Minn. Stat. § 60A.60
This is the official text of Minn. Stat. § 60A.60, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 60A.60 DEFINITIONS.
Official statutory text
§ Subdivision 1. Scope. For the purposes of sections 60A.60 to 60A.696 , the terms defined in this section have the meanings given them.
§ Subd. 2. Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner according to section 60A.61, subdivision 5 .
§ Subd. 3. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required.
§ Subd. 4. Domestic insurer. "Domestic insurer" means an insurance company incorporated or organized in this state.
§ Subd. 5. Foreign insurer. "Foreign insurer" means an insurance company that is admitted to do business in this state under section 60A.19 but is not incorporated or organized in this state.
§ Subd. 6. NAIC. "NAIC" means the National Association of Insurance Commissioners.
§ Subd. 7. Life and/or health insurer. "Life and/or health insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1 , clause (4), or a property and casualty insurer transacting business only under section 60A.06, subdivision 1 , clause (5)(a).
§ Subd. 8. Property and casualty insurer. "Property and casualty insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1 , clauses (1), (2), (3), (5), (6), (8), (9), (10), (11), (12), (13), (14), and (15), but does not include monoline mortgage guaranty insurers, and financial guaranty insurers.
§ Subd. 9. Negative trend. "Negative trend" means negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
§ Subd. 10. Risk-based capital instructions. "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based instructions may be amended by the NAIC from time to time according to the procedures adopted by the NAIC.
§ Subd. 11. Risk-based capital level. "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 where: (1) "company action level risk-based capital" means, with respect to an insurer, the product of 2.0 and its authorized control level risk-based capital; (2) "regulatory action level risk-based capital" means the product of 1.5 and its authorized control level risk-based capital; (3) "authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions; (4) "mandatory control level risk-based capital" means the product of .70 and the authorized control level risk-based capital.
§ Subd. 12. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 60A.62, subdivision 2 . If the commissioner rejects the risk-based capital plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
§ Subd. 13. Risk-based capital report. "Risk-based capital report" means the report required in section 60A.61 .
§ Subd. 14. Total adjusted capital. "Total adjusted capital" means the sum of: (1) an insurer's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual statement required to be filed under section 60A.13 ; and (2) other items, if any, as the risk-based capital instructions may provide.
§ Subd. 2. Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner according to section 60A.61, subdivision 5 .
§ Subd. 3. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required.
§ Subd. 4. Domestic insurer. "Domestic insurer" means an insurance company incorporated or organized in this state.
§ Subd. 5. Foreign insurer. "Foreign insurer" means an insurance company that is admitted to do business in this state under section 60A.19 but is not incorporated or organized in this state.
§ Subd. 6. NAIC. "NAIC" means the National Association of Insurance Commissioners.
§ Subd. 7. Life and/or health insurer. "Life and/or health insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1 , clause (4), or a property and casualty insurer transacting business only under section 60A.06, subdivision 1 , clause (5)(a).
§ Subd. 8. Property and casualty insurer. "Property and casualty insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1 , clauses (1), (2), (3), (5), (6), (8), (9), (10), (11), (12), (13), (14), and (15), but does not include monoline mortgage guaranty insurers, and financial guaranty insurers.
§ Subd. 9. Negative trend. "Negative trend" means negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
§ Subd. 10. Risk-based capital instructions. "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based instructions may be amended by the NAIC from time to time according to the procedures adopted by the NAIC.
§ Subd. 11. Risk-based capital level. "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 where: (1) "company action level risk-based capital" means, with respect to an insurer, the product of 2.0 and its authorized control level risk-based capital; (2) "regulatory action level risk-based capital" means the product of 1.5 and its authorized control level risk-based capital; (3) "authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions; (4) "mandatory control level risk-based capital" means the product of .70 and the authorized control level risk-based capital.
§ Subd. 12. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 60A.62, subdivision 2 . If the commissioner rejects the risk-based capital plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
§ Subd. 13. Risk-based capital report. "Risk-based capital report" means the report required in section 60A.61 .
§ Subd. 14. Total adjusted capital. "Total adjusted capital" means the sum of: (1) an insurer's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual statement required to be filed under section 60A.13 ; and (2) other items, if any, as the risk-based capital instructions may provide.
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