§ 23-63-1301. Title
This subchapter shall be known and may be cited as the “Risk-Based Capital Act”.
§ 23-63-1302. Definitions
As used in this subchapter: (1) “Adjusted RBC report” means a risk-based capital report that has been adjusted by the Insurance Commissioner under § 23-63-1303(e); (2) “Corrective order” means an order issued by the commissioner specifying corrective actions that the commissioner has determined are needed; (3) “Domestic insurer” means an insurance company domiciled in this […]
§ 23-63-1303. RBC reports
(a) Annually on or before March 1, each domestic insurer shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the previous calendar year in a form and containing the information as needed by the RBC instructions. In addition, each domestic insurer shall file its RBC […]
§ 23-63-1304. Company action level event — Definition
(a) As used in this subchapter, “company action level event” means any of the following events: (1) The filing of an RBC report by an insurer that indicates: (A) The insurer’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 […]
§ 23-63-1305. Regulatory action level event
(a) As used in this subchapter, “regulatory action level event” means, with respect to an insurer, any of the following events: (1) The filing of an RBC report by the insurer that shows the insurer’s total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action […]
§ 23-63-1306. Authorized control level event
(a) As used in this subchapter, “authorized control level event” means any of the following events: (1) The filing of an RBC report by the insurer that shows the insurer’s total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC; (2) The notification […]
§ 23-63-1307. Mandatory control level event — Definition
(a) As used in this subchapter, “mandatory control level event” means any of the following events: (1) The filing of an RBC report that shows the insurer’s total adjusted capital is less than its mandatory control level RBC; (2) Notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates the […]
§ 23-63-1308. Hearings
(a) (1) If any of the events listed in subsection (b) of this section occurs, the insurer shall have the right to a confidential administrative hearing on record, at which the insurer may challenge any determination or action by the Insurance Commissioner. (2) (A) The insurer shall notify the commissioner of its request for a […]
§ 23-63-1309. Confidentiality — Prohibition on announcements — Prohibition on use in ratemaking
(a) The RBC reports, to the extent the information in the RBC reports is not needed to be stated in a publicly available annual statement schedule, and RBC plans, including the results or report of an examination or analysis of an insurer performed under a corrective order issued by the Insurance Commissioner under examination or […]
§ 23-63-1310. Supplemental provisions — Rules — Exemption
(a) This subchapter is supplemental to other laws of this state and does not preclude or limit other powers or duties of the Insurance Commissioner under those laws, including without limitation § 23-68-101 et seq. (b) The commissioner may adopt reasonable rules necessary for the implementation of this subchapter. (c) The commissioner may exempt a […]
§ 23-63-1311. Foreign insurers
(a) Upon the written request of the Insurance Commissioner, a foreign insurer shall submit to the commissioner an RBC report as of the end of the calendar year just ended the later of: (1) The date an RBC report would be required to be filed by a domestic insurer under this subchapter; or (2) Fifteen […]
§ 23-63-1312. Immunity
There is no liability by and no cause of action shall arise against the Insurance Commissioner or the State Insurance Department or its employees or agents for action taken by them in the performance of their powers and duties under this subchapter.
§ 23-63-1313. Authority of commissioner to adopt rules
The Insurance Commissioner may adopt reasonable rules for the implementation and administration of this subchapter.
§ 23-63-1314. Penalties and liabilities
(a) If the Insurance Commissioner, after a hearing conducted according to § 23-61-301 et seq., finds that an insurer or a person has violated this subchapter, the commissioner may order: (1) For each separate violation, a penalty of one thousand dollars ($1,000) or if the commissioner has found willful misconduct or willful violation, a penalty […]
§ 23-63-1316. Notices
All notices by the Insurance Commissioner to an insurer that may result in regulatory action under this subchapter shall be effective on dispatch if transmitted by certified mail, or in the case of any other transmission shall be effective on the insurer’s receipt of the notice.