Any life and health and property and casualty insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, domiciled in this state shall maintain minimum levels of risk–based capital to transact the business of insurance in this state. Each life and health and property and casualty domestic insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, shall file with the director, on or before March first of each year, a report disclosing the insurer’s level of risk–based capital. Any foreign life and health and property and casualty insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, shall file a similar report upon the request of the director. The director of the Division of Insurance may promulgate rules, pursuant to chapter 1-26, regarding the filing of risk–based capital reports, the establishment of various minimum levels of risk–based capital requirements, the criteria and standards for which an insurer shall be required to submit a risk–based capital plan, the director’s authority to revise or adopt the insurer’s risk–based capital report or plan, the opportunity for hearing regarding the director’s decision to revise an insurer’s risk–based capital report or plan, the director’s authority to require corrective actions, the confidentiality of risk–based capital reports and plans, and the exemption of certain insurers from the requirements of this section. The director may promulgate rules, pursuant to chapter 1-26, concerning the filing of risk–based capital reports to assist the director in the evaluation of the hazardous financial condition of an insurer pursuant to § 58-4-39.

Source: SL 1996, ch 289; SL 2001, ch 269, § 1.