MARVIN MANDEL, Governor                          611

sioner, for good cause shown, extends the time for registration and
then within such extended time.

(b) Every insurer subject to registration shall file a registration
statement on a form provided by the Commissioner, which shall con-
tain current information about:

(1)    the corporate and capital structure, general financial con-
dition, ownership and management of the insurer and all its affili-
ates;

(2)    the following transactions between such insurer and its
affiliates which are in force at the time such insurer becomes subject
to registration:

(1) (I) loans, other investments, purchases, sales or exchanges
of securities of the affiliate by the insurer or of the insurer by its
affiliates;

(ii) purchases, sales, or exchanges or OF assets;

(iii) transactions not in the ordinary course of business;

(iv) guarantees or undertakings for the benefit of an affiliate,
which result in an actual contingent exposure of the insurer's as-
sets to liability, other than insurance contracts entered into in the
ordinary course of the insurer's business;

(v) all management and service contracts and all cost-sharing
arrangements, other than cost allocation arrangements based upon
generally accepted accounting principles; and

(vi) reinsurance agreements covering substantially one or more
lines of insurance of the ceding company.

(3) other MATERIAL matters as may be included in registration
forms adopted by the Commissioner.

(c)    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 TWENTY days after
it learns or in the exercise of due diligence should have learned of such
change or addition on forms provided by the Commissioner.

(d)    The Commissioner shall terminate the registration of any
insurer which demonstrates that it no longer is a member of an in-
surance holding company system.

(e)    The Commissioner may allow or require two or more affili-
ated insurers subject to registration hereunder to file consolidated
reports amending their respective registration statements.

(f)    The Commissioner may allow or require any insurer which
is authorized to do business in this state and which is part of an
insurance holding company system to register on behalf of any
affiliated insurer which is required to register under subsection (a)
and to file all information and material required to be filed under
this Act.

(g)    The provisions of this section shall not apply to any insurer
OR AFFILIATE if and to the extent that the Commissioner by rule
or regulation or by order shall exempt the same from the provisions
of this section as not comprehended within the purpose of this section.