MN SF3079

Modifies the definition of "company action level event" for health organizations by adjusting the risk-based capital (RBC) threshold from less than the product of authorized control level RBC and 3.0 to include a trend test requirement aligned with health RBC instructions.

Changes the definition of "fraternal action level event" for fraternal societies by increasing the risk-based capital multiplier from 2.5 to 3.0 when total adjusted capital is greater than or equal to fraternal action level risk-based capital but less than the product of fraternal authorized control level risk-based capital and the multiplier, while maintaining the negative trend requirement.

Aligns Minnesota's minimum solvency requirements for health insurers and fraternals with the accreditation standards established by the National Association of Insurance Commissioners.

Applies to Minnesota Statutes 2014, sections 60A.52, subdivision 1 (health organizations) and 64B.42, subdivision 1 (fraternal societies).