Or. Admin. Code § 410-141-5195 - CAPITALIZATION: Risk-based Capital (RBC) Definitions
As used in OAR 410-141-5195 to 410-141-5220:
(1) "Authorized Control Level RBC" means the
number determined under the risk-based capital formula in accordance with the
RBC Instructions.
(2) "Company
Action Level RBC" means, with respect to any CCO, the product of 2.0 (200
percent) and the CCO's Authorized Control Level RBC.
(3) "Corrective Order" means an order entered
by the Authority under specifying corrective actions the Authority determines
are required of a CCO in respect of its Total Adjusted Capital and its RBC
Level.
(4) "Mandatory Control Level
RBC" means the product of .70 (70 percent) and the CCO's authorized control
level RBC.
(5) "RBC Instructions"
means the RBC Report form and including risk-based capital instructions adopted
by the NAIC, as such form and instructions may be amended by the NAIC from time
to time and identified by the Authority to be applicable for the reporting
period. The applicable RBC Instructions prescribed by the Director referred to
in this rule are available for inspection at the office of the Authority. Any
person interested in inspecting RBC Instructions may contact the Authority at
actuarial.services@oha.oregon.gov.
(6) "RBC Level" means a CCO's Company Action
Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC or
Mandatory Control Level RBC.
(7)
"RBC Plan" means a comprehensive financial plan containing the elements
specified in OAR 410-141-5195 to
410-141-5220. If the Authority
rejects the RBC Plan and it is revised by the CCO with or without the
Authority's recommendation, the plan shall be called the "revised RBC
Plan."
(8) "RBC Report" means the
report required by OAR
410-141-5200.
(9) "Regulatory Action Level RBC" means the
product of 1.5 (150 percent) and the CCO's Authorized Control Level
RBC.
(10) "Total Adjusted Capital"
means the sum of:
(a) A CCO's capital and
surplus as determined in accordance with the Statutory Accounting Principles
applicable to the annual financial statements required to be filed under OAR
410-141-5015; and
(b) Such other items, if any, as the RBC
instructions may provide.
Notes
Statutory/Other Authority: ORS 413.042, 414.572, 414.591 & 414.605
Statutes/Other Implemented: ORS 414.570-414.686 & 415.001-415.430
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