§ 27-1-36-30 — Preparation and submission of RBC plan after company action level event

Indiana § 27-1-36-30

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 36: Risk Based Capital Requirements

Text

If a company action level event occurs, the
insurer shall prepare and submit to the commissioner an RBC plan that
does all the following:
(1) Addresses the following:
(A) The conditions that contribute to the insurer's RBC level.
(B) The key assumptions affecting the insurer's projections and
the sensitivity of the projections to the assumptions.
(C) The quality of, and problems associated with, the insurer's
business, including the following:
(i) Assets.
(ii) Anticipated business growth and associated surplus
strain.
(iii) Extraordinary exposure to risk.
(iv) Mix of business and use of reinsurance, if any, in each
case.
(2) Contains proposals for corrective actions that the insurer
intends to take and that would be expected to result in the
elimination of the RBC level.
(3) Provides projections of the insurer's financial results in the
current year and at least the four (4) consecutive succeeding
years, both in the absence of proposed corrective actions and
giving effect to the proposed corrective actions, including
projections of the following:
(A) Statutory operating income.
(B) Net income.
(C) Capital.
(D) Surplus. (The projections for both new and renewal
business may include separate projections for each major line
of business and separately identify each significant income,
expense, and benefit component.)

Legislative History

As added by P.L.186-1996, SEC.1.