Section 23-63-1501 - DefinitionsAs used in this subchapter:
(1) "Adjusted RBC report" means an RBC report that has been adjusted by the Insurance Commissioner in accordance with § 23-63-1502(d);(2) "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required;(3) "Domestic health organization" means: (A) A health maintenance organization domiciled in this state, as established under § 23-76-107; or(B) A hospital and medical service corporation as defined in § 23-75-101;(4) "Foreign health organization" means a health organization licensed to do business in this state but is not domiciled in this state;(5)(A) "Health organization" means a health maintenance organization, hospital and medical service corporation, limited health service organization, dental or vision plan, hospital, or a medical and dental indemnity or service corporation.(B) "Health organization" does not include: (i) An organization that is licensed as either a life and health insurer; or(ii) A property and casualty insurer that is subject to the life or property and casualty RBC requirements;(6) "NAIC" means the National Association of Insurance Commissioners;(7) "RBC instructions" means the RBC report, including risk-based capital instructions adopted by the NAIC, as these RBC instructions may be amended by the NAIC according to the procedures adopted by the NAIC;(8) "RBC level" means a health organization's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC when: (A) "Authorized control level RBC" means the number determined under the risk-based capital formula according to the RBC instructions;(B) "Company action level RBC" means, with respect to a health organization, the product of two (2) and its authorized control level RBC;(C) "Mandatory control level RBC" means the product of seven-tenths (0.7) and the authorized control level RBC; and(D) "Regulatory action level RBC" means the product of one and five-tenths (1.5) and its authorized control level RBC;(9) "RBC plan" means a comprehensive financial plan containing the elements specified in § 23-63-1503(b). If the commissioner rejects the RBC plan and it is revised by the health organization with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan";(10) "RBC report" means the report required in § 23-63-1502; and(11) "Total adjusted capital" means the sum of:(A) A health organization's statutory capital and surplus, such as net worth, as determined according to the statutory accounting applicable to the annual financial statements required to be filed; and(B) Other items that the RBC instructions may provide.Acts 1999, No. 580, § 1; 2011, No. 760, § 5.