RSA 404-F:1 · Definitions

404-F:1 Definitions. – In this chapter:

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I.

"Adjusted RBC report" means an RBC report which has been adjusted by the commissioner in accordance with RSA 404-F:2, V.

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II.

"Corrective order" means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.

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III.

"Domestic insurer" means any insurance company domiciled in this state.

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IV.

"Foreign insurer" means any insurance company which is licensed to do business in this state under title XXXVII but is not domiciled in this state. IV-a. "Health organization" means a health maintenance organization, limited health service organization, dental or vision plan, health service corporation, or other managed care organization licensed under title XXXVII.

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V.

"NAIC" means the National Association of Insurance Commissioners.

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VI.

"Life and/or health insurer" means any insurance company licensed under title XXXVII writing life, accident and health insurance or a licensed property and casualty insurer writing only accident and health insurance.

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VII.

"Property and casualty insurer" means any insurance company licensed under title XXXVII but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers.

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VIII.

"Negative trend" means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the "trend test calculation" included in the RBC instructions.

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IX.

"RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as such RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.

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X.

"RBC level" means an insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:

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(a)

"Company action level RBC" means, with respect to any insurer, the product of 2.0 and its authorized control level RBC;

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(b)

"Regulatory action level RBC" means the product of 1.5 and its authorized control level RBC;

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(c)

"Authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instructions;

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(d)

"Mandatory control level RBC" means the product of .70 and the authorized control level RBC.

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XI.

"RBC plan" means a comprehensive financial plan containing the elements specified in RSA 404-F:3, II. If the commissioner rejects the RBC plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan."

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XII.

"RBC report" means the report required in RSA 404-F:2.

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XIII.

"Total adjusted capital" means the sum of:

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(a)

An insurer's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual financial statements required to be filed; and

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(b)

Such other items, if any, as the RBC instructions may provide. Source. 1995, 113:1. 2000, 207:1, 2, eff. July 29, 2000. 2018, 177:1, eff. Aug. 7, 2018.

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