2007 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."
History: 2004 c 285 art 1 s 2