reglab/housing_qa huggingface dataset:
IN Code § 27-1-36-22 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-22. "Regulatory Action Level Rbc"

Sec. 22. As used in this chapter, "regulatory action level RBC" means, with respect to an insurer, the product of one and five-tenths (1.5) multiplied by the insurer's authorized control level RBC.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-23 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-23. "Revised Rbc Plan"

Sec. 23. As used in this chapter, "revised RBC plan" means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-24 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-24. "Total Adjusted Capital"

Sec. 24. As used in this chapter, "total adjusted capital" means the sum of:(1) an insurer's statutory capital and surplus determined in accordance with the statutory accounting principles and practices that are applicable to the annual financial statements required to be filed under IC 27-1-3.5; and(2) other items, if any, that the RBC Instructions may provide.As added by P.L.186-1996, SEC.1. Amended by P.L.124-2018, SEC.59.
IN Code § 27-1-36-25 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-25. Rbc Report; Requirements; Filing

Sec. 25. (a) A domestic insurer shall prepare a report of the RBC levels of the insurer as of the last day of the calendar year most recently ended. The report must:(1) be in the form; and(2) contain the information;required by the RBC Instructions.(b) On or before March 1 of each year, a domestic insurer shall file the RBC report described in subsection (a) with:(1) the commissioner;(2) the NAIC, in accordance with the RBC Instructions; and(3) the insurance commissioner in any state other than Indiana in which the insurer is authorized to do business, if the insurance commissioner has notified the insurer in writing of the commissioner's request for the insurer's RBC report.An insurer is not required to pay a fee when filing an RBC report under this subsection.(c) If an insurer is required under subsection (b)(3) to file its RBC report with the insurance commissioner of a state other than Indiana, the insurer shall file the RBC report with the insurance commissioner of that state not later than:(1) fifteen (15) days after the insurer receives the notice; or(2) March 1 of the calendar year in which the insurer receives the notice;whichever occurs later.As added by P.L.186-1996, SEC.1. Amended by P.L.124-2018, SEC.60.
IN Code § 27-1-36-26 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-26. Life Insurer's and Fraternal Benefit Society's Rbc; Formula

Sec. 26. (a) This section applies to the following:(1) A life insurer.(2) A fraternal benefit society.(b) An insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions. The formula must 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 such other relevant risks as are set forth in the RBC instructions;determined by applying the factors in the manner set forth in the RBC instructions.As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.24.
IN Code § 27-1-36-26.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-26.1. Health Insurer's Rbc; Formula

Sec. 26.1. A health insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions for a health insurer. The formula must take into account (and may adjust for the covariance between):(1) affiliation investment risk;(2) asset risk;(3) credit risk;(4) underwriting risk; and(5) all other business risks and such other relevant risks as are set forth in the RBC instructions;determined by applying the factors in the manner set forth in the RBC instructions.As added by P.L.51-2002, SEC.8. Amended by P.L.276-2013, SEC.25.
IN Code § 27-1-36-27 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-27. Property and Casualty Insurer's Rbc; Formula

Sec. 27. A property and casualty insurer's RBC must be determined in accordance with the formula set forth in the RBC instructions. The formula must 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 such other relevant risks as are set forth in the RBC instructions;determined by applying the factors in the manner set forth in the RBC instructions.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-28 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-28. Inaccuracy of Rbc Report Filed by Domestic Insurer

Sec. 28. (a) If the commissioner determines an RBC report filed by a domestic insurer is inaccurate, the commissioner shall:(1) adjust the RBC report to correct the inaccuracy; and(2) notify the insurer of the adjustment.(b) A notice provided by the commissioner under subsection (a) must contain a statement of the reason for the adjustment.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-29. "Company Action Level Event"

Sec. 29. As used in this chapter, "company action level event" means any of the following events:(1) The filing of an RBC report by an insurer that indicates that:(A) the insurer's total adjusted capital is:(i) greater than or equal to its regulatory action level RBC; but(ii) less than its company action level RBC;(B) if a life insurer or a fraternal benefit society, the insurer:(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend;(C) if a property and casualty insurer, the insurer:(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend; or(D) if a health insurer, the insurer:(i) has a total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend.(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates that:(A) the insurer's total adjusted capital is:(i) greater than or equal to its regulatory action level RBC; but(ii) less than its company action level RBC;(B) if a life insurer or a fraternal benefit society, the insurer:(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend;(C) if a property and casualty insurer, the insurer:(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend; or(D) if a health insurer, the insurer:(i) has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of three (3) multiplied by its authorized control level RBC; and(ii) has a negative trend;unless the insurer challenges the adjusted RBC report under section 44 of this chapter.(3) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report described in subdivision (2).As added by P.L.186-1996, SEC.1. Amended by P.L.11-2011, SEC.23; P.L.81-2012, SEC.19; P.L.276-2013, SEC.26.
IN Code § 27-1-36-30 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-30. Preparation and Submission of Rbc Plan After Company Action Level Event

Sec. 30. If a company action level event occurs, the insurer shall prepare and submit to the commissioner an RBC plan that does all the following:(1) Addresses the following:(A) The conditions that contribute to the insurer's RBC level.(B) The key assumptions affecting the insurer's projections and the sensitivity of the projections to the assumptions.(C) The quality of, and problems associated with, the insurer's business, including the following:(i) Assets.(ii) Anticipated business growth and associated surplus strain.(iii) Extraordinary exposure to risk.(iv) Mix of business and use of reinsurance, if any, in each case.(2) Contains proposals for corrective actions that the insurer intends to take and that would be expected to result in the elimination of the RBC level.(3) Provides projections of the insurer's financial results in the current year and at least the four (4) consecutive succeeding years, both in the absence of proposed corrective actions and giving effect to the proposed corrective actions, including projections of the following:(A) Statutory operating income.(B) Net income.(C) Capital.(D) Surplus. (The projections for both new and renewal business may include separate projections for each major line of business and separately identify each significant income, expense, and benefit component.)As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-31. Timing for Submission of Rbc Plan After Company Action Level Event

Sec. 31. An insurer must submit to the commissioner an RBC plan required under section 30 of this chapter:(1) not more than forty-five (45) days after the company action level event; or(2) not more than forty-five (45) days after notification to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-32 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-32. Rbc Plan; Notice by Commissioner; Revised Rbc Plan

Sec. 32. (a) Not more than sixty (60) days after an insurer submits an RBC plan under section 31 of this chapter, the commissioner shall notify the insurer of whether the RBC plan:(1) must be implemented; or(2) is unsatisfactory.(b) If the commissioner determines that an RBC plan is unsatisfactory, the notification to the insurer:(1) must state the reasons for the determination; and(2) may include revisions proposed by the commissioner that will render the RBC plan satisfactory.(c) Upon receiving a notification from the commissioner under subsection (b), the insurer shall prepare a revised RBC plan. The revised RBC plan may incorporate by reference any revisions proposed by the commissioner. The insurer shall submit the revised RBC plan to the commissioner:(1) not more than forty-five (45) days after the insurer receives the notification under subsection (a)(2); or(2) not more than forty-five (45) days after the insurer receives the notification from the commissioner that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-33. Notification by Commissioner as Regulatory Action Level Event

Sec. 33. If the commissioner notifies an insurer that the insurer's RBC plan or revised RBC plan is unsatisfactory, the commissioner may, subject to the insurer's right to a hearing under section 44 of this chapter, specify in the notification that the notification constitutes a regulatory action level event.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-34 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-34. Filing Rbc Plan With Commissioner of State Other Than Indiana

Sec. 34. (a) A domestic insurer that files an RBC plan or a revised RBC plan with the commissioner shall file a copy of the RBC plan or revised RBC plan with the insurance commissioner in each state other than Indiana in which the insurer is authorized to do business, if:(1) the state has an RBC provision substantially similar to section 45 of this chapter; and(2) the insurance commissioner of that state has notified the insurer in writing of its request for the filing.(b) If an insurer is required under subsection (a) to file its RBC plan or revised RBC plan with the insurance commissioner of a state other than Indiana, the insurer shall file the RBC plan or revised RBC plan not later than:(1) fifteen (15) days after the insurer receives notice under subsection (a)(2); or(2) the date on which the RBC plan or revised RBC plan is filed under sections 31 and 32 of this chapter;whichever occurs later.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-35 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-35. "Regulatory Action Level Event"

Sec. 35. As used in this chapter, "regulatory action level event" means any of the following events:(1) The filing of an RBC report by the insurer that indicates that the insurer's total adjusted capital is:(A) greater than or equal to its authorized control level RBC; but(B) less than its regulatory action level RBC.(2) The notification by the commissioner to an insurer of an adjusted RBC report that indicates that the insurer's total adjusted capital is:(A) greater than or equal to its authorized control level RBC; but(B) less than its regulatory action level RBC;unless the insurer challenges the adjusted RBC report under section 44 of this chapter.(3) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report.(4) The failure of the insurer to file an RBC report by the filing date, unless the insurer:(A) has provided an explanation for the failure that is satisfactory to the commissioner; and(B) has cured the failure not more than ten (10) days after the March 1 filing date.(5) The failure of the insurer to submit an RBC plan to the commissioner within the period prescribed in section 31 of this chapter.(6) Notification by the commissioner to the insurer under section 33 of this chapter, unless the insurer challenges the notification under section 44 of this chapter.(7) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the challenge to a determination by the commissioner under section 33 of this chapter.(8) Notification by the commissioner to the insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan, but only if:(A) the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event in accordance with its RBC plan or revised RBC plan; and(B) the commissioner has so stated in the notification;unless the insurer challenges the determination under section 44 of this chapter.(9) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to the determination made under subdivision (8).As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-36 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-36. Action by Commissioner After Regulatory Action Level Event

Sec. 36. If a regulatory action level event occurs, the commissioner shall:(1) require the insurer to prepare an RBC plan or, if applicable, a revised RBC plan;(2) perform such examination or analysis as the commissioner considers necessary of the assets, liabilities, and operations of the insurer, including a review of the insurer's RBC plan or revised RBC plan; and(3) after the examination or analysis, issue a corrective order specifying the corrective actions that the commissioner determines are required, taking into account relevant factors with respect to the insurer, based upon the commissioner's examination or analysis of the assets, liabilities, and operations of the insurer, including the results of any sensitivity tests undertaken under the RBC instructions.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-37 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-37. Timing for Submission of Rbc Plan or Revised Rbc Plan After Regulatory Action Level Event

Sec. 37. The RBC plan or revised RBC plan must be submitted:(1) not more than forty-five (45) days after the regulatory action level event;(2) not later than forty-five (45) days after the notification to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report; or(3) not more than forty-five (45) days after the notification to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC plan.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-38 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-38. Consultants to Commissioner

Sec. 38. (a) The commissioner may retain actuaries, investment experts, and other consultants that the commissioner determines to be necessary to:(1) review the insurer's RBC plan or revised RBC plan;(2) examine or analyze the assets, liabilities, and operations of the insurer; and(3) formulate the corrective order with respect to the insurer.(b) The reasonable costs and expenses relating to consultants shall be paid by the affected insurer or another party, as directed by the commissioner.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-39 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-39. "Authorized Control Level Event"

Sec. 39. As used in this chapter, "authorized control level event" means any of the following events:(1) The filing of an RBC report by an insurer that indicates that the insurer's total adjusted capital is:(A) greater than or equal to its mandatory control level RBC; but(B) less than its authorized control level RBC.(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates that the insurer's total adjusted capital is:(A) greater than or equal to its mandatory control level RBC; but(B) less than its authorized control level RBC;unless the insurer challenges the adjusted RBC report under section 44 of this chapter.(3) Notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report.(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, unless the insurer has challenged the corrective order under section 44 of this chapter.(5) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order if, after a challenge and a hearing under section 44 of this chapter, the commissioner has:(A) rejected the challenge; or(B) modified the corrective order.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-40 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-40. Action by Commissioner After Authorized Control Level Event

Sec. 40. (a) If an authorized control level event occurs with respect to an insurer, the commissioner shall:(1) take the actions required under section 36 of this chapter regarding an insurer; or(2) if the commissioner considers it to be in the best interests of:(A) the policyholders and creditors of the insurer; and(B) the public;take any action necessary to cause the insurer to be placed under regulatory control under IC 27-9.(b) An authorized control level event is sufficient grounds for the commissioner to:(1) determine, under IC 27-9-2-1, that an insurer has committed or engaged in, or is about to commit or engage in, an act, a practice, or a transaction that would subject the insurer to a delinquency proceeding under IC 27-9-3-1 or IC 27-9-3-6; and(2) serve upon the insurer, under IC 27-9-2-1, orders reasonably necessary to correct, eliminate, or remedy the conduct, condition, or ground.The commissioner has the rights, powers, and duties with respect to the insurer that are set forth in IC 27-9.(c) If the commissioner takes action under subsection (a)(2), the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-41 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-41. "Mandatory Control Level Event"

Sec. 41. As used in this chapter, "mandatory control level event" means any of the following events:(1) The filing of an RBC report that 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 that the insurer's total adjusted capital is less than its mandatory control level RBC unless the insurer challenges the adjusted RBC report under section 44 of this chapter.(3) Notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge to an adjusted RBC report.As added by P.L.186-1996, SEC.1.
IN Code § 27-1-36-42 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 36. Risk Based Capital Requirements|27-1-36-42. Action by Commissioner After Mandatory Control Level Event With Respect to Life or Health Insurer or Fraternal Benefit Society

Sec. 42. (a) If a mandatory control level event occurs with respect to a life insurer, a health insurer, or a fraternal benefit society, the commissioner shall take the actions necessary to place the insurer under regulatory control under IC 27-9.(b) A mandatory control level event is sufficient grounds for the commissioner to take action against a life insurer, a health insurer, or a fraternal benefit society under IC 27-9, and the commissioner has the rights, powers, and duties with respect to the insurer that are set forth in IC 27-9.(c) If the commissioner takes action against a life insurer, a health insurer, or a fraternal benefit society under an adjusted RBC report, the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings.(d) The commissioner may forego action under subsections (a) through (c) for not more than 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.As added by P.L.186-1996, SEC.1. Amended by P.L.276-2013, SEC.27.