Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Alabama Insurers Rehabilitation and Liquidation Model Act
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FAQ
(2) ?Regulatory Action Level RBC? means the product of 1.5 and its Authorized Control Level RBC; (3) ?Authorized Control Level RBC? means the number determined under the risk-based capital formula in ance with the RBC Instructions; (4) ?Mandatory Control Level RBC? means the product of .
Most states provide the following amounts of coverage (or more), which are specified in the National Association of Insurance Commissioners' (NAIC) Life and Health Insurance Guaranty Association Model Law: $300,000 in life insurance death benefits. $100,000 in net cash surrender or withdrawal values for life insurance.
"Liquidation" is the process whereby the Commissioner, upon a Superior Court's order, terminates an insurance company's insurance business by canceling all insurance policies and by not issuing any new or renewal policies.
One way they do this is by imposing a risk-based capital (RBC) requirement. The RBC requirement is a statutory minimum level of capital that is based on two factors: 1) an insurance company's size; and 2) the inherent riskiness of its financial assets and operations.
The regulatory action level occurs if surplus falls below 150 percent of the RBC amount. The authorized control level occurs if surplus falls below 100 percent of the RBC amount.
Once the liquidation is ordered, the guaranty association provides coverage to the company's policyholders who are state residents (up to the levels specified by state laws?see below; any benefit amounts above the guaranty asociation benefit levels become claims against the company's remaining assets).
Company Action Level means the designation given by either the National Association of Insurance Commissioners or the state department of insurance of the state of domicile of the insurance company in question of a level or range of levels of Risk-Based Capital Ratios as the Risk-Based Capital Ratio or Ratios, as ...
(3) ?Authorized Control Level RBC? means the number determined under the risk-based capital formula in ance with the RBC Instructions; (4) ?Mandatory Control Level RBC? means the product of . 70 and the Authorized Control Level RBC.