2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521E - RISK=BASED CAPITAL REQUIREMENTS FOR INSURERS
521E.1 - DEFINITIONS.

        521E.1  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Adjusted risk-based capital report" means a risk-based
      capital report adjusted by the commissioner pursuant to section
      521E.2, subsection 5.
         2.  "Commissioner" means the commissioner of insurance.
         3.  "Corrective order" means an order issued by the
      commissioner of insurance specifying corrective actions which the
      commissioner has determined are required.
         4.  "Domestic insurer" means an insurance company domiciled in
      this state and licensed to transact the business of insurance under
      chapter 508, 515, or 520, except that it shall not include any of the
      following:
         a.  An agency, authority, or instrumentality of the United
      States, its possessions and territories, the commonwealth of Puerto
      Rico, the District of Columbia, or a state or political subdivision
      of a state.
         b.  A fraternal benefit society organized under chapter 512B.

         c.  A nonprofit medical, hospital, or dental service
      corporation organized under chapter 514.
         d.  A county mutual insurance association organized under
      chapter 518.
         e.  A state mutual insurance association organized under
      chapter 518A.
         f.  A health maintenance organization organized under chapter
      514B.
         5.  "Filing date" means March 1 of each year.
         6.  "Foreign insurer" means an insurance company not domiciled
      in this state which is licensed to transact the business of insurance
      in this state under chapter 508, 515, or 520.
         7.  "Life and health insurer" means an insurance company
      licensed under chapter 508 or a licensed property and casualty
      insurer writing only accident and health insurance under chapter 515.

         8.  "Negative trend" means a negative trend over a period of
      time as determined in accordance with the trend test calculation
      included in the risk-based capital instructions.
         9.  "Property and casualty insurer" means an insurance company
      licensed under chapter 515 but does not include monoline mortgage
      guaranty insurers, financial guaranty insurers, or title insurers.
         10.  "Revised risk-based capital plan" is a risk-based capital
      plan which has been rejected by the commissioner and has been revised
      by the insurer, with or without the commissioner's recommendation.
         11.  "Risk-based capital instructions" means the instructions
      included in the risk-based capital report as adopted by the national
      association of insurance commissioners, as such risk-based capital
      instructions may be amended by the national association of insurance
      commissioners from time to time in accordance with the procedures
      adopted by the national association of insurance commissioners.
         12.  "Risk-based capital level" means an insurer's company-
      action-level risk-based capital, regulatory-action-level risk- based
      capital, authorized-control-level risk-based capital, or
      mandatory-control-level risk-based capital as follows:
         a.  "Company-action-level risk-based capital" means, with
      respect to any insurer, the product of two and the insurer's
      authorized-control-level risk-based capital.
         b.  "Regulatory-action-level risk-based capital" means the
      product of one and one-half and the insurer's authorized-
      control-level risk-based capital.
         c.  "Authorized-control-level risk-based capital" means the
      number determined under the risk-based capital formula in accordance
      with the risk-based capital instructions.
         d.  "Mandatory-control-level risk-based capital" means the
      product of seven-tenths and the insurer's authorized-control- level
      risk-based capital.
         13.  "Risk-based capital plan" means a comprehensive financial
      plan containing the elements identified in section 521E.3, subsection
      2.
         14.  "Risk-based capital report" means the report required to
      be prepared and submitted to the commissioner pursuant to section
      521E.2.
         15.  "Total adjusted capital" means the sum of the following:
         a.  An insurer's statutory capital and surplus.
         b.  Such other items, if any, as identified in the risk- based
      capital instructions.  

         96 Acts, ch 1046, §9; 2000 Acts, ch 1023, §56