79158438.2-5502Virginia Decodedhttps://vacode.org2016InsuranceRisk-based Capital ActRBC Reports1995, c. 789; 2000, c. 47.http://law.lis.virginia.gov/vacode/38.2-5502//38.2-5502/38.2/55/38.2-550238.2-5501 With the NAIC in accordance with the RBC Instructions; andsectionA1A12 With the insurance commissioner in any state in which the licensee is authorized to do business, if the insurance commissioner has notified the licensee of its request in writing, in which case, the licensee shall file its RBC Report not later than the later of:
sectionA2A22 Fifteen days from the receipt of notice to file its RBC Report with that state; orsectionA2aA2a3 The filing date.sectionA2bA2b3 All other business risks and such other relevant risks as are set forth in the RBC Instructions.Each risk shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions.sectionB4B42 Underwriting risk; andsectionC3C32 All other business risks and such other relevant risks as are set forth in the RBC Instructions.Each risk shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions.sectionC4C42 Underwriting risk; andsectionD3D32 All other business risks and such other relevant risks as are set forth in the RBC Instructions.Each risk shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions.sectionD4D42An excess of capital over the amount produced by the risk-based capital requirements contained in this Act and the formulas, schedules and instructions referred to in this Act is desirable in the business of insurance. Accordingly, licensees should seek to maintain capital above the RBC levels required by this Act. Additional capital is used and useful in the insurance business and helps to secure a licensee 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 Act.sectionEE1