Arkansas § 23-63-1501 Definitions

Arkansas Statutes

§ 23-63-1501 — Definitions

Arkansas § 23-63-1501

Title23

This text of Arkansas § 23-63-1501 (Definitions) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-63-1501 (2026).

Text

As used in this subchapter:

(1)"Adjusted RBC report" means an RBC report that has been adjusted by the Insurance Commissioner in accordance with § 23-63-1502(d) ;

(2)"Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required;

(3)"Domestic health organization" means:

(A)A health maintenance organization domiciled in this state, as established under § 23-76-107 ; or (B) A hospital and medical service corporation as defined in § 23-75-101 ;

(4)"Foreign health organization" means a health organization licensed to do business in this state but is not domiciled in this state;

(5)(A) "Health organization" means a health maintenance organization, hospital and medical service corporation, limited health service

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As used in this subchapter: (1) "Adjusted RBC report" means an RBC report that has been adjusted by the Insurance Commissioner in accordance with § 23-63-1502(d) ; (2) "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required; (3) "Domestic health organization" means: (A) A health maintenance organization domiciled in this state, as established under § 23-76-107 ; or (B) A hospital and medical service corporation as defined in § 23-75-101 ; (4) "Foreign health organization" means a health organization licensed to do business in this state but is not domiciled in this state; (5) (A) "Health organization" means a health maintenance organization, hospital and medical service corporation, limited health service organization, dental or vision plan, hospital, or a medical and dental indemnity or service corporation. (B) "Health organization" does not include: (i) An organization that is licensed as either a life and health insurer; or (ii) A property and casualty insurer that is subject to the life or property and casualty RBC requirements; (6) "NAIC" means the National Association of Insurance Commissioners; (7) "RBC instructions" means the RBC report, including risk-based capital instructions adopted by the NAIC, as these RBC instructions may be amended by the NAIC according to the procedures adopted by the NAIC; (8) "RBC level" means a health organization's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC when: (A) "Authorized control level RBC" means the number determined under the risk-based capital formula according to the RBC instructions; (B) "Company action level RBC" means, with respect to a health organization, the product of two (2) and its authorized control level RBC; (C) "Mandatory control level RBC" means the product of seven-tenths (0.7) and the authorized control level RBC; and (D) "Regulatory action level RBC" means the product of one and five-tenths (1.5) and its authorized control level RBC; (9) "RBC plan" means a comprehensive financial plan containing the elements specified in § 23-63-1503(b) . If the commissioner rejects the RBC plan and it is revised by the health organization with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan"; (10) "RBC report" means the report required in § 23-63-1502 ; and (11) "Total adjusted capital" means the sum of: (A) A health organization's statutory capital and surplus, such as net worth, as determined according to the statutory accounting applicable to the annual financial statements required to be filed; and (B) Other items that the RBC instructions may provide.