(a) “Adjusted RBC Report” means Risk-Based Capital report that has been adjusted by the Commissioner of Insurance in accordance with section 472(e).
(b) “Commissioner” means the Commissioner of Insurance.
(c) “Corrective order” means an order issued by the Commissioner of Insurance specifying corrective actions that the Commissioner has determined are required.
(d) “Domestic insurer” means any insurance company domiciled in this Territory.
(e) “Filing date” means March 1 of each year.
(f) “Foreign insurer” means any insurance company that is licensed to do business in the Territory under this title but is not domiciled in the Territory.
(g) “Fraternal benefit society” means a corporation, society or voluntary association operating as a “mutual nonprofit benefit society” and licensed under chapter 53, section 1304 of this title.
(h) “Life health insurer” means any insurance company licensed under chapter 9, section 209 of this title, or a licensed property and casualty insurer writing only accident and health insurance.
(i) “NAIC” means the National Association of Insurance Commissioners.
(j) “Negative trend” means, with respect to a life or health insurer or a fraternal benefit society, negative trend over a period of time, as determined in accordance with the “Trend Test Calculation” included in the Life or Fraternal RBC Instructions.
(k) “Property and casualty insurer” means any insurance company licensed under chapter 9, section 209 of this title, but does not include mono line mortgage guaranty insurers, financial guaranty insurers and title insurers.
(l) “RBC” means Risk-Based Capital, a method of measuring an insurer’s appropriate minimum amount of capital needed to support its overall business operations in consideration of its size and risk profile and limits the amount of risk a company can take.
(m) “RBC instructions” means the RBC Report including risk-based capital instructions adopted by the NAIC, as such RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC;
(n) “RBC Level” means an insurer’s Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC where:
(1) “Company Action Level RBC” means, with respect to any insurer, the product of 2.0 and its Authorized Control Level RBC;
(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 accordance with the RBC Instructions;
(4) “Mandatory Control Level RBC” means the product of .70 and the Authorized Control Level RBC;
(o) “RBC Plan” means a comprehensive financial plan containing the elements specified in section 473(b). If the Commissioner rejects the RBC Plan, and it is revised by the insurer, with or without the Commissioner’s recommendation, the plan is called the “Revised RBC Plan”;
(p) “RBC Report” means the report required in section 472;
(q) “Risk-Based Capital Ratio” means the insurer’s ratio of total adjusted capital, actual capital, divided by its authorized control level RBC, required capital.
(r) “Total adjusted capital” means the sum of:
(1) an insurer’s statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under chapter 9, section 222 of this title; and
(2) such other items, if any, as the RBC instructions may provide.
(s) “Territory” means the Virgin Islands.