Section 27-2B-1 – Short Title.

Section 27-2B-1 Short title. This chapter shall be known as the Alabama Risk-Based Capital (RBC) for Insurers Act. (Acts 1996, No. 96-784, p. 1426, §6.)

Section 27-2B-10 – Relationship to Other Laws; Adoption of Rules; Exemptions.

Section 27-2B-10 Relationship to other laws; adoption of rules; exemptions. (a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under other laws, including, but not limited to, Chapter 32, and Section 27-2-33. […]

Section 27-2B-11 – Foreign Insurers; Submission of Rbc Report or Plan; Application for Liquidation of Property.

Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation of property. (a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report, as of the end of the calendar year just ended, the later of either: (1) The date an RBC report would […]

Section 27-2B-12 – Liability of Commissioner or Department of Insurance.

Section 27-2B-12 Liability of commissioner or Department of Insurance. There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the Department of Insurance, or its employees or agents for any action taken by them in the performance of their powers and duties pursuant to this […]

Section 27-2B-13 – Effectiveness of Notice to Insurer.

Section 27-2B-13 Effectiveness of notice to insurer. All notices by the commissioner to an insurer that may result in regulatory action pursuant to this chapter, shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer’s receipt of the notice. […]

Section 27-2B-14 – Rbc Reports With Respect to 1996.

Section 27-2B-14 RBC reports with respect to 1996. (a) For RBC reports required to be filed by life insurers with respect to 1996, the following requirements shall apply in lieu of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7 as follows: (1) In the event of a company action level event, with respect to […]

Section 27-2B-14.1 – Rbc Reports With Respect to 2015.

Section 27-2B-14.1 RBC reports with respect to 2015. For RBC reports required to be filed by health organizations and fraternal benefit societies with respect to 2015, the following requirements shall apply in lieu of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7: (1) In the event of a company action level event with respect […]

Section 27-2B-2 – Definitions.

Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued by the commissioner specifying corrective actions which the commissioner has determined are […]

Section 27-2B-3 – Preparation and Submission of Rbc Report; Formulas; Desirability of Excess Capital; Adjustment of Inaccurate Rbc Report.

Section 27-2B-3 Preparation and submission of RBC report; formulas; desirability of excess capital; adjustment of inaccurate RBC report. (a) Every domestic insurer shall, on or prior to each March 1 (the “filing date”), prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, […]

Section 27-2B-4 – Company Action Level Event; Preparation and Submission of Rbc Plan or Revised Rbc Plan; Notification of Unsatisfactory Filing; Copies of Plans.

Section 27-2B-4 Company action level event; preparation and submission of RBC plan or revised RBC plan; notification of unsatisfactory filing; copies of plans. (a) Company action level event means any of the following events: (1) The filing of an RBC report by an insurer which indicates any of the following: a. The insurer’s total adjusted […]

Section 27-2B-5 – Regulatory Action Level Event; Commissioner’s Duties; Determination of Corrective Actions; Retention of Consultants.

Section 27-2B-5 Regulatory action level event; commissioner’s duties; determination of corrective actions; retention of consultants. (a) “Regulatory action level event” means, with respect to any insurer, any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to […]

Section 27-2B-6 – Authorized Control Level Event; Commissioner’s Duties.

Section 27-2B-6 Authorized control level event; commissioner’s duties. (a) “Authorized control level event” means any of the following events: (1) The filing of an RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level […]

Section 27-2B-7 – Mandatory Control Level Event; Commissioner’s Duties.

Section 27-2B-7 Mandatory control level event; commissioner’s duties. (a) “Mandatory control level event” means any of the following events: (1) The filing of an RBC report which indicates that the insurer’s total adjusted capital is less than its mandatory control level RBC. (2) Notification by the commissioner to the insurer of an adjusted RBC report […]

Section 27-2B-8 – Right to Departmental Hearing; Notification of Request for Hearing.

Section 27-2B-8 Right to departmental hearing; notification of request for hearing. (a) An insurer shall have the right to a departmental hearing, on the record, at which the insurer may challenge a determination or action by the commissioner upon any of the following: (1) Notification to an insurer by the commissioner of an adjusted RBC […]

Section 27-2B-9 – Confidentiality of Reports and Plans; Information Sharing Agreements; Publication of Rbc Levels Prohibited; Use of Reports and Plans by Commissioner.

Section 27-2B-9 Confidentiality of reports and plans; information sharing agreements; publication of RBC levels prohibited; use of reports and plans by commissioner. (a) All RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC plans, including the results or report of […]