Illinois Compiled Statutes 215 ILCS 5/35A-5 – Definitions
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As used in this Article, the terms listed in this Section have the meaning given herein.
“Adjusted RBC Report” means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10.
“Authorized control level RBC” means the number determined under the risk-based capital formula in accordance with the RBC Instructions.
“Company action level RBC” means the product of 2.0 and the insurer’s authorized control level RBC.
“Corrective Order” means an order issued by the Director in accordance with Article XII 1/2 specifying corrective actions that the Director determines are required.
“Domestic insurer” means any insurance company domiciled in this State under Article II, Article III, Article III 1/2, or Article IV or a health organization as defined by this Article, except this shall include only those health maintenance organizations that are “domestic companies” in accordance with § 5-3 of the Health Maintenance Organization Act and only those limited health service organizations that are “domestic companies” in accordance with § 4003 of the Limited Health Service Organization Act.
“Fraternal benefit society” means any insurance company licensed under Article XVII of this Code.
“Foreign insurer” means any foreign or alien insurance company licensed under Article VI that is not domiciled in this State and any health maintenance organization that is not a “domestic company” in accordance with § 5-3 of the Health Maintenance Organization Act and any limited health service organization that is not a “domestic company” in accordance with § 4003 of the Limited Health Service Organization Act.
“Health organization” means an entity operating under a certificate of authority issued pursuant to the Health Maintenance Organization Act, the Dental Service Plan Act, the Limited Health Service Organization Act, or the Voluntary Health Services Plans Act, unless the entity is otherwise defined as a “life, health, or life and health insurer” pursuant to this Act.
“Life, health, or life and health insurer” means an insurance company that has authority to transact the kinds of insurance described in either or both clause (a) or clause (b) of Class 1 of Section 4 or a licensed property and casualty insurer writing only accident and health insurance.
“Mandatory control level RBC” means the product of 0.70 and the insurer’s authorized control level RBC.
“NAIC” means the National Association of Insurance Commissioners.
“Negative trend” means, with respect to a life, health, or life and 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 Life or Fraternal RBC Instructions.
“Property and casualty insurer” means an insurance company that has authority to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing only insurance authorized under clause (c) of Class 1, but does not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers.
“RBC” means risk-based capital.
“RBC Instructions” means the RBC Report including risk-based capital instructions adopted by the NAIC as those instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
“RBC level” means an insurer’s company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC.
“RBC Plan” means a comprehensive financial plan containing the elements specified in subsection (b) of Section 35A-15.
“RBC Report” means the risk-based capital report required under Section 35A-10.
“Receivership” means conservation, rehabilitation, or liquidation under Article XIII.
“Regulatory action level RBC” means the product of 1.5 and the insurer’s authorized control level RBC.
“Revised RBC Plan” means an RBC Plan rejected by the Director and revised by the insurer with or without the Director’s recommendations.
“Total adjusted capital” means the sum of (1) an insurer’s statutory capital and surplus and (2) any other items that the RBC Instructions may provide.
“Adjusted RBC Report” means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/35A-5
- Fraternal benefit society: means any insurance company licensed under Article XVII of this Code. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- Health organization: means an entity operating under a certificate of authority issued pursuant to the Health Maintenance Organization Act, the Dental Service Plan Act, the Limited Health Service Organization Act, or the Voluntary Health Services Plans Act, unless the entity is otherwise defined as a "life, health, or life and health insurer" pursuant to this Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- NAIC: means the National Association of Insurance Commissioners. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- Negative trend: means , with respect to a life, health, or life and 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 Life or Fraternal RBC Instructions. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- Property and casualty insurer: means an insurance company that has authority to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing only insurance authorized under clause (c) of Class 1, but does not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC: means risk-based capital. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC as those instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC Plan: means a comprehensive financial plan containing the elements specified in subsection (b) of Section 35A-15. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC Report: means the risk-based capital report required under Section 35A-10. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Authorized control level RBC” means the number determined under the risk-based capital formula in accordance with the RBC Instructions.
“Company action level RBC” means the product of 2.0 and the insurer’s authorized control level RBC.
“Corrective Order” means an order issued by the Director in accordance with Article XII 1/2 specifying corrective actions that the Director determines are required.
“Domestic insurer” means any insurance company domiciled in this State under Article II, Article III, Article III 1/2, or Article IV or a health organization as defined by this Article, except this shall include only those health maintenance organizations that are “domestic companies” in accordance with § 5-3 of the Health Maintenance Organization Act and only those limited health service organizations that are “domestic companies” in accordance with § 4003 of the Limited Health Service Organization Act.
“Fraternal benefit society” means any insurance company licensed under Article XVII of this Code.
“Foreign insurer” means any foreign or alien insurance company licensed under Article VI that is not domiciled in this State and any health maintenance organization that is not a “domestic company” in accordance with § 5-3 of the Health Maintenance Organization Act and any limited health service organization that is not a “domestic company” in accordance with § 4003 of the Limited Health Service Organization Act.
“Health organization” means an entity operating under a certificate of authority issued pursuant to the Health Maintenance Organization Act, the Dental Service Plan Act, the Limited Health Service Organization Act, or the Voluntary Health Services Plans Act, unless the entity is otherwise defined as a “life, health, or life and health insurer” pursuant to this Act.
“Life, health, or life and health insurer” means an insurance company that has authority to transact the kinds of insurance described in either or both clause (a) or clause (b) of Class 1 of Section 4 or a licensed property and casualty insurer writing only accident and health insurance.
“Mandatory control level RBC” means the product of 0.70 and the insurer’s authorized control level RBC.
“NAIC” means the National Association of Insurance Commissioners.
“Negative trend” means, with respect to a life, health, or life and 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 Life or Fraternal RBC Instructions.
“Property and casualty insurer” means an insurance company that has authority to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing only insurance authorized under clause (c) of Class 1, but does not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers.
“RBC” means risk-based capital.
“RBC Instructions” means the RBC Report including risk-based capital instructions adopted by the NAIC as those instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC.
“RBC level” means an insurer’s company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC.
“RBC Plan” means a comprehensive financial plan containing the elements specified in subsection (b) of Section 35A-15.
“RBC Report” means the risk-based capital report required under Section 35A-10.
“Receivership” means conservation, rehabilitation, or liquidation under Article XIII.
“Regulatory action level RBC” means the product of 1.5 and the insurer’s authorized control level RBC.
“Revised RBC Plan” means an RBC Plan rejected by the Director and revised by the insurer with or without the Director’s recommendations.
“Total adjusted capital” means the sum of (1) an insurer’s statutory capital and surplus and (2) any other items that the RBC Instructions may provide.