Rbc is the American Association of Insurance Supervisors. When was it founded?

In the past, the requirements of American States for insurance companies' capital were to set clear minimum standards, including required capital and excess capital, of which the legal capital was usually 6.5438+0.8 million or 2 million dollars. This is a high standard for newly established insurance companies and small insurance companies, but it is a small sum for large national or multinational life insurance companies. In order to strengthen the solvency supervision, the American Association of Insurance Supervisors (NAIC) implemented the regulatory requirements of risk capital (RBC) for property liability insurance companies and life insurance companies in 1993 and 1994 respectively. It was established to replace simple and objective standards with more subjective standards.