(3)In the United States, insurers must comply with the applicable laws for each state in which they write policies, and insurance supervision is in the hands of independent state supervisors under state insurance commissioners. State capital adequacy requirements are based on the National Association of Insurance Commissioners (NAIC) Risk-Based Capital (RBC) Model Law, which has been adopted by all states. The RBC standard formula covers the most material risks for each of the primary insurance types (life, property and casualty, and health), allowing for the use of internal models for specific products and risk modules. RBC is calculated by applying factors to various assets, and premium, claim, expense, and reserve items. There are four levels of quantitative capital requirements with different supervisory interventions in each case: Company Action Level, Regulatory Action Level, Authorised Control Level, and Mandatory Control Level. The United States regime has an Own Risk and Solvency Assessment for insurers comparable to the one laid down in of Directive 2009/138/EC. Regarding reporting and transparency, there are standardised reporting requirements, covering mainly: business and performance, risk profile, valuation methods and assumptions used, capital requirements, and management. Financial statements, including the actuarial opinion and the auditor’s statement, are to be publicly disclosed. State insurance commissioners may share confidential information with foreign supervisors, provided that the recipient agrees to maintain the confidentiality of that information. Those state insurance commissioners may also enter into agreements governing the sharing and use of confidential information.