S.D. Admin. R. 20:06:36:01

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:36:01 - Definitions

As used in this chapter:

(1) "Adjusted RBC report" means an RBC report that has been adjusted by the director in accordance with § 20:06:36:06;

(2) "Corrective order" means an order that has been issued by the director and which specifies the corrective actions;

(3) "Domestic insurer" means any insurance company domiciled in this state or any entity required to comply with RBC pursuant to SDCL 58-4-48;

(4) "Domestic health organization" means any health organization domiciled in this state;

(5) "Foreign insurer" means any insurance company that is licensed to do business in this state but not domiciled in this state;

(6) "Foreign health organization" means any health organization that is licensed to do business in this state, but not domiciled in this state;

(7) "Health Organization" means any health maintenance organization, limited health service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation and other managed care organization licensed under SDCL title 58 but does not include an organization that is:

(a) Licensed as a life or health insurer or property and casualty insurer; and

(b) Subject to either life or property and casualty RBC requirements;

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

(9) "Life or health insurer" means:

(a) Any insurance company licensed under SDCL title 58 to write life or health insurance; or

(b) A property and casualty insurer licensed to do business in this state writing only accident and health insurance;

(10) "Property and casualty insurer" means any insurance company licensed under SDCL title 58 to do business in this state, but not monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers;

(11) "Negative trend" means for a life or health insurer, a negative trend in the level of risk-based capital over a period of time;

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

(13) "RBC instructions" means the 2022 NAIC RBC Forecasting and Instructions-Life, the 2022 NAIC RBC Forecasting and Instructions-Property/Casualty, and the 2022 NAIC RBC Forecasting and Instructions-Health;

(14) "RBC plan" means a comprehensive financial plan containing the elements specified in § 20:06:36:08;

(15) "RBC report" means the report required in §§ 20:06:36:03 through 20:06:36:06;

(16) "Revised RBC plan" means a rejected RBC plan by the director that is revised by the insurer or health organization, with or without the director's recommendation;

(17) "Total adjusted capital" means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under SDCL 58-6-75, and any other items required by the RBC instructions.

S.D. Admin. R. 20:06:36:01

23 SDR 228, effective 7/3/1997; 25 SDR 13, effective 8/9/1998; 26 SDR 26, effective 9/1/1999; 27 SDR 54, effective 12/4/2000; 30 SDR 39, effective 9/28/2003; 31 SDR 21, effective 8/23/2004; 33 SDR 59, effective 10/5/2006; 34 SDR 271, effective 5/6/2008; 35 SDR 165, effective 12/22/2008; 36 SDR 209, effective 7/1/2010; 37 SDR 241, effective 7/1/2011; 38 SDR 219, effective 6/25/2012; 39 SDR 219, effective 6/26/2013; 41 SDR 41, effective 9/17/2014; 41 SDR 93, effective 12/3/2014; 42 SDR 52, effective 10/13/2015; 42 SDR 177, effective 6/28/2016; 43 SDR 181, effective 7/7/2017; 45 SDR 010, effective 8/1/2018; 46 SDR 026, effective 9/4/2019; 46 SDR 146, effective 7/2/2020; 47 SDR 137, effective 6/28/2021; 49 SDR 009, effective 8/9/2022; 50 SDR 013, effective 8/10/2023

General Authority: SDCL 58-4-48.

Law Implemented: SDCL 58-4-48.

The amended version of this section by 50 SDR 157, effective 7/1/2024 is not yet available.

1. 2022 NAIC RBC Forecasting and Instructions-Life. Cost: $115. 2. 2022 NAIC RBC Forecasting and Instructions-Property/Casualty. Cost: $115. 3. 2022 NAIC RBC Forecasting and Instructions-Health. Cost: $115. Copies of references 1 through 3 may be obtained from the National Association of Insurance Commissioners, 1100 Walnut Street, Ste. 1500, Kansas City, MO 64106-2197, (816) 783-8300; http://www.naic.org.