This text of Nebraska § 44-6015 (Risk-based capital reports) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)Every domestic insurer or domestic health organization shall annually,
on or prior to March 1, referred to in this section as the filing date, prepare
and submit to the director a risk-based capital report of its risk-based capital
levels as of the end of the calendar year just ended, in a form and containing
such information as is required by the risk-based capital instructions. In
addition, every domestic insurer or domestic health organization shall file
its risk-based capital report:
(a)With the National Association of Insurance Commissioners in accordance
with the risk-based capital instructions; and
(b)With the insurance commissioner in any state in which the insurer
or health organization is authorized to do business if such insurance commissioner
has notified the insurer or h
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(1) Every domestic insurer or domestic health organization shall annually,
on or prior to March 1, referred to in this section as the filing date, prepare
and submit to the director a risk-based capital report of its risk-based capital
levels as of the end of the calendar year just ended, in a form and containing
such information as is required by the risk-based capital instructions. In
addition, every domestic insurer or domestic health organization shall file
its risk-based capital report:
(a) With the National Association of Insurance Commissioners in accordance
with the risk-based capital instructions; and
(b) With the insurance commissioner in any state in which the insurer
or health organization is authorized to do business if such insurance commissioner
has notified the insurer or health organization of its request in writing,
in which case the insurer or health organization shall file its risk-based
capital report not later than the later of:
(i) Fifteen days after the receipt of notice to file its risk-based
capital report with such state; or
(ii) The filing date.
(2) A life and health insurer's or
a fraternal benefit society's risk-based capital shall be determined
in accordance with the formula set forth in the risk-based capital instructions.
The formula shall take into account and may adjust for the covariance between:
(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 risk-based capital instructions.
Such risks shall be determined in each case by applying the factors
in the manner set forth in the risk-based capital instructions.
(3) A property and casualty insurer's risk-based capital shall be determined
in accordance with the formula set forth in the risk-based capital instructions.
The formula shall take into account and may adjust for the covariance between:
(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 risk-based capital instructions.
Such risks shall be determined in each case by applying the factors
in the manner set forth in the risk-based capital instructions.
(4) A health organization's risk-based capital shall be determined in
accordance with the formula set forth in the risk-based capital instructions.
The formula shall take into account and may adjust for the covariance between:
(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 risk-based capital instructions.
Such risks shall be determined in each case by applying the factors
in the manner set forth in the risk-based capital instructions.
(5) An excess of capital over the amount produced by the risk-based
capital requirements contained in the Insurers and Health Organizations Risk-Based
Capital Act and the formulas, schedules, and instructions referenced in the
act is desirable in the business of insurance. Accordingly, insurers and health
organizations should seek to maintain capital above the risk-based capital
levels required by the act. Additional capital is used and useful in the insurance
business and helps to secure an insurer or a health organization against various
risks inherent in, or affecting, the business of insurance and not accounted
for or only partially measured by the risk-based capital requirements contained
in the act.
(6) If a domestic insurer or a domestic health organization files a
risk-based capital report which in the judgment of the director is inaccurate,
the director shall adjust the risk-based capital report to correct the inaccuracy
and shall notify the insurer or health organization of the adjustment. The
notice shall contain a statement of the reason for the adjustment.