Terms Used In Montana Code > Title 33 > Chapter 2 > Part 19 - Risk-Based Capital for Insurers

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Corrective order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. See Montana Code 33-2-1902
• Domestic insurer: means any insurance company or health organization domiciled in this state. See Montana Code 33-2-1902
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Foreign insurer: means any insurance company licensed to do business in this state under 33-2-116 but not domiciled in this state, or a health organization licensed to do business in this state under Title 33, chapter 31, but not domiciled in this state. See Montana Code 33-2-1902
• Health organization: means a health maintenance organization or other managed care organization licensed under Title 33, chapter 31. See Montana Code 33-2-1902
• Insurer: includes life or other disability insurers, property and casualty insurers, and health organizations. See Montana Code 33-2-1902
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life or disability insurer: means :

  (a)any insurance company licensed under 33-2-116 and engaged in the business of entering into contracts of disability insurance, as described in 33-1-207, or life insurance, as described in 33-1-208;

  (b)a licensed property and casualty insurer writing only disability insurance;

  (c)any insurer engaged solely in the business of reinsurance of life or disability contracts;

  (d)a fraternal benefit society formed under Title 33, chapter 7; or

  (e)a health service corporation formed under Title 33, chapter 30. See Montana Code 33-2-1902

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: means the national association of insurance commissioners. See Montana Code 33-2-1902
• Negative trend: means , with respect to a life or health insurer, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the RBC instructions. See Montana Code 33-2-1902
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Property: means real and personal property. See Montana Code 1-1-205
• Property and casualty insurer: means :

  (i)any insurance company licensed under 33-2-116 and engaged in the business of entering into contracts of property insurance, as described in 33-1-210, or casualty insurance, as described in 33-1-206;

  (ii)any insurance company engaged solely in the business of reinsurance of property and casualty contracts; or

  (iii)any insurance company engaged in the business of surety and marine insurance. See Montana Code 33-2-1902

• RBC instructions: means the RBC report, including risk-based capital instructions adopted by the NAIC, as the RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Montana Code 33-2-1902
• RBC plan: means a comprehensive financial plan containing the elements specified in 33-2-1904(2). See Montana Code 33-2-1902
• RBC report: means the report required in 33-2-1903. See Montana Code 33-2-1902
• regulatory action level RBC: means , except for the state fund as provided in subsection (12)(d)(ii), the product of 1. See Montana Code 33-2-1902
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Total adjusted capital: means the sum of:

  (a)an insurer's statutory capital and surplus; and

  (b)other items, if any, as the RBC instructions may provide. See Montana Code 33-2-1902

• Writing: includes printing. See Montana Code 1-1-203