2010 Mississippi Code
TITLE 83 - INSURANCE
Chapter 5 - General Provisions Relative to Insurance and Insurance Companies.
83-5-403 - Filing of RBC report; determination of insurer's RBC; maintenance of capital above prescribed RBC level; adjustment of report.

§ 83-5-403. Filing of RBC report; determination of insurer's RBC; maintenance of capital above prescribed RBC level; adjustment of report.
 

(1)  Every domestic insurer shall, on or before 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 such information as is required by the RBC instructions. In addition, every domestic insurer shall file its RBC report: 

(a) With the NAIC in accordance with the RBC instructions; and 

(b) 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. 

(2)  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, the following factors determined in each case by applying the factors in the manner set forth in the RBC instructions. 

(a) The risk with respect to the insurer's assets; 

(b) The risk of adverse insurance experience with respect to the insurer's liabilities and obligations; 

(c) The interest rate risk with respect to the insurer's business; and 

(d) All other business risks and such other relevant risks as are set forth in the RBC instructions. 

(3)  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 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: 

(a) Asset risk; 

(b) Credit risk; 

(c) Underwriting risk; and 

(d) All other business risks and such other relevant risks as are set forth in the RBC instructions. 

(4)  Insurers may maintain capital above the RBC levels required by Sections 83-5-401 through 83-5-427. 

(5)  If a domestic insurer files a 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. A RBC report as so adjusted is referred to as an "adjusted RBC report." 
 

Sources: Laws,  1996, ch. 478, § 2, eff from and after July 1, 1996.