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Class 14

Math 3620 - Risk Based Capital (RBC)

QuestionAnswer
Reasons for Insolvency -Inadequate rates -Bad investments -Failure of reinsurers to pay claims
What is Solvency Modernization Initiative (SMI) -Provides for critical self-examination of insurance solvency regulations in the US
Key parts of the SMI -Capital requirements -Risk management -Corporate governance -Group supervision -Reinsurance -Statutory accounting & financial reporting
Methods of ensuring solvency by SMI -Minimum capital and surplus requirements -Risk-based capital standards -Reserve requirements -Restriction investments -Review of annual financial statements
What is the RBC formula for? -RBC formula quantifies a 'minimum' or benchmark level of surplus based on a company risk -Series of actions required of the company & regulators based on ratio of surplus to RBC calculated surplus
What are the benefits of RBC -Uniform across all states -Provides safety net for insurers
RBC is NOT -An early warning tool -Designed to prevent insolvency -The only tool for solvency monitoring
What is the ACL (RBC formula) formula? (R0 + sqrt(R!^2+R2^2+R3^2+R4^2+R5^2))/2
Created by: killerkite
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