New Hampshire Revised Statutes 404-F:1 – Definitions
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In this chapter:
I. “Adjusted RBC report” means an RBC report which has been adjusted by the commissioner in accordance with N.H. Rev. Stat. § 404-F:2, V.
II. “Corrective order” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.
III. “Domestic insurer” means any insurance company domiciled in this state.
IV. “Foreign insurer” means any insurance company which is licensed to do business in this state under title XXXVII but is not domiciled in this state.
IV-a. “Health organization” means a health maintenance organization, limited health service organization, dental or vision plan, health service corporation, or other managed care organization licensed under title XXXVII.
V. “NAIC” means the National Association of Insurance Commissioners.
VI. “Life and/or health insurer” means any insurance company licensed under title XXXVII writing life, accident and health insurance or a licensed property and casualty insurer writing only accident and health insurance.
VII. “Property and casualty insurer” means any insurance company licensed under title XXXVII but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers.
VIII. “Negative trend” means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the “trend test calculation” included in the RBC instructions.
IX. “RBC instructions” means 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.
X. “RBC level” means an insurer’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, 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 instructions;
(d) “Mandatory control level RBC” means the product of .70 and the authorized control level RBC.
XI. “RBC plan” means a comprehensive financial plan containing the elements specified in N.H. Rev. Stat. § 404-F:3, II. If the commissioner rejects the RBC plan, and it is revised by the insurer, with or without the commissioner’s recommendation, the plan shall be called the “revised RBC plan.”
XII. “RBC report” means the report required in N.H. Rev. Stat. § 404-F:2.
XIII. “Total adjusted capital” means the sum of:
(a) An insurer’s statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual financial statements required to be filed; and
(b) Such other items, if any, as the RBC instructions may provide.
I. “Adjusted RBC report” means an RBC report which has been adjusted by the commissioner in accordance with N.H. Rev. Stat. § 404-F:2, V.
Terms Used In New Hampshire Revised Statutes 404-F:1
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. “Corrective order” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.
III. “Domestic insurer” means any insurance company domiciled in this state.
IV. “Foreign insurer” means any insurance company which is licensed to do business in this state under title XXXVII but is not domiciled in this state.
IV-a. “Health organization” means a health maintenance organization, limited health service organization, dental or vision plan, health service corporation, or other managed care organization licensed under title XXXVII.
V. “NAIC” means the National Association of Insurance Commissioners.
VI. “Life and/or health insurer” means any insurance company licensed under title XXXVII writing life, accident and health insurance or a licensed property and casualty insurer writing only accident and health insurance.
VII. “Property and casualty insurer” means any insurance company licensed under title XXXVII but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers.
VIII. “Negative trend” means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the “trend test calculation” included in the RBC instructions.
IX. “RBC instructions” means 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.
X. “RBC level” means an insurer’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, 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 instructions;
(d) “Mandatory control level RBC” means the product of .70 and the authorized control level RBC.
XI. “RBC plan” means a comprehensive financial plan containing the elements specified in N.H. Rev. Stat. § 404-F:3, II. If the commissioner rejects the RBC plan, and it is revised by the insurer, with or without the commissioner’s recommendation, the plan shall be called the “revised RBC plan.”
XII. “RBC report” means the report required in N.H. Rev. Stat. § 404-F:2.
XIII. “Total adjusted capital” means the sum of:
(a) An insurer’s statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual financial statements required to be filed; and
(b) Such other items, if any, as the RBC instructions may provide.