2004 Minnesota Statutes

     60A.51 RBC reports. 

    Subdivision 1.    Submissions.  A domestic health 
 organization shall, on or before each April 1, 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 
 the information 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) 15 days from the receipt of notice to file its RBC 
 report with that state; or 

    (ii) the filing date. 

    Subd. 2.    Determination.  A health organization's RBC 
 must be determined in accordance with the formula set forth in 
 the RBC instructions.  The formula must 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 such other relevant risks 
 as are set forth in the RBC instructions. 

    Subd. 3.    Adjusted report.  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 must contain 
 a statement of the reason for the adjustment.  An RBC report as 
 so adjusted is referred to as an "adjusted RBC report." 

    HIST: 2004 c 285 art 1 s 2