Ins 51.05(5)(5) The risks identified under sub. (4) shall be provided for as determined in each case by applying the factors in the manner set forth in the risk based capital instructions. Ins 51.05 NoteNote: An excess of capital over the amount produced by the risk based capital requirements in this subchapter and the formulas, schedules and instructions referenced in this subchapter is desirable in the business of insurance. Accordingly, insurers should seek to maintain capital above the risk based capital levels required by this subchapter. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in, or affecting, the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this chapter.
Ins 51.05(6)(6) If a domestic insurer files a risk based capital report which in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the risk based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. Ins 51.05 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97; cr. (1g) and (1r), Register, May, 1999, No. 521, eff. 6-1-99. Ins 51.15(1)(1) If a company action level event occurs, the insurer shall prepare and submit to the commissioner a risk based capital plan which shall include all of the following: Ins 51.15(1)(a)(a) Identification of the conditions which contribute to the company action level event. Ins 51.15(1)(b)(b) Proposals of corrective actions which the insurer intends to take and would be expected to result in the elimination of the company action level event. Ins 51.15(1)(c)(c) Projections of the insurer’s financial results in the current year and at least the four succeeding years, both in the absence of proposed corrective actions and giving effect to the proposed corrective actions, including projections of statutory operating income, net income, capital or surplus or both. The projections for both new and renewal business shall include separate projections for each major line of business and separately identify each significant income, expense and benefit component, if appropriate. Ins 51.15(1)(d)(d) Identification of the key assumptions impacting the insurer’s projections and the sensitivity of the projections to the assumptions. Ins 51.15(1)(e)(e) Discussion of the quality of, and problems associated with, the insurer’s business, including but not limited to its assets, anticipated business growth and associated surplus strain, extraordinary exposure to risk, mix of business and use of reinsurance, if any, in each case. Ins 51.15(1)(f)(f) Such other information as is requested by the commissioner. Ins 51.15(2)(2) The risk based capital plan required under this section shall be submitted: Ins 51.15(2)(b)(b) If the insurer challenges an adjusted risk based capital report under s. Ins 51.50, within 45 days after notification to the insurer that the commissioner has, after a hearing, rejected the insurer’s challenge. Ins 51.15(3)(3) Within 60 days after the submission by an insurer of a risk based capital plan to the commissioner, the commissioner shall notify the insurer whether the risk based capital plan shall be implemented or is, in the judgment of the commissioner, unsatisfactory. If the commissioner determines the risk based capital plan is unsatisfactory, the notification to the insurer shall set forth the reasons for the determination, and may set forth proposed revisions which will render the risk based capital plan satisfactory, in the judgment of the commissioner. Upon notification from the commissioner, the insurer shall prepare a revised risk based capital plan, which may incorporate by reference any revisions proposed by the commissioner, and shall submit the revised risk based capital plan to the commissioner: Ins 51.15(3)(a)(a) Within 45 days after the notification from the commissioner; or Ins 51.15(3)(b)(b) If the insurer challenges the notification from the commissioner under s. Ins 51.50, within 45 days after a notification to the insurer that the commissioner has, after a hearing, rejected the insurer’s challenge. Ins 51.15(4)(4) If the commissioner notifies an insurer that the insurer’s risk based capital plan or revised risk based capital plan is unsatisfactory, the commissioner may at the commissioner’s discretion, subject to the insurer’s right to a hearing under s. Ins 51.50, specify in the notification that the notification constitutes a regulatory action level event. Ins 51.15(5)(5) Every domestic insurer that files a risk based capital plan or revised risk based capital plan with the commissioner shall file a copy of the risk based capital plan or revised risk based capital plan with the insurance commissioner in any state in which the insurer is authorized to do business if: Ins 51.15(5)(b)(b) The insurance commissioner of that state has notified the insurer of its request for the filing in writing. Ins 51.15(6)(6) If an insurer is required to file a risk based capital plan or revised risk based capital plan under sub. (5) in a state it shall file a copy of the risk based capital plan or revised risk based capital plan in that state no later than the later of the following: Ins 51.15(6)(a)(a) Fifteen days after the receipt of notice to file a copy of its risk based capital plan or revised risk based capital plan with the state. Ins 51.15 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97. Ins 51.20Ins 51.20 Regulatory action level event. Ins 51.20(1)(1) If a regulatory action level event occurs with respect to an insurer the commissioner shall: Ins 51.20(1)(a)(a) Require the insurer to prepare and submit a risk based capital plan or, if applicable, a revised risk based capital plan;