§ 27-4.7-3. RBC reports.
(a) A domestic health organization 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 that is required
by the RBC instructions. In addition, a domestic health organization 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 health organization is authorized
to do business, if t
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§ 27-4.7-3. RBC reports.
(a) A domestic health organization 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 that is required
by the RBC instructions. In addition, a domestic health organization 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 health organization is authorized
to do business, if the insurance commissioner has notified the health organization
of its request in writing, in which case the health organization 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 health organization's RBC shall be determined in accordance with the formula set
forth in the RBC instructions. The formula shall take the following into account (and
may adjust for the covariance between) determined in each case by applying the factors
in the manner set forth in the RBC instructions:
(1) Asset risk;
(2) Credit risk;
(3) Underwriting risk; and
(4) All other business risks and any other relevant risks that are set forth in the RBC
instructions.
(c) An excess of capital (i.e., net worth) 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 health insurance. Health
organizations 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 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 this chapter.
(d) If a domestic health organization files an RBC report that in the judgment of the
commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct
the inaccuracy and shall notify the health organization 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.�