Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
(a) As used in this article:
(i) “Adjusted RBC report” means an RBC report which has been adjusted by the commissioner in accordance with W.S. 26-48-202(c);
(ii) “Corrective order” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required;
(iii) “Domestic health organization” means a health organization domiciled in this state;
(iv) “Foreign health organization” means a health organization that is licensed to do business in this state but is not domiciled in this state;
(v) “Health organization” means a health maintenance organization, limited health service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation or other managed care organization licensed under chapter 3 or chapter 34 of this title. This definition does not include an organization that is licensed as either a life and health insurer or a property and casualty insurer as defined in W.S. 26-48-101(a)(xiii) and (xiv) and that is otherwise subject to either the life or property and casualty risk based capital requirements of W.S. 26-48-101 through 26-48-112;
(vi) “NAIC” means the National Association of Insurance Commissioners;
(vii) “RBC” means risk-based capital;
(viii) “RBC instructions” means the RBC report including risk-based capital instructions adopted by the commissioner, and as may be amended by the commissioner;
(ix) “RBC level” means a health organization's company action level RBC, regulatory action level RBC, authorized control level RBC or mandatory control level RBC where:
(A) “Company action level RBC” means, with respect to any health organization, the product of two (2) and its authorized control level RBC;
(B) “Regulatory action level RBC” means the product of one and one-half (1.5) and its authorized control level RBC;
(C) “Authorized control level RBC” means the number determined under the risk-based capital formula in accordance with the RBC instructions;
(D) “Mandatory control level RBC” means the product of seven-tenths (.7) and the authorized control level RBC.
(x) “RBC plan” means a comprehensive financial plan containing the elements specified in W.S. 26-48-203(b). If the commissioner rejects the RBC plan, and it is revised by the health organization, with or without the commissioner's recommendation, the plan shall be called the “revised RBC plan”;
(xi) “RBC report” means the report required in W.S. 26-48-202;
(xii) “Total adjusted capital” means the sum of:
(A) A health organization's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under W.S. 26-3-123 or 26-34-110; and
(B) Such other items, if any, as the RBC instructions may provide.
Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-48-201. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-48-201/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)