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27-2B-4
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 the following: a. The insurer's total adjusted capital is greater than or
equal to its regulatory action level RBC, but less than its company action level RBC. b. If
a life or health insurer or fraternal benefit society, the insurer has total adjusted capital
which is greater than or equal to its company action level RBC but less than the product of
its authorized control level RBC and 3.0 and has a negative trend. c. If a property and casualty
insurer or a health organization, the insurer has total adjusted capital which is greater
than or equal to its company action level RBC, but less than the product of its authorized
control level RBC and 3.0, and triggers the trend test determined in...
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27-2B-5
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
insurer which indicates that the insurer's total adjusted capital is greater than or equal
to its authorized control level RBC but less than its regulatory action level RBC. (2) The
notification by the commissioner to an insurer of an adjusted RBC report that indicates the
event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), the notification by the commissioner
to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(4) The failure of the insurer to file an RBC report by the filing date, unless...
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27-2B-8
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 the commissioner upon any of the following: (1)
Notification to an insurer by the commissioner of an adjusted RBC report. (2) Notification
to an insurer by the commissioner that: a. The insurer's RBC plan or revised RBC plan is unsatisfactory.
b. The notification constitutes a regulatory action level event with respect to the insurer.
(3) Notification to any insurer by the commissioner that the insurer has failed to adhere
to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect
on the ability of the insurer to eliminate the company action level event with respect to
the insurer in accordance with its RBC plan or revised RBC plan. (4) Notification to an insurer
by the commissioner of a corrective order with respect to the insurer....
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27-2B-7
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 capital is less than its mandatory control level
RBC. (2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates
the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), notification by the commissioner to
the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(b) In the event of a mandatory control level event: (1) With respect to a life insurer, health
organization, or fraternal benefit society, the commissioner shall take actions as necessary
to place the insurer under regulatory control pursuant to Chapter 32....
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27-2B-6
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 insurer's total adjusted capital is greater than or
equal to its mandatory control level RBC but less than its authorized control level RBC. (2)
The notification by the commissioner to the insurer of an adjusted RBC report that indicates
the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), notification by the commissioner to
the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to
a corrective order, provided the insurer has not challenged the corrective order...
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27-2B-11
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 calendar year just ended, the
later of either: (1) The date an RBC report would be required to be filed by a domestic insurer
under this chapter. (2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to
the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any
other state. (b) In the event of a company action level event, regulatory action level event,
or authorized control level event with respect to any foreign insurer, as determined under
the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, pursuant to this chapter, or if the insurance...
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27-1-17
Section 27-1-17 Limitation periods for payment of claims; overdue claims; retroactive denials,
adjustments, etc.; penalties. (a) Each insurer, health service corporation, and health benefit
plan that issues or renews any policy of accident or health insurance providing benefits for
medical or hospital expenses for its insured persons shall pay for services rendered by Alabama
health care providers within 45 calendar days upon receipt of a clean written claim or 30
calendar days upon receipt of a clean electronic claim. If the insurer, health service corporation,
or health benefit plan is denying or pending the claim, the insurer, health service corporation,
or health benefit plan shall, within 45 calendar days for a written claim and 30 calendar
days for an electronic claim, notify the health care provider or certificate holder of the
reason for denying or pending the claim and what, if any, additional information is required
to process the claim. Any undisputed portion of the claim...
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27-2B-14
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 of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7 as follows: (1) In the event
of a company action level event, with respect to a domestic insurer, the commissioner shall
take no regulatory action hereunder. (2) In the event of a regulatory action level event under
subdivisions (1), (2), or (3) of subsection (a) of Section 27-2B-5, the commissioner shall
take the actions required under Section 27-2B-4. (3) In the event of a regulatory action level
event under subdivisions (4), (5), (6), (7), (8), or (9) of subsection (a) of Section 27-2B-5,
or an authorized control level event, the commissioner shall take the actions required under
Section 27-2B-5 with respect to the insurer. (4) In the event of a mandatory control level
event with respect to an insurer, the commissioner shall take the...
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27-2B-14.1
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 of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7:
(1) In the event of a company action level event with respect to a domestic insurer, the commissioner
shall take no regulatory action hereunder. (2) In the event of a regulatory action level event
under subdivisions (1), (2), or (3) of subsection (a) of Section 27-2B-5, the commissioner
shall take the actions required under Section 27-2B-4. (3) In the event of a regulatory action
level event under subdivisions (4), (5), (6), (7), (8), or (9) of subsection (a) of Section
27-2B-5, or an authorized control level event, the commissioner shall take the actions required
under Section 27-2B-5 with respect to the organization or society. (4) In the event of a mandatory
control level event with respect to an...
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27-2B-2
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 commissioner
in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued
by the commissioner specifying corrective actions which the commissioner has determined are
required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER.
Any insurer which is licensed to do business in this state but not domiciled in this state.
(5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION.
Any health care service plan, health maintenance organization, limited health service organization,
dental services corporation, or other managed care organization licensed under this title.
This term does not include any life and disability insurer or property and casualty insurer.
(7) INSURER. As defined in Section 27-1-2, including, without...
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