Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 20.00 - Risk-based Capital (rbc) For Insurers
Section 20.02 - RBC Reports
Current through Register 1531, September 27, 2024
(1) Every domestic insurer shall, on or prior to each March 1st, prepare and submit to the Commissioner 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, every domestic insurer shall file its RBC Report:
(2) A life and health insurer's or Fraternal Benefit Society's RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account (and may adjust for the covariance between) the following factors determined in each case by applying the factors in the manner set forth in the RBC instructions.
(3) A property and casualty insurer'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.
(4) An excess of capital over the amount produced by the risk-based capital requirements contained in 211 CMR 20.00 and the formulas, schedules and instructions referenced in 211 CMR 20.00 is desirable in the business of insurance. Accordingly, insurers should seek to maintain capital above the RBC levels required by 211 CMR 20.00.
(5) If a domestic insurer files an RBC Report which in the judgment of the Commissioner is inaccurate, then the Commissioner shall adjust the RBC Report to correct the inaccuracy and shall notify the insurer 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."