North Carolina General Statutes > Chapter 58 > Article 12 – Risk-Based Capital Requirements
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Terms Used In North Carolina General Statutes > Chapter 58 > Article 12 - Risk-Based Capital Requirements
- Adjusted risk-based capital report: A risk-based capital report that has been adjusted by the Commissioner under N. See North Carolina General Statutes 58-12-2
- 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 North Carolina General Statutes 58-12-2
- Company action level risk-based capital: means , with respect to any insurer, the product of 2. See North Carolina General Statutes 58-12-2
- 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: An order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required. See North Carolina General Statutes 58-12-2
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Domestic insurer: Any insurance company or health organization organized in this State under Article 7 of this Chapter as specified in subdivisions (4b) and (5a) of this section or under Article 15, 65, or 67 of this Chapter or any risk retention group organized in this State under Part 9 of Article 10 of this Chapter. See North Carolina General Statutes 58-12-2
- 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.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Foreign insurer: Any insurance company or health organization that is admitted to do business in this State under Article 16 or 67 of this Chapter but is not domiciled in this State. See North Carolina General Statutes 58-12-2
- Health organization: Any insurer which is required by the Commissioner to use the NAIC Health Annual Statement Blank when filing the annual statement prescribed by N. See North Carolina General Statutes 58-12-2
- in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
- 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 or health insurer: Any insurance company licensed to write the kinds of insurance specified in N. See North Carolina General Statutes 58-12-2
- Mandatory control level risk-based capital: means the product of . See North Carolina General Statutes 58-12-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Negative trend: A negative trend, with respect to a life or health insurer, over a period of time, as determined in accordance with the "trend test calculation" included in the risk-based capital instructions. See North Carolina General Statutes 58-12-2
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Property or casualty insurer: Any insurance company licensed to write the kinds of insurance specified in N. See North Carolina General Statutes 58-12-2
- Regulatory action level risk-based capital: means the product of 1. See North Carolina General Statutes 58-12-2
- Risk-based capital instructions: The risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based capital instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See North Carolina General Statutes 58-12-2
- Risk-based capital level: 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 where:
- Risk-based capital plan: A comprehensive financial plan containing the elements specified in N. See North Carolina General Statutes 58-12-2
- Risk-based capital report: The report required in N. See North Carolina General Statutes 58-12-2
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Testify: Answer questions in court.
- Total adjusted capital: The sum of:
- trend test calculation: include d in the risk-based capital instructions. See North Carolina General Statutes 58-12-2