Minn. Stat. § 64B.40
This is the official text of Minn. Stat. § 64B.40, 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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§ 64B.40 DEFINITIONS.
Official statutory text
§ Subdivision 1. Scope. For the purposes of sections 64B.40 to 64B.48 , 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 64B.41, subdivision 3 .
§ 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. NAIC. "NAIC" means the National Association of Insurance Commissioners.
§ Subd. 5. Negative trend. "Negative trend" means, with respect to a society, negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
§ Subd. 6. 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. 7. Risk-based capital level. "Risk-based capital level" means a fraternal action level risk-based capital or fraternal authorized control level risk-based capital where: (1) "fraternal action level risk-based capital" means the product of 2.0 and its authorized control level risk-based capital; and (2) "fraternal authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions.
§ Subd. 8. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 64B.42 . If the commissioner rejects the risk-based capital plan, and it is revised by the society, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
§ Subd. 9. Risk-based capital report. "Risk-based capital report" means the report required in section 64B.41 .
§ Subd. 10. Society. "Society" means a fraternal benefit society that is admitted to do business in this state under this chapter.
§ Subd. 11. Total adjusted capital. "Total adjusted capital" means the sum of: (1) a society'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 64B.41, subdivision 3 .
§ 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. NAIC. "NAIC" means the National Association of Insurance Commissioners.
§ Subd. 5. Negative trend. "Negative trend" means, with respect to a society, negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
§ Subd. 6. 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. 7. Risk-based capital level. "Risk-based capital level" means a fraternal action level risk-based capital or fraternal authorized control level risk-based capital where: (1) "fraternal action level risk-based capital" means the product of 2.0 and its authorized control level risk-based capital; and (2) "fraternal authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions.
§ Subd. 8. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 64B.42 . If the commissioner rejects the risk-based capital plan, and it is revised by the society, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
§ Subd. 9. Risk-based capital report. "Risk-based capital report" means the report required in section 64B.41 .
§ Subd. 10. Society. "Society" means a fraternal benefit society that is admitted to do business in this state under this chapter.
§ Subd. 11. Total adjusted capital. "Total adjusted capital" means the sum of: (1) a society'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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