SB 5430 - DIGEST

(DIGEST AS ENACTED)

     Requires each domestic insurer to prepare and submit to the commissioner a report of its risk-based capital (RBC) levels as of the end of each calendar year.

     Specifies formulas for determining RBC.

     Defines "company action level event" and designates the procedures to be followed by an insurer when such events occur.

     Defines "regulatory action level event" and designates the procedures to be followed by an insurer when such events occur.

     Defines "authorized control level event" and designates the procedures to be followed by an insurer when such events occur.

     Defines "mandatory control level event" and designates the procedures to be followed by an insurer when such events occur.

     Provides hearing procedures for an insurer to challenge any determination or action by the commissioner.