Terms Used In Iowa Code > Chapter 521E - Risk-Based Capital Requirements for Insurers

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• Adjusted risk-based capital report: means a risk-based capital report adjusted by the commissioner pursuant to section 521E. See Iowa Code 521E.1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized-control-level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions. See Iowa Code 521E.1
• Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
• Commissioner: means the commissioner of insurance. See Iowa Code 521E.1
• Company-action-level risk-based capital: means , with respect to any insurer, the product of two and the insurer's authorized-control-level risk-based capital. See Iowa Code 521E.1
• 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 of insurance specifying corrective actions which the commissioner has determined are required. See Iowa Code 521E.1
• Domestic insurer: means an insurance company domiciled in this state and licensed to transact the business of insurance under chapter 508, 512B, 515, or 520, except that it shall not include any of the following:
   a. See Iowa Code 521E.1
• 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.
• Filing date: means March 1 of each year. See Iowa Code 521E.1
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Foreign insurer: means an insurance company not domiciled in this state which is licensed to transact the business of insurance in this state under chapter 508, 512B, 515, or 520. See Iowa Code 521E.1
• Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life and health insurer: means an insurance company licensed under chapter 508, a fraternal benefit society organized under chapter 512B, or a licensed property and casualty insurer writing only accident and health insurance under chapter 515. See Iowa Code 521E.1
• Mandatory-control-level risk-based capital: means the product of seven-tenths and the insurer's authorized-control-level risk-based capital. See Iowa Code 521E.1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Negative trend: means a negative trend over a period of time as determined in accordance with the trend test calculation included in the risk-based capital instructions. See Iowa Code 521E.1
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• property: includes personal and real property. See Iowa Code 4.1
• Property and casualty insurer: means an insurance company licensed under chapter 515 but does not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers. See Iowa Code 521E.1
• Regulatory-action-level risk-based capital: means the product of one and one-half and the insurer's authorized-control-level risk-based capital. See Iowa Code 521E.1
• Revised risk-based capital plan: is a risk-based capital plan which has been rejected by the commissioner and has been revised by the insurer, with or without the commissioner's recommendation. See Iowa Code 521E.1
• Risk-based capital instructions: means the instructions included in the risk-based capital report as adopted by the national association of insurance commissioners, as such risk-based capital instructions may be amended by the national association of insurance commissioners from time to time in accordance with the procedures adopted by the national association of insurance commissioners. See Iowa Code 521E.1
• Risk-based capital level: means an insurer's company-action-level risk-based capital, regulatory-action-level risk-based capital, authorized-control-level risk-based capital, or mandatory-control-level risk-based capital as follows:
   a. See Iowa Code 521E.1
• Risk-based capital plan: means a comprehensive financial plan containing the elements identified in section 521E. See Iowa Code 521E.1
• Risk-based capital report: means the report required to be prepared and submitted to the commissioner pursuant to section 521E. See Iowa Code 521E.1
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• 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 the following:
   a. See Iowa Code 521E.1
• United States: includes all the states. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1