Or. Admin. Code § 836-011-0510
Current through Register Vol. 63, No. 11, November 1, 2024
Section 836-011-0510 - RBC Reports(1) A domestic health care service contractor shall, on or prior to each March 1 (the "filing date"), prepare and submit to the Director a report of its RBC levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addition, a domestic health care service contractor shall file its RBC report: (a) With the NAIC in accordance with the RBC instructions; and(b) With the insurance commissioner in any state in which the health care service contractor is authorized to do business, if the insurance commissioner has notified the health care service contractor of its request in writing, in which case the health care service contractor shall file its RBC report not later than the later of:(A) 15 days from the receipt of notice to file its RBC report with that state; or(2) A health care service contractor's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take the following into account (and may adjust for the covariance between) determined in each case by applying the factors in the manner set forth in the RBC instructions: (c) Underwriting risk; and(d) All other business risks and such other relevant risks as are set forth in the RBC instructions.(3) An excess of capital (i.e. net worth) over the amount produced by the risk-based capital requirements contained in OAR 836-011-0500 to 836-011-0550 and the formulas, schedules and instructions referenced in 836-011-0500 to 836-011-0550 is desirable in the business of a health care service contractor. Accordingly, health care service contractors should seek to maintain capital above the RBC levels required by 836-011-0500 to 836-011-0550. Additional capital is used and useful in the insurance business and helps to secure a health care service contractor against various risks inherent in, or affecting, the business of a health care service contractor and not accounted for or only partially measured by the risk-based capital requirements contained in 836-011-0500 to 836-011-0550.(4) If a domestic health care service contractor files an RBC report that in the judgment of the Director is inaccurate, then the Director shall adjust the RBC report to correct the inaccuracy and shall notify the health care service contractor of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an "adjusted RBC report."Or. Admin. Code § 836-011-0510
ID 22-2002, f. & cert. ef. 11-27-02Stat. Auth.: ORS 731.244, ORS 750.045
Stats. Implemented: ORS 731.574, ORS 733.210, ORS 750.045