Oklahoma § 36-1523 - Annual risk-based capital report - Factors - Adjustment

§ 36-1523. Annual risk-based capital report - Factors - Adjustment

of inaccurate reports.

A. Every domestic insurer shall, on or prior to each March 1,

which shall be known as the filing date, prepare and submit to the

Insurance Commissioner a report of its RBC Levels as of the end of

the calendar year just ended, in a form and containing such

information as is required by the RBC Instructions, as adopted by

the Commissioner by rule. In addition, every domestic insurer shall

file its RBC Report with the NAIC if required by the Commissioner.

B. 1. A life and health insurer's or fraternal benefit

society's RBC shall be determined in accordance with the formula set

forth in the RBC Instructions, as adopted by the Commissioner by

rule. The formula shall take into account, and may adjust for the

covariance between, the following factors:

a.

the risk with respect to the insurer's assets,

b.

the risk of adverse insurance experience with respect

to the insurer's liabilities and obligations,

c.

the interest rate risk with respect to the insurer's

business, and

d.

all other business risks and such other relevant risks

as are set forth in the RBC Instructions.

2. These factors shall be determined in each case by applying

the factors in the manner set forth in the RBC Instructions.

C. 1. A property and casualty insurer's RBC shall be

determined in accordance with the formula set forth in the RBC

Instructions, as adopted by the Commissioner by rule. The formula

shall take into account, and may adjust for the covariance between,

the following factors:

a.

asset risk,

b.

credit risk,

c.

underwriting risk, and

d.

all other business risks and such other relevant risks

as are set forth in the RBC Instructions.

2. These factors shall be determined in each case by applying

the factors in the manner set forth in the RBC Instructions.

D. If a domestic insurer files an RBC Report which in the

judgment of the Commissioner is inaccurate, then the Commissioner,

after notice and opportunity for comment, shall adjust the RBC

Oklahoma Statutes - Title 36. Insurance

Report to correct the inaccuracy and shall notify the insurer of the

adjustment. The notice shall contain a statement of the reason for

the adjustment. An RBC Report so adjusted shall be referred to as

an "Adjusted RBC Report".

Added by Laws 1997, c. 229, § 5, eff. July 1, 1997. Amended by Laws

2013, c. 269, § 5, eff. Nov. 1, 2013.