Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 7 - RISK-BASED CAPITAL LEVEL REQUIREMENTS (§§ 83-5-401 — 83-5-427) › Section 83-5-401 - Definitions

As used in Sections
83-5-401
through
83-5-427
, the following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:
(a)
"Adjusted RBC report" means a risk-based capital report which has been adjusted by the commissioner in accordance with Section
83-5-403(5)
.
(b)
"Corrective order" means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.
(c)
"Domestic insurer" means any insurance company domiciled in this state.
(d)
"Foreign insurer" means any insurance company which is licensed to do business in this state under Section
83-21-1
et seq., but is not domiciled in this state.
(e)
"NAIC" means the National Association of Insurance Commissioners.
(f)
"Life and/or health insurer" means any insurance company licensed under Section
83-19-1
et seq., or a licensed property and casualty insurer writing only accident and health insurance.
(g)
"Property and casualty insurer" means any insurance company licensed under Section
83-19-1
et seq., but shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers.
(h)
"Negative trend" means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the "Trend Test Calculation" included in the Life RBC instructions.
(i)
"RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as such RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
(j)
"RBC level" means an insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:
(i)
"Company action level RBC" means, with respect to any insurer, the product of 2.0 and its authorized control level RBC;
(ii)
"Regulatory action level RBC" means the product of 1.5 and its authorized control level RBC;
(iii)
"Authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instructions;
(iv)
"Mandatory control level RBC" means the product of .70 and the authorized control level RBC.
(k)
"RBC plan" means a comprehensive financial plan containing the elements specified in Section
83-5-405(2)
. If the commissioner rejects the RBC plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan."
(l)
"RBC report" means the report required in Section
83-5-403
.
(m)
"Total adjusted capital" means the sum of:
(i)
An insurer's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under Section
83-5-55
; and
(ii)
Such other items, if any, as the RBC instructions may provide.
(n)
"Domestic health organization insurer" means a health organization insurer domiciled in this state.
(o)
"Foreign health organization insurer" means a health organization insurer that is licensed to do business in this state under Section
83-21-1
et seq., but is not domiciled in this state.
(p)
"Health organization insurer" means a health maintenance organization, limited health service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation or other managed care organization that holds a certificate of authority under Section
83-41-305
. This definition does not include an organization that is licensed as either a life and health insurer or property and casualty insurer and that is otherwise subject to either the life or property and casualty RBC requirements.
Laws, 1996, ch. 478, § 1; Laws, 2010, ch. 340, § 1, eff. 7/1/2010.
Amended by Laws, 2013, ch. 416, HB 534, 3, eff. 7/1/2013.