month in which it learns of each such change or addition.

   Any insurer which is subject to registration under this section shall register within fifteen (15) days after it becomes subject to registration, and annually thereafter by July 1 of each year for the previous calendar year, unless the commissioner for good cause shown extends the time for registration, and then within such extended time. The commissioner may require any authorized insurer which is a member of an insurance holding company system but not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurer with the insurance regulatory authority of its domiciliary jurisdiction.

(b) Every insurer subject to registration shall file a registration statement on a form prescribed by the commissioner, which shall contain current information about all of the following:

1. (1) The capital structure, general financial condition, ownership and management of the insurer and any person controlling the insurer.
2. (2) The identity of every member of the insurance holding company system.

3. (3) The following agreements in force, relationships subsisting, and transactions that are currently outstanding or that have occurred during the last calendar year between such insurer and its affiliates:

   1. (A) loans, other investments, or purchases, sales or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates;
   2. (B) purchases, sales, or exchanges of assets;
   3. (C) transactions not in the ordinary course of business;
   4. (D) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;
   5. (E) all management and service contracts and all cost-sharing arrangements;
   6. (F) reinsurance agreements;
   7. (G) dividends and other distributions to shareholders; and
   8. (H) consolidated tax allocation agreements.
4. (4) Any pledge of the insurer's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system.
5. (5) If requested by the commissioner, financial statements of the insurance holding company system, the parent corporation of the insurer, or all affiliates, including annual audited financial statements filed with the federal Securities and Exchange Commission under the Securities Act of 1933 or the federal Securities Exchange Act of 1934, both as amended.

6. (6) Statements reflecting that the insurer's:

   1. (A) board of directors oversees corporate governance and internal controls; and
   2. (B) officers or senior management have approved and implemented and maintain and monitor corporate governance and internal control procedures.
7. (7) Other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms prescribed by the commissioner.
8. (8) Other information that the commissioner requires under rules adopted under IC 4-22-2 .

(m) The commissioner may impose on a person a civil penalty of one hundred dollars ($100) per day that the person fails to file, within the period specified, a:

1. (1) registration statement; or

2. (2) summary of a registration statement or enterprise risk filing;

   required by this section. The commissioner shall deposit a civil penalty collected under this subsection in the department of insurance fund established by IC 27-1-3-28 .

   Formerly: Acts 1971, P.L.387, SEC.1. As amended by Acts 1981, P.L.244, SEC.3; P.L.26-1991, SEC.11; P.L.81-2012, SEC.14; P.L.129-2014, SEC.7; P.L.72-2016, SEC.11.