Connecticut Administrative Code
Title 38a - Insurance Department
193 - Risk-Based Capital Requirements For Health Care Centers
Section 38a-193-1 - Definitions

Universal Citation: CT Reg of State Agencies 38a-193-1

Current through March 14, 2024

As used in sections 38a-193-1 to 38a-193-13, inclusive, of the Regulations of Connecticut State Agencies:

(1) "Adjusted RBC report" means an RBC report which has been adjusted by the commissioner in accordance with section 38a-193-2(d) of the Regulations of Connecticut State Agencies;

(2) "Commissioner" means the Insurance Commissioner of the State of Connecticut;

(3) "Corrective order" means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required;

(4) "Domestic health care center" means a health care center domiciled in this state that is licensed to do health care center business in this state under section 38a-41 of the Connecticut General Statutes;

(5) "Foreign health care center" means a health care center that is licensed to do health care center business in this state under section 38a-41 of the Connecticut General Statutes but is not domiciled in this state;

(6) "Health care center" means a "health care center" as defined in section 38a-175 of the Connecticut General Statutes, and includes both a domestic health care center and a foreign health care center. This definition does not include an organization that is licensed as an insurance company under section 38a-41 of the Connecticut General Statutes and that is otherwise subject to the financial requirements of section 38a-72 of the Connecticut General Statutes;

(7) "NAIC" means the National Association of Insurance Commissioners;

(8) "RBC" means risk-based capital;

(9) "RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as these RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC;

(10) "RBC level" means a health care center's Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC where:

(A) "Company Action Level RBC" means, with respect to any health care center, the product of 2.0 and its Authorized Control Level RBC;

(B) "Regulatory Action Level RBC" means the product of 1.5 and its Authorized Control Level RBC;

(C) "Authorized Control Level RBC" means the number determined under the risk-based capital formula in accordance with the RBC Instructions; and

(D) "Mandatory Control Level RBC" means the product of .70 and the Authorized Control Level RBC;

(11) "RBC plan" means a comprehensive financial plan containing the elements specified in section 38a-193-3(b) of the Regulations of Connecticut State Agencies. If the commissioner rejects the RBC plan, and it is revised by the health care center, with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan;"

(12) "RBC report" means the report required in section 38a-193-2 of the Regulations of Connecticut State Agencies; and

(13) "Total adjusted capital" means the sum of: a health care center's statutory capital and surplus and such other items, if any, as the RBC instructions may provide.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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