Terms Used In Virginia Code > Title 38.2 > Chapter 55 - Risk-Based Capital Act

• Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
• adjusted capital: means net worth of a health maintenance organization and, for all other licensees, means surplus to policyholders. See Virginia Code 38.2-5501
• Adjusted RBC Report: means an RBC report which has been adjusted by the Commission in accordance with subsection F of § 38. See Virginia Code 38.2-5501
• Annuities: means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. See Virginia Code 38.2-106
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means any the Heart of Appalachia Tourism Authority created, organized and operated pursuant to the provisions of this chapter, or if such Authority is abolished, the board, body, commission, department or officer succeeding to the principal functions thereof or to whom the powers given by this chapter are given by law. See Virginia Code 15.2-5501
• Authority: means any political subdivision, a body politic and corporate, created, organized and operated pursuant to the provisions of this chapter, or if such Authority is abolished, the board, body, commission, department or officer succeeding to the principal functions thereof or to whom the powers given by this chapter are given by law. See Virginia Code 15.2-5509
• Authorized Control Level RBC: means the number determined under the risk-based capital formula in accordance with the RBC Instructions;

  4. See Virginia Code 38.2-5501

• business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commission: means the Marine Resources Commission. See Virginia Code 28.2-100
• Commissioner: means the Commissioner of Marine Resources. See Virginia Code 28.2-100
• Commissioner of Insurance: means the administrative or executive officer of the Bureau. See Virginia Code 38.2-100
• Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Company Action Level RBC: means , with respect to any licensee, the product of 2. See Virginia Code 38.2-5501
• Conviction: A judgement of guilt against a criminal defendant.
• 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 Commission specifying corrective actions which the Commission has determined are required. See Virginia Code 38.2-5501
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Cultured hard-shell clams: means hard-shell clams (Mercenaria mercenaria) that have been spawned in a hatchery or controlled setting for the purpose of producing seed clams (juveniles), and planted on leased grounds, floating structures, or other privately controlled growing areas, and covered with netting or otherwise protected from predators until harvested. See Virginia Code 28.2-200
• Domestic health organization: means a health organization domiciled in this Commonwealth. See Virginia Code 38.2-5501
• Domestic insurer: means any domestic company which has obtained a license to engage in insurance transactions in this Commonwealth in accordance with the applicable provisions of Chapter 10 (§ 38. See Virginia Code 38.2-5501
• Domestic licensee: means and includes a domestic insurer and a domestic health organization. See Virginia Code 38.2-5501
• 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.
• Foreign health organization: means a health organization not domiciled in this Commonwealth which is licensed to do business in this Commonwealth. See Virginia Code 38.2-5501
• Foreign insurer: means any company not domiciled in this Commonwealth which has obtained a license to engage in insurance transactions in this Commonwealth in accordance with the applicable provisions in Chapter 10 (§ 38. See Virginia Code 38.2-5501
• Foreign licensee: means and includes a foreign insurer and a foreign health organization. See Virginia Code 38.2-5501
• Governing body: means the board or body in which the general legislative powers of the municipality are vested. See Virginia Code 15.2-5509
• Health organization: means an insurer that is required by the Commission to use the NAIC's Health Annual Statement blank when filing the annual statement prescribed by § 38. See Virginia Code 38.2-5501
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Insurer: means an insurance company. See Virginia Code 38.2-100
• 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}
• James River seed area: means that area in the James River and its tributaries above a line drawn from Cooper's Creek in Isle of Wight County on the south side of the James River to a line in a northeasterly direction across the James River to the Newport News municipal water tank located on Warwick Boulevard between 59th Street and 60th Street in the City of Newport News. See Virginia Code 28.2-200
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means and includes a life and health insurer, a property and casualty insurer, and a health organization. See Virginia Code 38.2-5501
• Life and health insurer: means any domestic insurer or foreign insurer, whether known as a life insurer or a property and casualty insurer or a reciprocal or a fraternal benefit society, which is authorized to write any class of life insurance, annuities, or accident and sickness insurance, and is not writing a class of insurance set forth in §§ 38. See Virginia Code 38.2-5501
• Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Mandatory Control Level RBC: means the product of 0. See Virginia Code 38.2-5501
• Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendment of 1965, as amended. See Virginia Code 38.2-100
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-5501
• Officer: means a member of the Virginia Marine Police. See Virginia Code 28.2-100
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Property and casualty insurer: means any domestic insurer or foreign insurer which is authorized under any chapter of this title to write any class of insurance except a class of life insurance or annuities, provided that "property and casualty insurer" shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers, nor shall it include any insurer which is required by the Commission to use the NAIC's Health Annual Statement blank when filing the annual statement prescribed by § 38. See Virginia Code 38.2-5501
• Quorum: The number of legislators that must be present to do business.
• RBC: means risk-based capital. See Virginia Code 38.2-5501
• RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC, as such RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Virginia Code 38.2-5501
• RBC Plan: means a comprehensive financial plan containing the elements specified in subsection B of § 38. See Virginia Code 38.2-5501
• RBC Report: means the report required in § 38. See Virginia Code 38.2-5501
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• Regulatory Action Level RBC: means the product of 1. See Virginia Code 38.2-5501
• shellfish: means such species of mollusca as oysters and clams, and such species of crustacea as crabs. See Virginia Code 28.2-100
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100
• Total Adjusted Capital: means the sum of:

  1. See Virginia Code 38.2-5501

• Trend Test Calculation: include d in the Life RBC Instructions. See Virginia Code 38.2-5501
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255