§ 24-A §6452 — Risk-based capital reports

1.
Duty to file.
A domestic insurer shall, on or before March 1st, submit to the superintendent a report of its risk-based capital levels as of the end of the previous calendar year, in a form and containing such information as is required by the risk-based capital instructions. In addition, a domestic insurer shall file its risk-based capital report:
2.
Determination of a life or health insurer's risk-based capital.
A life or health insurer's risk-based capital must be determined in accordance with the formula set forth in the risk-based capital instructions. The formula must take into account, and may adjust for the covariance between, the following:
3.
Filing of inaccurate report.
If a domestic insurer files a risk-based capital report that in the judgment of the superintendent is inaccurate, then the superintendent shall adjust the risk-based capital report to correct the inaccuracy and notify the insurer of the adjustment. The notice must contain a statement of the reason for the adjustment. A risk-based capital report so adjusted is referred to as an adjusted risk-based capital report.
4.
Determination of a property and casualty insurer's risk-based capital.
A property and casualty insurer's risk-based capital is determined in accordance with the formula set forth in the risk-based capital instructions. The formula must take into account and may adjust for the covariance between the following:

Legislative History

PL 1993, c. 634, §A1 (NEW). PL 1997, c. 81, §§5,6 (AMD). PL 1999, c. 113, §25 (AMD).