(HB 1039)
Health insurers subject to risk-based capital requirements.
Section
1.
That
§
58-4-48
be amended to read as follows:
58-4-48.
Any life and health and property and casualty insurer
, and any insurer subject to
chapters 58-37A, 58-38, 58-39, 58-40, and 58-41,
domiciled in this state shall maintain minimum
levels of risk-based capital to transact the business of insurance in this state. Each life and health
and property and casualty domestic insurer
, and any insurer subject to chapters 58-37A, 58-38, 58-
39, 58-40, and 58-41,
shall file with the director, on or before March first of each year, a report
disclosing the insurer's level of risk-based capital. Any foreign life and health and property and
casualty insurer
, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41,
shall
file a similar report upon the request of the director. The director of the Division of Insurance may
promulgate rules, pursuant to chapter 1-26, regarding the filing of risk-based capital reports, the
establishment of various minimum levels of risk-based capital requirements, the criteria and
standards for which an insurer shall be required to submit a risk-based capital plan, the director's
authority to revise or adopt the insurer's risk-based capital report or plan, the opportunity for
hearing regarding the director's decision to revise an insurer's risk-based capital report or plan, the
director's authority to require corrective actions, the confidentiality of risk-based capital reports and
plans, and the exemption of certain insurers from the requirements of this section. The director may
promulgate rules, pursuant to chapter 1-26, concerning the filing of risk-based capital reports to
assist the director in the evaluation of the hazardous financial condition of an insurer pursuant to
§
58-4-39.