§ 27-4.6-1 Definitions
§ 27-4.6-2 RBC reports
§ 27-4.6-3 Company action level event
§ 27-4.6-4 Regulatory action level event
§ 27-4.6-5 Authorized control level event
§ 27-4.6-6 Mandatory control level event
§ 27-4.6-7 Hearings
§ 27-4.6-8 Confidentiality – Prohibition on announcements – Prohibition on use in ratemaking
§ 27-4.6-9 Supplemental provisions – Rules – Exemption
§ 27-4.6-10 Foreign insurers
§ 27-4.6-11 Immunity
§ 27-4.6-12 Notices
§ 27-4.6-13 Severability
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Terms Used In Rhode Island General Laws > Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corrective order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. See Rhode Island General Laws 27-4.6-1
  • Domestic insurer: means any insurance company domiciled in this state. See Rhode Island General Laws 27-4.6-1
  • 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 chapter 2 of this title but is not domiciled in this state. See Rhode Island General Laws 27-4.6-1
  • in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • NAIC: means the National Association of Insurance Commissioners. See Rhode Island General Laws 27-4.6-1
  • 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. See Rhode Island General Laws 27-4.6-1
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Property and casualty insurer: means all other insurance companies licensed under chapters 1 or 2 of this title but shall not include mono-line mortgage guaranty insurers, financial guaranty insurers and title insurers. See Rhode Island General Laws 27-4.6-1
  • 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 in accordance with the procedures adopted by the NAIC. See Rhode Island General Laws 27-4.6-1
  • RBC plan: means a comprehensive financial plan containing the elements specified in Rhode Island General Laws 27-4.6-1
  • RBC report: means the report required in Rhode Island General Laws 27-4.6-1
  • 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:

    (i)  An insurer's statutory capital and surplus; and

    (ii)  Those other items, if any, as the RBC instructions may provide. See Rhode Island General Laws 27-4.6-1

  • trend test calculation: include d in the RBC instructions. See Rhode Island General Laws 27-4.6-1