Subdivision 1. Scope. For the purposes of sections 64B.40 to 64B.48, the terms defined in this section have the meanings given them.
Subd. 2. Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner according to section 64B.41, subdivision 3.
Subd. 3. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required.
Subd. 4. NAIC. "NAIC" means the National Association of Insurance Commissioners.
Subd. 5. Negative trend. "Negative trend" means, with respect to a society, negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
Subd. 6. Risk-based capital instructions. "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based instructions may be amended by the NAIC from time to time according to the procedures adopted by the NAIC.
Subd. 7. Risk-based capital level. "Risk-based capital level" means a fraternal action level risk-based capital or fraternal authorized control level risk-based capital where:
(1) "fraternal action level risk-based capital" means the product of 2.0 and its authorized control level risk-based capital; and
(2) "fraternal authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions.
Subd. 8. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 64B.42. If the commissioner rejects the risk-based capital plan, and it is revised by the society, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
Subd. 9. Risk-based capital report. "Risk-based capital report" means the report required in section 64B.41.
Subd. 10. Society. "Society" means a fraternal benefit society that is admitted to do business in this state under this chapter.
Subd. 11. Total adjusted capital. "Total adjusted capital" means the sum of:
(1) a society's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual statement required to be filed under section 60A.13; and
(2) other items, if any, as the risk-based capital instructions may provide.
2010 c 275 art 2 s 2
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 64B — Fraternal Benefit Societies
Section 64B.01 — Fraternal Benefit Societies.
Section 64B.02 — Lodge System.
Section 64B.03 — Representative Form Of Government.
Section 64B.05 — Purposes And Powers.
Section 64B.06 — Qualifications For Membership.
Section 64B.07 — Location Of Office, Meetings, Communications To Members, Grievance Procedures.
Section 64B.08 — Personal Liability; Indemnification; Insurance; Advances.
Section 64B.10 — Organization.
Section 64B.11 — Amendments To Laws.
Section 64B.12 — Institutions.
Section 64B.14 — Consolidations And Mergers.
Section 64B.15 — Conversion Of Fraternal Benefit Society Into Mutual Life Insurance Company.
Section 64B.17 — Beneficiaries.
Section 64B.18 — Benefits Not Attachable.
Section 64B.19 — Benefit Contract.
Section 64B.27 — Annual License.
Section 64B.28 — Examination Of Societies; No Adverse Publications.
Section 64B.29 — Foreign Or Alien Society; Admission.
Section 64B.30 — Domestic Associations; Examination; Rehabilitation; Dissolution.
Section 64B.31 — Suspension, Revocation, Or Refusal Of License Of Foreign Or Alien Society.
Section 64B.33 — Licensing Of Agents.
Section 64B.34 — Unfair Methods Of Competition And Unfair And Deceptive Acts And Practices.
Section 64B.35 — Service Of Process.
Section 64B.38 — Certain Organizations Exempt.
Section 64B.39 — Beneficiary Associations.
Section 64B.41 — Risk-based Capital Reports.
Section 64B.42 — Fraternal Action Level Event.
Section 64B.43 — Fraternal Authorized Control Level Event; Domestic Societies.
Section 64B.45 — Prohibition On Announcements.