Iowa Code 521F.2 – Definitions
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Terms Used In Iowa Code 521F.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
521F.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “”Adjusted risk-based capital report”” means a risk-based capital report adjusted by the commissioner pursuant to § 521F.3, subsection 4.
2. “”Commissioner”” means the commissioner of insurance.
3. “”Corrective order”” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.
4. “”Domestic health organization”” means a health organization domiciled in this state.
5. “”Filing date”” means March 1 of each year.
6. “”Foreign health organization”” means a health organization that is not domiciled in this state.
7. “”Health organization”” means a health maintenance organization, limited service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation or other managed care organization licensed under chapter 514 or 514B, or any other entity engaged in the business of insurance, risk transfer, or risk retention, that is subject to the jurisdiction of the commissioner of insurance. “”Health organization”” does not include an insurance company licensed to transact the business of insurance under chapter
508, 515, or 520, and which is otherwise subject to chapter 521E.
8. “”Revised risk-based capital plan”” means a risk-based capital plan that has been rejected by the commissioner and has been revised by the health organization, with or without the commissioner’s recommendation.
9. “”Risk-based capital instructions”” means the instructions included in the risk-based capital report as adopted by the national association of insurance commissioners, as such risk-based capital instructions may be amended by the national association of insurance commissioners from time to time in accordance with the procedures adopted by the national association of insurance commissioners.
10. “”Risk-based capital level”” means a health organization’s company-action-level risk-based capital, regulatory-action-level risk-based capital, authorized-control-level risk-based capital, or mandatory-control-level risk-based capital as follows:
a. “”Company-action-level risk-based capital”” means the product of two and the health organization’s authorized-control-level risk-based capital.
b. “”Regulatory-action-level risk-based capital”” means the product of one and one-half and the health organization’s authorized-control-level risk-based capital.
c. “”Authorized-control-level risk-based capital”” means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions.
d. “”Mandatory-control-level risk-based capital”” means the product of seven-tenths and the health organization’s authorized-control-level risk-based capital.
11. “”Risk-based capital plan”” means a comprehensive financial plan containing the elements identified in § 521F.4, subsection 2.
12. “”Risk-based capital report”” means the report required in § 521F.3.
13. “”Total adjusted capital”” means the sum of the following:
a. A health organization’s statutory capital and surplus.
b. Such other items, if any, as identified in the risk-based capital instructions.
2000 Acts, ch 1050, §2; 2017 Acts, ch 148, §99
As used in this chapter, unless the context otherwise requires:
1. “”Adjusted risk-based capital report”” means a risk-based capital report adjusted by the commissioner pursuant to § 521F.3, subsection 4.
2. “”Commissioner”” means the commissioner of insurance.
3. “”Corrective order”” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.
4. “”Domestic health organization”” means a health organization domiciled in this state.
5. “”Filing date”” means March 1 of each year.
6. “”Foreign health organization”” means a health organization that is not domiciled in this state.
7. “”Health organization”” means a health maintenance organization, limited service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation or other managed care organization licensed under chapter 514 or 514B, or any other entity engaged in the business of insurance, risk transfer, or risk retention, that is subject to the jurisdiction of the commissioner of insurance. “”Health organization”” does not include an insurance company licensed to transact the business of insurance under chapter
508, 515, or 520, and which is otherwise subject to chapter 521E.
8. “”Revised risk-based capital plan”” means a risk-based capital plan that has been rejected by the commissioner and has been revised by the health organization, with or without the commissioner’s recommendation.
9. “”Risk-based capital instructions”” means the instructions included in the risk-based capital report as adopted by the national association of insurance commissioners, as such risk-based capital instructions may be amended by the national association of insurance commissioners from time to time in accordance with the procedures adopted by the national association of insurance commissioners.
10. “”Risk-based capital level”” means a health organization’s company-action-level risk-based capital, regulatory-action-level risk-based capital, authorized-control-level risk-based capital, or mandatory-control-level risk-based capital as follows:
a. “”Company-action-level risk-based capital”” means the product of two and the health organization’s authorized-control-level risk-based capital.
b. “”Regulatory-action-level risk-based capital”” means the product of one and one-half and the health organization’s authorized-control-level risk-based capital.
c. “”Authorized-control-level risk-based capital”” means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions.
d. “”Mandatory-control-level risk-based capital”” means the product of seven-tenths and the health organization’s authorized-control-level risk-based capital.
11. “”Risk-based capital plan”” means a comprehensive financial plan containing the elements identified in § 521F.4, subsection 2.
12. “”Risk-based capital report”” means the report required in § 521F.3.
13. “”Total adjusted capital”” means the sum of the following:
a. A health organization’s statutory capital and surplus.
b. Such other items, if any, as identified in the risk-based capital instructions.
2000 Acts, ch 1050, §2; 2017 Acts, ch 148, §99