Terms Used In West Virginia Code > Chapter 33 > Article 40 - Risk-Based Capital (Rbc) for Insurers

• Adjusted RBC report: means an RBC report which has been adjusted by the commissioner in accordance with subsection (e), section two of this article. See West Virginia Code 33-40-1
• 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 which the commissioner has determined are required. See West Virginia Code 33-40-1
• Domestic insurer: means any insurance company, farmers&rsquo. See West Virginia Code 33-40-1
• 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 which is licensed to do business in this state under article three of this chapter but is not domiciled in this state. See West Virginia Code 33-40-1
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• 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}
• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• 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 West Virginia Code 33-40-1
• 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 West Virginia Code 33-40-1
• Property and casualty insurer: means any insurance company licensed under article three of this chapter or any farmers&rsquo. See West Virginia Code 33-40-1
• 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, from time to time, in accordance with the procedures adopted by the NAIC. See West Virginia Code 33-40-1
• RBC plan: means a comprehensive financial plan containing the elements specified in subsection (b), section three of this article. See West Virginia Code 33-40-1
• RBC report: means the report required in section two of this article. See West Virginia Code 33-40-1
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• 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:

  (1) An insurer&rsquo. See West Virginia Code 33-40-1