This section defines terms used in sections 64B.40 to 64B.48.
§ 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.