§ 27-4.6-2. RBC reports.
(a) Every domestic insurer shall, on or prior to each March 1 (the "filing date�), prepare
and submit to the commissioner a report of its RBC levels as of the end of the calendar
year just ended, in a form and containing any information required by the RBC instructions.
In addition, every domestic insurer shall file its RBC report:
(1) With the NAIC in accordance with the RBC instructions; and
(2) With the insurance commissioner in any state in which the insurer is authorized to
do business, if the insurance commissioner has notified the insur
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§ 27-4.6-2. RBC reports.
(a) Every domestic insurer shall, on or prior to each March 1 (the "filing date�), prepare
and submit to the commissioner a report of its RBC levels as of the end of the calendar
year just ended, in a form and containing any information required by the RBC instructions.
In addition, every domestic insurer shall file its RBC report:
(1) With the NAIC in accordance with the RBC instructions; and
(2) With the insurance commissioner in any state in which the insurer is authorized to
do business, if the insurance commissioner has notified the insurer of its request
in writing, in which case the insurer shall file its RBC report not later than the
later of:
(i) Fifteen (15) days from the receipt of notice to file its RBC report with that state;
or
(ii) The filing date.
(b) A life and health insurer's RBC shall be determined in accordance with the formula
set forth in the RBC instructions. The formula shall take into account (and may adjust
for the covariance between): (1) The risk with respect to the insurer's assets; (2)
The risk of adverse insurance experience with respect to the insurer's liabilities
and obligations; (3) The interest rate risk with respect to the insurer's business;
and (4) All other business risks and any other relevant risks set forth in the RBC
instructions; determined in each case by applying the factors in the manner set forth
in the RBC instructions.
(c) A property and casualty insurer's RBC shall be determined in accordance with the formula
set forth in the RBC instructions. The formula shall take into account (and may adjust
for the covariance between): (1) Asset risk; (2) Credit risk; (3) Underwriting risk;
and (4) All other business risks and any other relevant risks set forth in the RBC
instructions; determined in each case by applying the factors in the manner set forth
in the RBC instructions.
(d) An excess of capital over the amount produced by the risk-based capital requirements
contained in this chapter and the formulas, schedules, and instructions referenced
in this chapter is desirable in the business of insurance. Insurers should seek to
maintain capital above the RBC levels required by this chapter. Additional capital
is used and useful in the insurance business and helps to secure an insurer 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
this chapter.
(e) If a domestic insurer files an RBC report, which in the judgment of the commissioner
is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy
and shall notify the insurer of the adjustment. The notice shall contain a statement
of the reason for the adjustment. An RBC report adjusted in this manner is referred
to as an "adjusted RBC report.�