§ 27-2B-1 Short title
§ 27-2B-2 Definitions
§ 27-2B-3 Preparation and submission of RBC report; formulas; desirability of excess capital; adjustment of inaccurate RBC report
§ 27-2B-4 Company action level event; preparation and submission of RBC plan or revised RBC plan; notification of unsatisfactory filing; copies of plans
§ 27-2B-5 Regulatory action level event; commissioner’s duties; determination of corrective actions; retention of consultants
§ 27-2B-6 Authorized control level event; commissioner’s duties
§ 27-2B-7 Mandatory control level event; commissioner’s duties
§ 27-2B-8 Right to departmental hearing; notification of request for hearing
§ 27-2B-9 Confidentiality of reports and plans; information sharing agreements; publication of RBC levels prohibited; use of reports and plans by commissioner
§ 27-2B-10 Relationship to other laws; adoption of rules; exemptions
§ 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation of property
§ 27-2B-12 Liability of commissioner or Department of Insurance
§ 27-2B-13 Effectiveness of notice to insurer
§ 27-2B-14 RBC reports with respect to 1996
§ 27-2B-14.1 RBC reports with respect to 2015

Terms Used In Alabama Code > Title 27 > Chapter 2B

  • ACCUMULATED CONTRIBUTIONS: The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the Judges' and Clerks' Plan, together with regular interest thereon. See Alabama Code 12-18-150
  • ACTUARIAL EQUIVALENT: A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. See Alabama Code 12-18-150
  • ADJUSTED RBC REPORT: An RBC report which has been adjusted by the commissioner in accordance with subsection (e) of Section 27-2B-3. See Alabama Code 27-2B-2
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • annuity: Payments for life derived from the accumulated contributions of a member. See Alabama Code 12-18-150
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • AVERAGE FINAL COMPENSATION: The average annual compensation of a judge or clerk with respect to which he or she had made contributions pursuant to Section 12-18-152 during the five years in his or her last 10 years of membership service for which the average is highest or during his or her entire period of membership service if less than five years. See Alabama Code 12-18-150
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • beneficiary: Any person in receipt of a pension, an annuity, a retirement allowance or other benefit as provided by this article. See Alabama Code 12-18-150
  • commission: The citizens supervisory commission. See Alabama Code 45-37-121
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Conviction: A judgement of guilt against a criminal defendant.
  • CORRECTIVE ORDER: An order issued by the commissioner specifying corrective actions which the commissioner has determined are required. See Alabama Code 27-2B-2
  • county: A county within the population class prescribed by this part. See Alabama Code 45-37-121
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • DOMESTIC INSURER: Any insurer domiciled in this state. See Alabama Code 27-2B-2
  • employer: The State of Alabama or any department, agency, or local governing body by which a judge or clerk is paid. See Alabama Code 12-18-150
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • FOREIGN INSURER: Any insurer which is licensed to do business in this state but not domiciled in this state. See Alabama Code 27-2B-2
  • FRATERNAL BENEFIT SOCIETY: Any insurer licensed under Chapter 34. See Alabama Code 27-2B-2
  • Fraud: Intentional deception resulting in injury to another.
  • fund: The Judicial Retirement Fund provided for in this chapter. See Alabama Code 12-18-150
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • HEALTH ORGANIZATION: Any health care service plan, health maintenance organization, limited health service organization, dental services corporation, or other managed care organization licensed under this title. See Alabama Code 27-2B-2
  • insurer: As defined in Section 27-1-2, including, without limitation, any fraternal benefit society and any health organization. See Alabama Code 27-2B-2
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • JUDGE OR CLERK: Any justice of the Supreme Court, judge of the Court of Civil Appeals, judge of the Court of Criminal Appeals, circuit judge, district judge, probate judge, or circuit clerk who is not a member of the Judicial Retirement Fund or Clerks' and Registers' Supernumerary Fund on November 7, 2016 and who is first elected or appointed to his or her position on or after November 8, 2016. See Alabama Code 12-18-150
  • LIFE OR HEALTH INSURER: Any insurer licensed to do business in this state and authorized to transact life and/or disability insurance, including a property and casualty insurer writing only disability insurance, but shall not include fraternal benefit societies, health care service corporations, dental service organizations, health maintenance organizations, dental plan organizations, or mutual aid associations. See Alabama Code 27-2B-2
  • Lineal descendant: Direct descendant of the same ancestors.
  • MEDICAL BOARD: The board of physicians provided for in Section 36-27-23. See Alabama Code 12-18-150
  • member: Any judge or clerk included in membership of the plan. See Alabama Code 12-18-150
  • MEMBERSHIP SERVICE: Service as a judge or clerk on account of which contributions are made. See Alabama Code 12-18-150
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • naic: The National Association of Insurance Commissioners. See Alabama Code 27-2B-2
  • NEGATIVE TREND: With respect to a life or health insurer or a fraternal benefit society, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the RBC instructions. See Alabama Code 27-2B-2
  • pension: Payments for life derived from money provided by the employer. See Alabama Code 12-18-150
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • plan: The Judges' and Clerks' Plan provided for in Section 12-18-151. See Alabama Code 12-18-150
  • preceding: means next before. See Alabama Code 1-1-1
  • PROPERTY AND CASUALTY INSURER: Any insurer licensed to do business in this state and authorized to transact property, marine, casualty, and/or surety insurance, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers. See Alabama Code 27-2B-2
  • rbc: Risk-based capital. See Alabama Code 27-2B-2
  • RBC INSTRUCTIONS: The RBC report including risk-based capital instructions adopted by the NAIC, as the RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Alabama Code 27-2B-2
  • RBC LEVEL: An insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:

    a. See Alabama Code 27-2B-2

  • RBC PLAN: A comprehensive financial plan containing the elements specified in subsection (b) of Section 27-2B-4. See Alabama Code 27-2B-2
  • RBC REPORT: The report required in Section 27-2B-3. See Alabama Code 27-2B-2
  • retirement: Withdrawal from active service with a retirement allowance or optional benefit in lieu thereof granted under this article. See Alabama Code 12-18-150
  • RETIREMENT ALLOWANCE: The sum of the annuity and the pension. See Alabama Code 12-18-150
  • RETIREMENT SYSTEM: The Employees' Retirement System of Alabama as defined in Section 36-27-2. See Alabama Code 12-18-150
  • STATUTORY CAPITAL AND SURPLUS: The combination of capital and surplus. See Alabama Code 27-2B-2
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • TOTAL ADJUSTED CAPITAL: The sum of:

    a. See Alabama Code 27-2B-2

  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1