Louisiana Revised Statutes 22:632 – Risk-based capital reports
Terms Used In Louisiana Revised Statutes 22:632
- Adjusted risk-based capital report: means a risk-based capital report which has been adjusted by the commissioner in accordance with La. See Louisiana Revised Statutes 22:631
- Commissioner: means the commissioner of insurance. See Louisiana Revised Statutes 22:631
- Health organization: means a health maintenance organization licensed under Subpart I of Part I of this Chapter, a limited health service organization which bears risk, dental or vision plan which bears risk, hospital, medical and dental indemnity or service corporation which bears risk, provider-sponsored organization which bears risk, or other risk-bearing managed care organization licensed under this Title. See Louisiana Revised Statutes 22:631
- Risk-based capital instructions: means the risk-based capital report including risk-based capital instructions adopted by the National Association of Insurance Commissioners, as these 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 Louisiana Revised Statutes 22:631
- Risk-based capital report: means the report required in La. See Louisiana Revised Statutes 22:631
A. A health organization shall, on or prior to each March first, prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing such information as is required by the risk-based capital instructions. In addition, a health organization shall file its risk-based capital report with the National Association of Insurance Commissioners in accordance with the risk-based capital instructions.
B. A health organization’s risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take the following into account and may adjust for the covariance between the factors as determined in each case by applying the factors in the manner set forth in the risk-based capital instructions:
(1) Asset risk.
(2) Credit risk.
(3) Underwriting risk.
(4) All other business risks and such other relevant risks as are set forth in the risk-based capital instructions.
C. If a health organization files a risk-based capital report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the risk-based capital report to correct the inaccuracy and shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk-based capital report as so adjusted may be referred to as an adjusted risk-based capital report.
Acts 2003, No. 1106, §1, eff. Dec. 31, 2003; Redesignated from La. Rev. Stat. 22:2036.2 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:632 redesignated as La. Rev. Stat. 22:1555 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.