Depends upon where you live/fish. Check your regs, they should make it pretty clear.
In Wisconsin it would be one hook but in Connecticut (I think) each "point" counts as a hook. In WI I am allowed three hooks, lures or baits which would let me cover one "bait" with three hooks yet would still only count as one "bait". The intention being to catch one fish per rig. An umbrella rig could be construed as a multi-fish rig.
I have considered using an umbrella here for muskies and would probably pull only three wires to stay this side of having fun.
/mike
