§ 58-4-48 — Minimum levels of risk

Any life and health and property and casualty insurer, and any insurer subject to chapters 58-37A , 58-38 , 58-39 , 58-40 , and 58-41 , domiciled in this state shall maintain minimum levels of risk - based capital to transact the business of insurance in this state. Each life and health and property and casualty domestic insurer, and any insurer subject to chapters 58-37A , 58-38 , 58-39 , 58-40 , and 58-41 , shall file with the director, on or before March first of each year, a report disclosing the insurer's level of risk - based capital. Any foreign life and health and property and casualty insurer, and any insurer subject to chapters 58-37A , 58-38 , 58-39 , 58-40 , and 58-41 , shall file a similar report upon the request of the director. The director of the Division of Insurance may promulgate rules, pursuant to chapter 1-26 , regarding the filing of risk - based capital reports, the establishment of various minimum levels of risk - based capital requirements, the criteria and standards for which an insurer shall be required to submit a risk - based capital plan, the director's authority to revise or adopt the insurer's risk - based capital report or plan, the opportunity for hearing regarding the director's decision to revise an insurer's risk - based capital report or plan, the director's authority to require corrective actions, the confidentiality of risk - based capital reports and plans, and the exemption of certain insurers from the requirements of this section. The director may promulgate rules, pursuant to chapter 1-26 , concerning the filing of risk - based capital reports to assist the director in the evaluation of the hazardous financial condition of an insurer pursuant to § 58-4-39 .

Legislative History

SL 1996, ch 289; SL 2001, ch 269, § 1.