Code of Alabama - Title 27: Insurance - Chapter 2B - Risk-based Capital for Insurers

• Section 27-2B-1 Short title
  This chapter shall be known as the Alabama Risk-Based Capital (RBC) for Insurers Act.
• Section 27-2B-2 Definitions
  As used in this chapter, these terms shall have the following meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the...
• Section 27-2B-3 Preparation and submission of RBC report; formulas; desirability of excess capital; adjustment of inaccurate RBC report
  (a) Every domestic insurer shall, on or prior to each March 1 (the "filing date"), prepare and submit to the commissioner a report of its...
• Section 27-2B-4 Company action level event; preparation and submission of RBC plan or revised RBC plan; notification of unsatisfactory filing; copies of plans
  (a) Company action level event means any of the following events: (1) The filing of an RBC report by an insurer which indicates any of...
• Section 27-2B-5 Regulatory action level event; commissioner's duties; determination of corrective actions; retention of consultants
  (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (1) The filing of an RBC report by the...
• Section 27-2B-6 Authorized control level event; commissioner's duties
  (a) "Authorized control level event" means any of the following events: (1) The filing of an RBC report by the insurer which indicates that the...
• Section 27-2B-7 Mandatory control level event; commissioner's duties
  (a) "Mandatory control level event" means any of the following events: (1) The filing of an RBC report which indicates that the insurer's total adjusted...
• Section 27-2B-8 Right to departmental hearing; notification of request for hearing
  (a) An insurer shall have the right to a departmental hearing, on the record, at which the insurer may challenge a determination or action by...
• Section 27-2B-9 Confidentiality of reports and plans; information sharing agreements; publication of RBC levels prohibited; use of reports and plans by commissioner
  (a) All RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and...
• Section 27-2B-10 Relationship to other laws; adoption of rules; exemptions
  (a) The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any...
• Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation of property
  (a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report, as of the end of the...
• Section 27-2B-12 Liability of commissioner or Department of Insurance
  There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the Department of Insurance, or...
• Section 27-2B-13 Effectiveness of notice to insurer
  All notices by the commissioner to an insurer that may result in regulatory action pursuant to this chapter, shall be effective upon dispatch if transmitted...
• Section 27-2B-14 RBC reports with respect to 1996
  (a) For RBC reports required to be filed by life insurers with respect to 1996, the following requirements shall apply in lieu of the provisions...
• Section 27-2B-14.1 RBC reports with respect to 2015
  For RBC reports required to be filed by health organizations and fraternal benefit societies with respect to 2015, the following requirements shall apply in lieu...

Last modified: May 3, 2021