Browse Arkansas Code titles and sections
23-63-1502. RBC reports.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1502. RBC reports.
(a)(1) On or before each March 1, the “filing date”, a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions.
(2) A domestic health organization shall file its RBC report:
(A) With the NAIC according to the RBC instructions; and
(B) With the insurance commissioner in a 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 by 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 is determined according to the formula stated 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 way stated in the RBC instructions:
(1) Asset risk;
(2) Credit risk;
(3) Underwriting risk; and
(4) Other business risks and other relevant risks as are stated in the RBC instructions.
(c) An excess of capital, including net worth, over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this subchapter. Additional capital is useful in the insurance business and helps to secure a health organization against various risks inherent
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1502
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-63-1502
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 86552beb1840efe2278a1c0e3cd720cb26f9316d1eb5b6fe60e0335b93cd7933
Source location: content.xml paragraph 33566
Stored source content
23-63-1502. RBC reports.
(a)(1) On or before each March 1, the “filing date”, a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions.
(2) A domestic health organization shall file its RBC report:
(A) With the NAIC according to the RBC instructions; and
(B) With the insurance commissioner in a 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 by 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 is determined according to the formula stated 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 way stated in the RBC instructions:
(1) Asset risk;
(2) Credit risk;
(3) Underwriting risk; and
(4) Other business risks and other relevant risks as are stated in the RBC instructions.
(c) An excess of capital, including net worth, over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this subchapter. Additional capital is 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 subchapter.
(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 as adjusted is referred to as an “adjusted RBC report”.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
No explicit source connection was found. This does not mean there are no relevant authorities.