Oklahoma § 36-1522 - Definitions

§ 36-1522. Definitions

As used in this act:

1. "Adjusted RBC Report" means an RBC report which has been

adjusted by the Insurance Commissioner in accordance with subsection

D of Section 1523 of this title;

2. "Corrective order" means an order issued by the Commissioner

specifying corrective actions which the Commissioner has determined

are required;

Oklahoma Statutes - Title 36. Insurance

3. "Domestic insurer" means any insurance company domiciled in

this state;

4. "Foreign insurer" means any insurance company which has a

certificate of authority to do business in this state but is not

domiciled in this state;

5. "Life or health insurer" means any insurance company with a

certificate of authority to write life or health insurance, or a

licensed property and casualty insurer writing only accident and

health insurance;

6. "Negative trend" means, with respect to a life or health

insurer or a fraternal benefit society, negative trend over a period

of time, as determined in accordance with the "Trend Test

Calculation" included in the Life or Fraternal RBC Instructions;

7. "NAIC" means the National Association of Insurance

Commissioners;

8. "Property and casualty insurer" means any insurance company

with a certificate of authority to write property or casualty

insurance, and shall not include monoline mortgage guaranty

insurers, financial guaranty insurers, or title insurers;

9. "RBC" means risk-based capital;

10. "RBC Instructions" means the RBC Report including riskbased capital instructions adopted by the NAIC, as adopted by the

Commissioner by rule, and any amendments thereto adopted by the

Commissioner by rule;

11. "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 RBC Instructions, and

d.

"Mandatory Control Level RBC" means the product of

0.70 and the Authorized Control Level RBC;

12. "RBC Plan" means a comprehensive financial plan containing

the elements specified in subsection B of Section 1524 of this

title;

13. "Revised RBC Plan" means an RBC Plan which is rejected by

the Commissioner and which is revised by the insurer with or without

the Commissioner's recommendations;

14. "RBC Report" means the report required in Section 1523 of

this title; and

15. "Total adjusted capital" means the sum of:

Oklahoma Statutes - Title 36. Insurance

a.

an insurer's statutory capital and surplus as

determined in accordance with the statutory accounting

applicable to the annual financial statements required

to be filed with the Commissioner, and

b.

such other items, if any, as the RBC Instructions, as

adopted by rule by the Commissioner, may provide.

Added by Laws 1997, c. 229, § 3, eff. July 1, 1997. Amended by Laws

2013, c. 269, § 4, eff. Nov. 1, 2013.