§ 8301. Definitions As used in this chapter: (1) “Adjusted risk based capital report” means a risk based capital report that has been adjusted by the Commissioner in accordance with subsection 8302(e) of this title. (2) “Commissioner” means the Commissioner of Financial Regulation. (3) “Corrective order” means an order issued by the Commissioner specifying corrective […]
§ 8302. Risk based capital report (a) Each domestic insurer shall annually prepare and submit to the Commissioner a report of its risk based capital level for the calendar year just ended. The report shall be filed prior to March 1 each year and shall be in the form and contain such information as is […]
§ 8303. 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 that: (A) the insurer’s total adjusted capital is greater than or equal to its regulatory action level risk based capital but less than its […]
§ 8304. Regulatory action level event (a) The following are deemed to be regulatory action level events and subject to the requirements of this section: (1) A risk based capital report or final adjusted risk based capital report which indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control […]
§ 8305. Authorized control level event (a) The following are deemed to be authorized control level events and subject to the requirements of this section: (1) A risk based capital report or final adjusted risk based capital report which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control […]
§ 8306. Mandatory control level event (a) A risk based capital report or final adjusted risk based capital report which indicates that the insurer’s total adjusted capital is less than its mandatory control level risk based capital shall be a mandatory control level event and subject to the requirements of this section. (b) Upon the […]
§ 8307. Hearings Upon receipt of any notice required under subsection 8302(e), 8303(c) or (d), subdivision 8304(a)(4) or (5), or subsection 8304(c) of this title, any insurer aggrieved by any action taken under those sections may appeal to the Commissioner within five days of receipt of notice of the action. The hearing shall be subject […]
§ 8308. Confidentiality and prohibition on announcements (a) All risk based capital reports, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, and risk based capital plans, including the results or report of any examination or analysis of an insurer performed pursuant […]
§ 8309. Supplemental provisions (a) The provisions of this chapter are in addition 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 such laws, including chapter 145 of this title. (b) The Commissioner may adopt rules necessary for the […]
§ 8310. Foreign insurers (a) A foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner a risk based capital report for the calendar year just ended. The requested report shall be filed not later than the later of 15 days from the receipt of notice to file the report with […]
§ 8311. Notices All notices by the Commissioner to an insurer under this chapter shall be effective upon mailing if sent by registered or certified mail, or, in the case of any other type of transmission, shall be effective upon the insurer’s receipt of such notice. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. […]
§ 8312. Confidentiality of risk based capital reports All risk based capital reports concerning insurance companies that are not included in section 8308 of this title that are submitted to the Department by the NAIC or other states are confidential and shall not be disclosed by the Department. (Added 1993, No. 235 (Adj. Sess.), § […]
§ 8313. Immunity There shall be no liability on the part of and no cause of action shall arise against the Commissioner or the Department of Financial Regulation or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter. (Added 2013, No. 29, § […]
