The provisions of this chapter shall be known as The Risk-Based Capital Act and may be referred to herein as “the Act.” The Act shall apply to all persons licensed in the Commonwealth to transact an insurance business pursuant to provisions in Chapter 10 (§ 38.2-1000 et seq.), 11 (§ 38.2-1100 et seq.), 12 (§ […]
As used in this chapter, the following terms shall have the following meanings: “Adjusted RBC Report” means an RBC report which has been adjusted by the Commission in accordance with subsection F of § 38.2-5502. “Capital and surplus” or “capital,” except when used in the term “risk-based capital” or “adjusted capital,” means net worth of […]
A. Every domestic licensee shall, on or prior to each March 1, the “filing date,” prepare and submit to the Commission a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC Instructions. In addition, every domestic […]
A. “Company Action Level Event” means any of the following events: 1. The filing of an RBC Report by a licensee which indicates that: a. The licensee’s Total Adjusted Capital is greater than or equal to its Regulatory Action Level RBC but less than its Company Action Level RBC; b. If a life and health […]
A. “Regulatory Action Level Event” means, with respect to any licensee, any of the following events: 1. The filing of an RBC Report by the licensee which indicates that the licensee’s Total Adjusted Capital is greater than or equal to its Authorized Control Level RBC but less than its Regulatory Action Level RBC; 2. The […]
A. “Authorized Control Level Event” means any of the following events: 1. The filing of an RBC Report by the licensee which indicates that the licensee’s Total Adjusted Capital is greater than or equal to its Mandatory Control Level RBC but less than its Authorized Control Level RBC; 2. The notification by the Commission to […]
A. “Mandatory Control Level Event” means any of the following events: 1. The filing of an RBC Report which indicates that the licensee’s Total Adjusted Capital is less than its Mandatory Control Level RBC; 2. The notification by the Commission to the licensee of an Adjusted RBC Report that indicates the event in subdivision A […]
A. A licensee shall have the right to a confidential hearing, on a record before the Commission, at which the licensee may challenge any determination or action by the Commission, upon: 1. Notification to a licensee by the Commission of an Adjusted RBC Report; 2. Notification to a licensee by the Commission that (i) the […]
A. All RBC Plans and RBC Reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, which are filed with the Commission with respect to any domestic licensee or foreign licensee, constitute information that might be damaging to the licensee if made available to […]
A. The provisions of this Act are supplemental to any other provisions of the laws of this Commonwealth, and shall not preclude or limit any other powers or duties of the Commission, the Commissioner of Insurance, or any of the Commission’s employees or agents under such laws, including, but not limited to, the provisions of […]
A. Any foreign licensee shall, upon the written request of the Commission, submit to the Commission an RBC Report as of the end of the calendar year just ended not later than the later of: 1. The date an RBC Report would be required to be filed by a domestic licensee under this Act; or […]
There shall be no liability on the part of, and no cause of action shall arise against, the Commission, the Commissioner of Insurance, or any of the Commission’s employees or agents, acting in good faith, for any action taken by them in the performance of their powers and duties under this Act. 1995, c. 789.
Repealed by Acts 2015, c. 709, cl. 2.
All notices by the Commission to a licensee which may result in regulatory action hereunder 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 licensee’s receipt of such notice. 1995, c. 789; 2000, c. 47.
For RBC Reports required to be filed by insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of §§ 38.2-5503, 38.2-5504, 38.2-5505 and 38.2-5506: 1. In the event of a Company Action Level Event with respect to a domestic insurer, the Commission shall take no regulatory action hereunder. 2. […]
Expired.
