reglab/housing_qa huggingface dataset:
RI Gen L § 27-4.6-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-2 - RBC reports.

§ 27-4.6-2. RBC reports.(a) Every domestic insurer shall, on or prior to each March 1 (the "filing date"), prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing any information required by the RBC instructions. In addition, every domestic insurer shall file its RBC report:(1) With the NAIC in accordance with the RBC instructions; and(2) With the insurance commissioner in any state in which the insurer is authorized to do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report not later than 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 life and health insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account (and may adjust for the covariance between): (1) the risk with respect to the insurer's assets; (2) the risk of adverse insurance experience with respect to the insurer's liabilities and obligations; (3) the interest rate risk with respect to the insurer's business; and (4) all other business risks and any other relevant risks set forth in the RBC instructions; determined in each case by applying the factors in the manner set forth in the RBC instructions.(c) A property and casualty insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account (and may adjust for the covariance between): (1) asset risk; (2) credit risk; (3) underwriting risk; and (4) all other business risks and any other relevant risks set forth in the RBC Instructions; determined in each case by applying the factors in the manner set forth in the RBC instructions.(d) An excess of capital over the amount produced by the risk-based capital requirements contained in this chapter and the formulas, schedules and instructions referenced in this chapter is desirable in the business of insurance. Insurers should seek to maintain capital above the RBC levels required by this chapter. Additional capital is used and useful in the insurance business and helps to secure an insurer 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 chapter.(e) If a domestic insurer files an RBC report, which in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report adjusted in this manner is referred to as an "adjusted RBC report."History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-5 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-5 - Authorized control level event.

§ 27-4.6-5. Authorized control level event.(a) "Authorized control level event" means any of the following events:(1) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1), provided the insurer does not challenge the adjusted RBC report under § 27-4.6-7;(3) If, pursuant to § 27-4.6-7, the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order (provided the insurer has not challenged the corrective order under § 27-4.6-7); or(5) If the insurer has challenged a corrective order under § 27-4.6-7 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.(b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:(1) Take any actions as are required under § 27-4.6-4 regarding an insurer with respect to which a regulatory action level event has occurred; or(2) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take any actions as are necessary to cause the insurer to be placed under regulatory control under chapter 14.3 of this title, the "Insurers' Rehabilitation and Liquidation Act." In the event the commissioner takes actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under chapter 14.3 of this title, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 14.3 of this title. In the event the commissioner takes actions under this subdivision pursuant to an adjusted RBC report, the insurer shall be entitled to any protections as are afforded to insurers under the provisions of chapter 14.3 of this title pertaining to summary proceedings.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-6 - Mandatory control level event.

§ 27-4.6-6. Mandatory control level event.(a) "Mandatory control level event" means any of the following events:(1) The filing of an RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC;(2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1), provided the insurer does not challenge the adjusted RBC report under § 27-4.6-7; or(3) If, pursuant to § 27-4.6-7, the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.(b) In the event of a mandatory control level event:(1) Concerning a life insurer, the commissioner shall take any actions as are necessary to place the insurer under regulatory control under chapter 14.3 of this title, the "Insurers' Rehabilitation and Liquidation Act." In that event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under chapter 14.3 of this title, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 14.3 of this title. If the commissioner takes actions pursuant to an adjusted RBC report, the insurer shall be entitled to the protections of chapter 14.3 of this title pertaining to summary proceedings. Notwithstanding any of these provisions, the commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.(2) Concerning a property and casualty insurer, the commissioner shall take any actions as are necessary to place the insurer under regulatory control under chapter 14.3 of this title, or, in the case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under chapter 14.3 of this title and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 14.3 of this title. If the commissioner takes actions pursuant to an adjusted RBC report, the insurer shall be entitled to the protections of chapter 14.3 of this title pertaining summary proceedings. Notwithstanding any of these provisions, the commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-7 - Hearings.

§ 27-4.6-7. Hearings.Upon:(1) Notification to an insurer by the commissioner of an adjusted RBC report; or (2) notification to an insurer by the commissioner that: (i) the insurer's RBC plan or revised RBC plan is unsatisfactory; and (ii) that notification constitutes a regulatory action level event with respect to the insurer; or (3) notification to any insurer by the commissioner that the insurer has failed to adhere to its RBC plan or revised RBC plan and that that failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or (4) notification to an insurer by the commissioner of a corrective order with respect to the insurer; the insurer shall have the right to a departmental hearing, on a record, at which the insurer may challenge any determination or action by the commissioner. The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subdivision (1), (2), (3) or (4). Upon receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing, which date shall be within a reasonable amount of time but no less than ten (10) days after the date of the insurer's request.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-9 - Supplemental provisions - Rules - Exemption.

§ 27-4.6-9. Supplemental provisions — Rules — Exemption.(a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapter 14.3 and chapter 14.2 of this title.(b) The commissioner may adopt reasonable rules and regulations necessary for the implementation of this chapter.(c) The commissioner may exempt from the application of this chapter any domestic property and casualty insurer which:(1) Writes direct business only in this state;(2) Writes direct annual premiums of two million dollars ($2,000,000) or less; and(3) Assume no reinsurance in excess of five percent (5%) of direct premium written.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-10 - Foreign insurers.

§ 27-4.6-10. Foreign insurers.(a) (1) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:(i) The date an RBC report would be required to be filed by a domestic insurer under this chapter; or(ii) Fifteen (15) days after the request is received by the foreign insurer.(2) Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.(b) In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer (or, if no RBC statute is in force in that state, under the provisions of this chapter), if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state's RBC statute (or, if no RBC statute is in force in that state, under § 27-4.6-3), the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In that event, the failure of the foreign insurer to file an RBC plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.(c) In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the Superior Court for Providence County permitted under chapter 14.3 of this title with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-11 - Immunity.

§ 27-4.6-11. Immunity.There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under this chapter.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-12 - Notices.

§ 27-4.6-12. Notices.All notices by the commissioner to an insurer which may result in regulatory action under this chapter shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer's receipt of the notice.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.6-13 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-13 - Severability.

§ 27-4.6-13. Severability.If any provision of this chapter, or the application of it to any person or circumstance, is held invalid, that determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are severable.History of Section.P.L. 1996, ch. 187, § 2.
RI Gen L § 27-4.7-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.7 - Risk-Based Capital (RBC) For Health Organizations Act|Section 27-4.7-1 - Short title.

§ 27-4.7-1. Short title.This chapter shall be known and may be cited as the "Rhode Island Risk-Based Capital (RBC) for Health Organizations Act".History of Section.P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
RI Gen L § 27-4.7-3 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.7 - Risk-Based Capital (RBC) For Health Organizations Act|Section 27-4.7-3 - RBC reports.

§ 27-4.7-3. RBC reports.(a) A domestic health organization shall, on or prior to each March 1 (the "filing date"), prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing any information that is required by the RBC instructions. In addition, a domestic health organization shall file its RBC report:(1) With the NAIC in accordance with the RBC instructions; and(2) With the insurance commissioner in any 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 not later than 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 shall be determined in accordance with the formula set forth 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 manner set forth in the RBC instructions:(1) Asset risk;(2) Credit risk;(3) Underwriting risk; and(4) All other business risks and any other relevant risks that are set forth in the RBC instructions.(c) An excess of capital (i.e., net worth) over the amount produced by the risk-based capital requirements contained in this chapter and the formulas, schedules, and instructions referenced in this chapter is desirable in the business of health insurance. Health organizations should seek to maintain capital above the RBC levels required by this chapter. Additional capital is used and 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 chapter.(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 adjusted in this manner is referred to as an "adjusted RBC report."History of Section.P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
RI Gen L § 27-4.7-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.7 - Risk-Based Capital (RBC) For Health Organizations Act|Section 27-4.7-6 - Authorized control level event.

§ 27-4.7-6. Authorized control level event.(a) "Authorized control level event" means any of the following events:(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;(2) The notification by the commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 27-4.7-8;(3) If, pursuant to § 27-4.7-8, the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner has, after a hearing, rejected the health organization's challenge;(4) The failure of the health organization to respond, in a manner satisfactory to the commissioner, to a corrective order (provided the health organization has not challenged the corrective order under § 27-4.7-8); or(5) If the health organization has challenged a corrective order under § 27-4.7-8 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the health organization to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.(b) In the event of an authorized control level event with respect to a health organization, the commissioner shall:(1) Take any actions that are required under § 27-4.7-5 regarding a health organization with respect to which a regulatory action level event has occurred; or(2) If the commissioner deems it to be in the best interests of the policyholders and creditors of the health organization and of the public, take any actions that are necessary to cause the health organization to be placed under regulatory control pursuant to chapters 14.1, 14.2, and 14.3 of this title. In the event the commissioner takes these actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under chapters 14.1, 14.2, and 14.3 of this title, and the commissioner has the rights, powers, and duties with respect to the health organization that are set forth in chapters 14.1, 14.2, and 14.3 of this title. In the event the commissioner takes actions under this subdivision pursuant to an adjusted RBC report, the health organization is entitled to any protections that are afforded to health organizations under the provisions of chapter 35 of title 42 pertaining to summary proceedings.History of Section.P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.
RI Gen L § 27-4.7-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.7 - Risk-Based Capital (RBC) For Health Organizations Act|Section 27-4.7-7 - Mandatory control level event.

§ 27-4.7-7. Mandatory control level event.(a) "Mandatory control level event" means any of the following events:(1) The filing of an RBC report which indicates that the health organization's total adjusted capital is less than its mandatory control level RBC;(2) Notification by the commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 27-4.7-8; or(3) If, pursuant to § 27-4.7-8, the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner has, after a hearing, rejected the health organization's challenge.(b) In the event of a mandatory control level event, the commissioner shall take any actions that are necessary to place the health organization under regulatory control pursuant to chapters 14.1, 14.2, and 14.3 of this title. In that event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under chapters 14.1, 14.2, and 14.3 of this title, and the commissioner has the rights, powers, and duties with respect to the health organization that are set forth in chapters 14.1, 14.2, and 14.3 of this title. If the commissioner takes actions pursuant to an adjusted RBC report, the health organization is entitled to the protections of chapter 35 of title 42 pertaining to summary proceedings. Notwithstanding any of these provisions, the commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.History of Section.P.L. 2000, ch. 178, § 1; P.L. 2000, ch. 200, § 11; P.L. 2000, ch. 229, § 11.