Indiana Code 27-1-36-29. “Company action level event”
(1) The filing of an RBC report by an insurer that indicates that:
Terms Used In Indiana Code 27-1-36-29
- adjusted RBC report: means an RBC report that has been adjusted by the commissioner under section 28 of this chapter. See Indiana Code 27-1-36-2
- authorized control level RBC: means , with respect to an insurer, the number determined under the risk-based capital formula in accordance with the RBC Instructions. See Indiana Code 27-1-36-4
- capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- company action level RBC: means , with respect to an insurer, the product of two (2) multiplied by the insurer's authorized control level RBC. See Indiana Code 27-1-36-6
- fraternal benefit society: refers to a society (as defined in IC 27-11-1-11) that holds a certificate of authority issued under IC 27-11-4 or IC 27-11-8-5. See Indiana Code 27-1-36-9.2
- health insurer: means the following:
Indiana Code 27-1-36-9.3
- insurer: includes :
Indiana Code 27-1-36-9.6
- life insurer: means an insurer that makes one (1) or more of the types of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-1-36-10
- negative trend: means , with respect to an insurer, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the RBC instructions. See Indiana Code 27-1-36-14
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property and casualty insurer: means an insurer that is authorized to make one (1) or more of the types of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-1-36-15
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
- RBC report: means the report required by section 25 of this chapter. See Indiana Code 27-1-36-20
- regulatory action level RBC: means , with respect to an insurer, the product of one and five-tenths (1. See Indiana Code 27-1-36-22
- total adjusted capital: means the sum of:
Indiana Code 27-1-36-24
(i) greater than or equal to its regulatory action level RBC; but
(ii) less than its company action level RBC;
(B) if a life insurer or a fraternal benefit society, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
(C) if a property and casualty insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend; or
(D) if a health insurer, the insurer:
(i) has a total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend.
(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates that:
(A) the insurer’s total adjusted capital is:
(i) greater than or equal to its regulatory action level RBC; but
(ii) less than its company action level RBC;
(B) if a life insurer or a fraternal benefit society, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
(C) if a property and casualty insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend; or
(D) if a health insurer, the insurer:
(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and
(ii) has a negative trend;
unless the insurer challenges the adjusted RBC report under section 44 of this chapter.
(3) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer’s challenge to an adjusted RBC report described in subdivision (2).
As added by P.L.186-1996, SEC.1. Amended by P.L.11-2011, SEC.23; P.L.81-2012, SEC.19; P.L.276-2013, SEC.26.