Terms Used In California Codes > Insurance Code > Division 1 > Part 2 > Chapter 1 > Article 4.1 - Risk-Based Capital for Insurers

• Adjusted RBC Report: means a Risk-Based Capital (RBC) report that has been adjusted by the commissioner in accordance with subdivision (b) or (c) of Section 739. See California Insurance Code 739
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized Control Level RBC: means the number determined under the risk-based capital formula in accordance with the RBC Instructions. See California Insurance Code 739
• Boat: means any vessel that is any of the following:

  California Harbors and Navigation Code 651

• Charter boat: means a for-hire vessel operating on navigable water of the state in the coastal zone, as defined in §. See California Harbors and Navigation Code 773.2
• Charterer: means a person who receives compensation for contracting with an operator to transport three or more passengers. See California Harbors and Navigation Code 773.2
• Coast Guard: means the United States Coast Guard. See California Harbors and Navigation Code 773.2
• Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
• Company Action Level RBC: means , with respect to any insurer, the product of 2. See California Insurance Code 739
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corrective Order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. See California Insurance Code 739
• Department: means the Department of Boating and Waterways. See California Harbors and Navigation Code 651
• Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
• Domestic insurer: means any life or health insurer or property and casualty insurer organized in this state. See California Insurance Code 739
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• For-hire vessel: means a for-hire vessel as defined in §. See California Harbors and Navigation Code 773.2
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Foreign insurer: means any life or health insurer or property and casualty insurer that is licensed to do business in this state but is not domiciled in this state. See California Insurance Code 739
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life or health insurer: means any admitted insurer issuing insurance subject to Part 2 (commencing with Section 10110) of Division 2, or a licensed property and casualty insurer writing only disability insurance. See California Insurance Code 739
• Life preserver: means a life preserver approved and certified by the Coast Guard and capable of providing at least 90 percent of factory-rated flotation capacity. See California Harbors and Navigation Code 773.2
• Mandatory Control Level RBC: means the product of . See California Insurance Code 739
• NAIC: means the National Association of Insurance Commissioners. See California Insurance Code 739
• Negative trend: means , with respect to a life or health insurer, a negative trend over a period of time, as determined in accordance with the "Trend Test Calculation" included in the RBC Instructions defined in subdivision (i). See California Insurance Code 739
• Operator: means a person owning, controlling, operating, or managing a for-hire vessel. See California Harbors and Navigation Code 773.2
• Operator: means the person aboard a vessel who meets any of the following:

  California Harbors and Navigation Code 651

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Passenger: means every person carried on board a vessel other than any of the following:

  California Harbors and Navigation Code 651

• Person: means an individual, partnership, firm, corporation, limited liability company, association, or other entity, but does not include the United States, the state, or a municipality or subdivision thereof. See California Harbors and Navigation Code 651
• Person: means any individual, firm, partnership, for-profit corporation, nonprofit corporation, limited liability company, company, association, joint stock association, trustee, receiver, assignee, or other similar entity or representative. See California Harbors and Navigation Code 773.2
• Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
• Property and casualty insurer: means any admitted insurer writing insurance as described in Section 102, 103, 105, 107, 108, 109, 110, 111, 112, 113, 114, 115, 116, 118, 119. See California Insurance Code 739
• RBC Instructions: means the RBC Report, including risk-based capital instructions adopted by the NAIC, and as the RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See California Insurance Code 739
• RBC Plan: means a comprehensive financial plan containing the elements specified in subdivision (b) of Section 739. See California Insurance Code 739
• RBC Report: means the report required in Section 739. See California Insurance Code 739
• Regulatory Action Level RBC: means the product of 1. See California Insurance Code 739
• State: means a state of the United States, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the District of Columbia. See California Harbors and Navigation Code 651
• State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Total Adjusted Capital: means the sum of:

  California Insurance Code 739

• Trend Test Calculation: include d in the RBC Instructions defined in subdivision (i). See California Insurance Code 739
• Trustee: A person or institution holding and administering property in trust.
• Vessel: includes every description of a watercraft or other artificial contrivance used or capable of being used as a means of transportation on water, except either of the following:

  California Harbors and Navigation Code 651