58-12-11. Company action level event. (a) "Company action level event" means any of the following events: (1) The filing of a risk-based capital report by an insurer that indicates any of the following: a. The insurer’s total adjusted capital is greater than or equal to its regulatory action level risk-based capital but less than its […]
58-12-16. Regulatory action level event. (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (1) The filing of a risk-based capital plan report by the insurer that indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control level risk-based capital but less […]
58-12-2. Definitions. As used in this Article, the following terms have the following meanings: (1) Adjusted risk-based capital report. – A risk-based capital report that has been adjusted by the Commissioner under G.S. 58-12-6. (2) Corrective order. – An order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required. (3) […]
58-12-21. Authorized control level event. (a) "Authorized control level event" means any of the following events: (1) The filing of a risk-based capital report by the insurer that indicates that the insurer’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 […]
58-12-25. Mandatory control level event. (a) "Mandatory control level event" means any of the following events: (1) The filing of a risk-based capital report that indicates that the insurer’s total adjusted capital is less than its mandatory control level risk-based capital. (2) Notification by the Commissioner to the insurer of an adjusted risk-based capital report […]
58-12-30. Hearings. Upon (i) notification to an insurer by the Commissioner of an adjusted risk-based capital report; or (ii) notification to an insurer by the Commissioner that the insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory, and the notification constitutes a regulatory action level event with respect to the insurer; or (iii) […]
58-12-35. Confidentiality and prohibition on announcements. (a) All risk-based capital reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and the risk-based capital plans, including the results or report of any examination or analysis of an insurer performed pursuant hereto and any corrective […]
58-12-4. Finding; endorsement of additional capital. The General Assembly finds that an excess of capital over the amount produced by the risk-based capital requirements contained in this Article and in the formulas, schedules, and instructions referenced in this Article is desirable in the business of insurance. Accordingly, the General Assembly encourages insurers to seek to […]
58-12-40. Supplemental provisions; rules; exemptions. (a) The provisions of this Article are supplemental to any other provisions of the laws of this State, and do not preclude or limit any other powers or duties of the Commissioner under those laws, including Article 30 of this Chapter. (b) Risk-based capital instructions, risk-based capital reports, adjusted risk-based […]
58-12-45. Foreign insurers. (a) Any foreign insurer shall, upon written request of the Commissioner, submit to the Commissioner a risk-based capital report as of the end of the calendar year just ended the later of: (1) The date a risk-based capital report would be required to be filed by a domestic insurer under this Article; […]
58-12-50. Notices. All notices by the Commissioner to an insurer that may result in regulatory action under this Article are effective upon dispatch if transmitted by registered or certified mail; or in the case of any other transmission are effective upon the insurer’s receipt of the notice. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
58-12-55. Phase-in provision. For risk-based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of G.S. 58-12-11: (1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder. (2) In the event […]
58-12-6. Risk-based capital reports. (a) Every domestic insurer shall, on or before each March 1 (the "filing date"), prepare and submit to the Commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing such information as is required by the risk-based capital […]
58-12-60. Property or casualty phase-in provision. For risk-based capital reports required to be filed by property or casualty insurers with respect to 1995, the following requirements apply in lieu of the provisions of G.S. 58-12-11, 58-12-16, 58-12-21, and 58-12-25: (1) In the event of a company action level event with respect to a domestic insurer, […]
58-12-65. Health organization phase-in provision. For risk-based capital reports required to be filed by health organizations with respect to calendar year 2001, the following requirements apply in lieu of the provisions of G.S. 58-12-11, 58-12-16, 58-12-21, and 58-12-25: (1) In the event of a company action level event with respect to a domestic insurer, the […]
58-12-70. HMO net worth requirements. The Commissioner may require an HMO to have and maintain a larger amount of net worth than prescribed in G.S. 58-67-110, based upon the principles of risk-based capital as determined by the NAIC or the Commissioner. (2001-223, s. 12.10.)
