Minn. Stat. § 60A.50 — MN Code / Part 59A_79A / Chapter 60A / Section 60A.50
§ 60A.50 DEFINITIONS.
Status: in_force

§ Subdivision 1. Scope. For purposes of sections 60A.50 to 60A.592 , the terms in subdivisions 2 to 13 have the meanings given them.

§ Subd. 2. Adjusted RBC report. "Adjusted RBC report" means an RBC report which has been adjusted by the commissioner in accordance with section 60A.51, subdivision 3 .

§ Subd. 3. Commissioner. "Commissioner" means the commissioner of commerce or the commissioner of health, whichever commissioner otherwise regulates the health organization.

§ Subd. 4. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.

§ Subd. 5. Domestic health organization. "Domestic health organization" means a health organization domiciled in this state.

§ Subd. 6. Foreign health organization. "Foreign health organization" means a health organization that is licensed to do business in this state but is not domiciled in this state.

§ Subd. 7. NAIC. "NAIC" means the National Association of Insurance Commissioners.

§ Subd. 8. Health organization. "Health organization" means an entity licensed under this chapter or chapter 62C or 62D. This definition does not include an organization that is licensed or regulated as either a life and health insurer or a property and casualty insurer that is otherwise subject to either the life or property and casualty risk-based capital requirements.

§ Subd. 9. RBC instructions. "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 from time to time in accordance with the procedures adopted by the NAIC.

§ Subd. 10. RBC level. "RBC level" means a health organization's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where: (1) "company action level RBC" means, with respect to any health organization, the product of 2.0 and its authorized control level RBC; (2) "regulatory action level RBC" means the product of 1.5 and its authorized control level RBC; (3) "authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instructions; and (4) "mandatory control level RBC" means the product of .70 and the authorized control level RBC.

§ Subd. 11. RBC plan. "RBC plan" means a comprehensive financial plan containing the elements specified in section 60A.52, subdivision 2 . If the commissioner rejects the RBC plan, and it is revised by the health organization, with or without the commissioner's recommendation, the plan must be called the "revised RBC plan."

§ Subd. 12. RBC report. "RBC report" means the report required in section 60A.51 .

§ Subd. 13. Total adjusted capital. "Total adjusted capital" means the sum of: (1) a health organization's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed; and (2) such other items, if any, as the RBC instructions may provide.