521F.1 Purpose. The purpose of this chapter is to establish minimum capital requirements for health organizations that will provide protection related to the risks to which an individual health organization may be subject including, but not limited to, the health organization’s assets risk, underwriting risk, credit risk, and other business risk. 2000 Acts, ch 1050, […]
521F.10 Supplemental provisions — rules — exemption. 1. This chapter shall not preclude or limit any other powers or duties of the commissioner under insurance laws including but not limited to chapter 507C. 2. The commissioner may adopt rules pursuant to chapter 17A as are necessary for the administration of this chapter. 3. The commissioner […]
521F.11 Foreign health organizations. 1. A foreign health organization, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report for the previous calendar year just ended by the later of the following: a. The filing date. b. Fifteen days after the request is received by the foreign health organization. […]
521F.12 Immunity. Liability shall not arise on the part of and a cause of action shall not arise against the commissioner or the insurance division or its employees or agents for an action taken in the exercise of powers or performance of duties under this chapter. 2000 Acts, ch 1050, §12
521F.13 Notices. Notice by the commissioner to a health organization which may result in regulatory action under this chapter is effective upon being sent if transmitted by certified mail, or, in the case of any other transmission, is effective upon the health organization’s receipt of the notice. 2000 Acts, ch 1050, §13
521F.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Adjusted risk-based capital report” means a risk-based capital report adjusted by the commissioner pursuant to section 521F.3, subsection 4. 2. “Commissioner” means the commissioner of insurance. 3. “Corrective order” means an order issued by the commissioner specifying corrective actions which the commissioner […]
521F.3 Risk-based capital reports. 1. A domestic health organization, on or prior to the filing date, shall prepare and submit to the commissioner a report of the health organization’s risk-based capital levels as of the end of the calendar year immediately preceding the filing date, in a form and containing the information required by the […]
521F.4 Company-action-level event. 1. “Company-action-level event” means any of the following: a. The filing of a risk-based capital report by a health organization which indicates that the health organization’s total adjusted capital is greater than or equal to its regulatory-action-level risk-based capital but less than its company-action-level risk-based capital. b. The filing of a risk-based […]
521F.5 Regulatory-action-level event. 1. “Regulatory-action-level event” means any of the following: a. The filing of a risk-based capital report by the health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its authorized-control-level risk-based capital but less than its regulatory-action-level risk-based capital. b. Notification by the commissioner to […]
521F.6 Authorized-control-level event. 1. “Authorized-control-level event” means any of the following: a. The filing of a risk-based capital report by the health organization which indicates that the health organization’s total adjusted capital is greater than or equal to its mandatory-control-level risk-based capital but less than its authorized-control-level risk-based capital. b. Notification by the commissioner to […]
521F.7 Mandatory-control-level event. 1. “Mandatory-control-level event” means any of the following: a. The filing of a risk-based capital report which indicates that a health organization’s total adjusted capital is less than its mandatory-control-level risk-based capital. b. Notification by the commissioner to a health organization of an adjusted risk-based capital report that indicates the event in […]
521F.8 Confidential hearings. 1. A health organization receiving a notification pursuant to subsection 2 is entitled to a confidential hearing before the insurance division, at which the health organization may challenge a determination or action by the commissioner. Upon receipt of the health organization’s request for a hearing, the commissioner shall set a date for […]
521F.9 Confidentiality — use of reports and information — prohibition on announcements — prohibition on use in ratemaking. 1. A risk-based capital report, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, a risk-based capital plan, including the results or report of […]
