(1) the total amount of short-term funds, set forth in the insurer's annual or quarterly statutory financial statement that was last filed with the NAIC, does not exceed the following:
- (a) 1.5% of the insurer's total assets determined under Subsection 31A-18-106(4); and
- (b) 15% of the insurer's capital and surplus;
- (2) the duration of each loan does not exceed 150 days;
- (3) the insurer provides satisfactory proof of compliance with this rule, upon request;
- (4) the filing of the insurer's most recent RBC report did not qualify as an action level event or as a control level event under Title 31A, Chapter 17, Part 6, Risk-Based Capital; and
- (5) at the time of the insurer's loan to the SBA borrower, the insurer is not subject to administrative action under Title 31A, Chapter 27, Part 5, Administrative Actions.
An insurer may count short-term funds for the purposes specified under Title 31A, Chapter 17, Part 6, Risk-Based Capital, if:
KEY: insurance
Date of Last Change: January 10, 2023
Notice of Continuation: April 16, 2024
Authorizing, and Implemented or Interpreted Law: 31A-18-105(16); 31A-2-201(3)