58-4-48. Minimum levels of risk-based capital required--Administrative rules. Any life and health and property and casualty insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, domiciled in this state shall maintain minimum levels of risk-based capital to transact the business of insurance in this state. Each life and health and property and casualty domestic insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, shall file with the director, on or before March first of each year, a report disclosing the insurer's level of risk-based capital. Any foreign life and health and property and casualty insurer, and any insurer subject to chapters 58-37A, 58-38, 58-39, 58-40, and 58-41, shall file a similar report upon the request of the director. The director of the Division of Insurance may promulgate rules, pursuant to chapter 1-26, regarding the filing of risk-based capital reports, the establishment of various minimum levels of risk-based capital requirements, the criteria and standards for which an insurer shall be required to submit a risk-based capital plan, the director's authority to revise or adopt the insurer's risk-based capital report or plan, the opportunity for hearing regarding the director's decision to revise an insurer's risk-based capital report or plan, the director's authority to require corrective actions, the confidentiality of risk-based capital reports and plans, and the exemption of certain insurers from the requirements of this section. The director may promulgate rules, pursuant to chapter 1-26, concerning the filing of risk-based capital reports to assist the director in the evaluation of the hazardous financial condition of an insurer pursuant to § 58-4-39.
Source: SL 1996, ch 289; SL 2001, ch 269, § 1.
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