§ 1324. Risk-based capital for property/casualty insurance companies.\n(a) Definitions. In this section:\n (1) "Adjusted RBC report" means an RBC report which has been adjusted\nby the superintendent in accordance with paragraph two of subsection (c)\nof this section.\n (2) "Corrective order" means an order issued by the superintendent\nspecifying corrective actions which the superintendent has determined\nare required.\n (3) "Domestic insurer" means any authorized property/casualty\ninsurance company either incorporated or organized under any law of this\nstate or, in the case of a United States branch of an alien insurer,\nentered into the United States through this state.\n (4) "Foreign insurer" means any authorized property/casualty insurance\ncompany either incorporated or organized under the laws of any state,\nother than this state, or in the case of a United States branch of an\nalien insurer, entered into the United States through any state other\nthan this state.\n (5) "Property/casualty insurance company" means any property/casualty\ninsurance company or United States branch of an alien insurer licensed\nunder article forty-one of this chapter, any reciprocal insurer licensed\nunder article sixty-one of this chapter or any advance premium\ncorporation or assessment corporation organized and licensed under\narticle sixty-six of this chapter.\n (6) "RBC" means risk-based capital.\n (7) "RBC instructions" means the RBC report including risk-based\ncapital instructions in effect as of December thirty-first, two thousand\nfour as issued by the national association of insurance commissioners,\nand which in addition to any other matter which may be required to be\nstated therein, either by law or by the superintendent pursuant to law,\nshall conform substantially to the form of the report and instructions\nadopted from time to time for such purpose by, or by the authority of,\nthe national association of insurance commissioners, together with such\nadditions, omissions, or modifications, similarly adopted from time to\ntime, as may be approved by the superintendent.\n (8) "RBC level" means an insurer's company action level RBC,\nregulatory action level RBC, authorized control level RBC, or mandatory\ncontrol level RBC where:\n (A) "Company action level RBC" means the product of 2.0 and the\ninsurer's authorized control level RBC;\n (B) "Regulatory action level RBC" means the product of 1.5 and the\ninsurer's authorized control level RBC;\n (C) "Authorized control level RBC" means the number determined under\nthe risk-based capital formula in accordance with the RBC instructions;\nand\n (D) "Mandatory control level RBC" means the product of .70 and the\ninsurer's authorized control level RBC.\n (9) "RBC plan" means a comprehensive financial plan containing the\nelements specified in paragraph two of subsection (d) of this section.\nIf the superintendent rejects the RBC plan, and it is revised by the\ninsurer, with or without the superintendent's recommendation, the plan\nshall be called the "revised RBC plan".\n (10) "RBC report" means the report required in subsection (c) of this\nsection.\n (11) "Total adjusted capital" means the sum of:\n (A) An insurer's statutory capital and surplus; and\n (B) Such other items, if any, as the RBC instructions may provide.\n (b) Applicability. (1) This section shall apply to every\nproperty/casualty insurance company, unless exempted under paragraph two\nof this subsection.\n (2) Except as set forth in subparagraph (C) of this paragraph, with\nprior written approval, the superintendent may exempt from the\nprovisions of this section a non-stock domestic property/casualty\ninsurance company which:\n (A)(i) Writes no direct business outside of this state;\n (ii) Writes direct annual premiums of twenty million dollars or less;\nand\n (iii) Assumes reinsurance premiums in an amount that is less than five\npercent of total direct premiums written; or\n (B)(i) Has total
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