As used in Sections 83-5-401 through 83-5-427, the following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise: “Adjusted RBC report” means a risk-based capital report which has been adjusted by the commissioner in accordance with Section 83-5-403(5). “Corrective order” means an order issued by the commissioner specifying corrective […]
Every domestic insurer shall, on or before each March 1, the filing date, prepare and submit to the commissioner 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 insurer shall […]
“Company action level event” means any of the following events: The filing of a RBC report by an insurer which indicates that: 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; If a life and/or health insurer, the insurer has […]
“Regulatory action level event” means, with respect to any insurer, any of the following events: The filing of a RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC; The notification by the […]
“Authorized control level event” means any of the following events: The filing of a RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC; The notification by the commissioner to the insurer of […]
“Mandatory control level event” means any of the following events: The filing of a RBC report which indicates that the insurer’s total adjusted capital is less than its mandatory control level RBC. Notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (a) of this subsection, if […]
In order to maintain the integrity of proceedings and prevent undue advantage to a competitor by disclosure of proprietary information, the insurer shall have the right to a confidential departmental hearing, on a record, at which the insurer may challenge any determination or action by the commissioner after notification by the commissioner as provided in […]
All RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC plans, including the results or report of any examination or analysis of an insurer performed pursuant hereto and any corrective order issued by the commissioner, as a result of examination […]
The provisions of Sections 83-5-401 through 83-5-427 are supplemental 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. The commissioner may promulgate rules and regulations necessary for the implementation of Sections 83-5-401 through 83-5-427. The commissioner may […]
Any foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a RBC report as of the end of the calendar year just ended the later of: The date a RBC report would be required to be filed by a domestic insurer under Sections 83-5-401 through 83-5-427; or Fifteen (15) days […]
There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under Sections 83-5-401 through 83-5-427.
If any provision of Sections 83-5-401 through 83-5-427, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of Sections 83-5-401 through 83-5-427 which can be given effect without the invalid provision or application, and to that end the provisions of Sections 83-5-401 through […]
All notices by the commissioner to an insurer 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 transmissions shall be effective upon the insurer’s receipt of such notice.
For RBC reports required to be filed by life insurers with respect to 1996, the following requirements shall apply in lieu of the provisions of Sections 83-5-405, 83-5-407, 83-5-409, and 83-5-411. In the event of a company action level event with respect to a domestic insurer, the commissioner shall take no regulatory action hereunder. In […]
