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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1250.  Definitions. — As used in sections 375.1250 to 375.1275 and in the Risk-Based Capital (RBC) Instructions, the following terms mean:

  (1)  "Adjusted RBC report", an RBC report which has been adjusted in accordance with subsection 6 of section 375.1252;

  (2)  "Corrective order", an order issued by the director specifying corrective actions which the director has determined are required;

  (3)  "Director", the director of the department of commerce and insurance;

  (4)  "Domestic health organization", a health organization domiciled in this state;

  (5)  "Domestic insurer", any insurance company domiciled in this state;

  (6)  "Foreign health organization", a health organization that is licensed to do business in this state under chapter 354 but is not domiciled in this state;

  (7)  "Foreign insurer", any insurance company which is licensed to do business in this state under section 375.791, but is not domiciled in this state;

  (8)  "Health organization", a health services corporation, health maintenance organization, limited health service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation, or other managed care organization licensed under chapter 354, but not an organization that is defined as a life and health insurer or property and casualty insurer by this section and otherwise subject to either the life or property and casualty RBC requirements;

  (9)  "Life and health insurer", any insurance company licensed under chapter 376 or a licensed property and casualty insurer writing only accident and health insurance;

  (10)  "NAIC", the National Association of Insurance Commissioners;

  (11)  "Negative trend", with respect to life and health insurers, a negative trend over a period of time, as determined in accordance with the trend test calculations included in the RBC instructions;

  (12)  "Property and casualty insurer", any insurance company licensed under chapter 379, but such term shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers;

  (13)  "RBC instructions", the RBC report, including risk-based capital instructions adopted by the NAIC, as such RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC;

  (14)  "RBC level", an insurer's or health organization's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:

  (a)  "Company action level RBC" means, with respect to any insurer or health organization, the product of 2.0 and its authorized control level RBC;

  (b)  "Regulatory action level RBC" means the product of 1.5 and its authorized control level RBC;

  (c)  "Authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instruction; and

  (d)  "Mandatory control level RBC" means the product of .70 and the authorized control level RBC;

  (15)  "RBC plan", a comprehensive financial plan containing the elements specified in subsection 2 of section 375.1255.  If the director rejects the RBC plan and it is revised by the insurer or health organization, with or without the director's recommendation, the plan shall be called the "Revised RBC Plan";

  (16)  "RBC report", the report required in section 375.1252;

  (17)  "Total adjusted capital", the sum of:

  (a)  An insurer's or health organization's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial reports required to be filed under chapter 354 for health organizations, section 376.350 for domestic life and health insurers, section 379.105 for domestic property and casualty insurers and section 375.891 for foreign insurers; and

  (b)  Such other items, if any, as the RBC instructions may provide.

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(L. 1993 H.B. 709 § 1, A.L. 1996 S.B. 759, A.L. 2014 H.B. 1968)


< end of effective 28 Aug 2014 >

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