(215 ILCS 5/35A-5)
Sec. 35A-5. Definitions. As used in this Article, the terms listed in
this Section have the meaning given herein.
"Adjusted RBC Report" means an RBC Report that has been adjusted by the
Director in accordance with subsection (f) of Section 35A-10.
"Authorized control level RBC" means the number determined under the
risk-based capital formula in accordance with the RBC Instructions.
"Company action level RBC" means the product of 2.0 and the insurer's
authorized control level RBC.
"Corrective Order" means an order issued by the Director in accordance with
Article XII 1/2 specifying
corrective actions that the Director determines are required.
"Domestic insurer" means any insurance company domiciled in this State
under Article II, Article III, Article III 1/2, or Article IV
or a health organization as defined by this Article, except this shall
include only those health maintenance organizations that are "domestic
companies" in accordance with Section 5-3 of the Health Maintenance
Organization Act and only those limited health service organizations that are
"domestic companies" in accordance with Section 4003 of the Limited Health
Service Organization Act.
"Fraternal benefit society" means any insurance company licensed under Article XVII of this Code. "Foreign insurer" means any foreign or alien insurance company licensed
under Article VI
that is not domiciled in this State
and any health maintenance organization that is not a "domestic company" in
accordance with Section 5-3 of the Health Maintenance Organization Act and any
limited health service organization that is not a "domestic company" in
accordance with Section 4003 of the Limited Health Service Organization Act.
"Health organization" means an entity operating under a certificate of
authority issued pursuant to the
Health Maintenance Organization Act, the Dental Service Plan Act, the Limited
Health Service Organization Act, or the Voluntary Health Services Plans Act,
unless the entity is otherwise defined as a "life, health, or life and health
insurer" pursuant to this Act.
"Life, health, or life and health insurer" means an insurance company
that has authority to transact the kinds of
insurance described in either or both clause (a) or clause (b) of Class 1 of
Section 4 or a licensed property and casualty insurer writing only accident and
health insurance.
"Mandatory control level RBC" means the product of 0.70 and the insurer's
authorized control level RBC.
"NAIC" means the National Association of Insurance Commissioners.
"Negative trend" means, with respect to a life, health, or life and
health
insurer or a fraternal benefit society, a negative trend over a period of time, as determined
in accordance with the trend test calculation included in the Life or Fraternal RBC Instructions.
"Property and casualty insurer" means an insurance company
that has authority to transact the kinds of insurance in
either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing
only insurance authorized under clause (c) of
Class 1, but does not include monoline
mortgage guaranty insurers, financial guaranty insurers, and title insurers.
"RBC" means risk-based capital.
"RBC Instructions" means the RBC Report including risk-based capital
instructions adopted by the NAIC as those instructions may be amended by the
NAIC from time to time in accordance with the procedures adopted by the NAIC.
"RBC level" means an insurer's company action level RBC, regulatory action
level RBC, authorized control level RBC, or mandatory control level RBC.
"RBC Plan" means a comprehensive financial plan containing the elements
specified in subsection (b) of Section 35A-15.
"RBC Report" means the risk-based capital report required under Section
35A-10.
"Receivership" means conservation, rehabilitation, or liquidation under
Article XIII.
"Regulatory action level RBC" means the product of 1.5 and the insurer's
authorized control level RBC.
"Revised RBC Plan" means an RBC Plan rejected by the Director and revised by
the insurer with or without the Director's recommendations.
"Total adjusted capital" means the sum of (1) an insurer's statutory capital
and surplus and (2) any other items that the RBC Instructions may provide.
(Source: P.A. 98-157, eff. 8-2-13.)
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