§ 521F.7 — Mandatory-control-level event

Iowa § 521F.7

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 521F: RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS

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1. “Mandatory-control-level event” means any of the following:
a. The filing of a risk-based capital report which indicates that a health organization’s
total adjusted capital is less than its mandatory-control-level risk-based capital.
b. Notification by the commissioner to a health organization of an adjusted risk-based
capitalreportthatindicatestheeventinparagraph“a”, providedthehealthorganizationdoes
not challenge the adjusted risk-based capital report and request a hearing pursuant to section
521F.8.
c. After a hearing pursuant to section 521F.8, notification by the commissioner to the
health organization that the commissioner has rejected the health organization’s challenge
of the adjusted risk-based capital report indicating the event in paragraph “a”.
2. In the event of a mandatory-control-level event, the commissioner shall take action
as necessary to place the health organization under supervision or other regulatory control
pursuant to chapter 507C. If the commissioner takes action pursuant to this subsection,
the mandatory-control-level event is deemed sufficient grounds for the commissioner
to take action pursuant to chapter 507C, and the commissioner has the rights, powers,
and duties with respect to the health organization as are set forth in chapter 507C. If the
commissioner takes action pursuant to an adjusted risk-based capital report, the health
organization is entitled to the protections of chapter 17A pertaining to summary proceedings.
Notwithstanding this subsection, the commissioner may forego action for up to ninety days
after the mandatory-control-level event if the commissioner finds a reasonable expectation
exists that the mandatory-control-level event may be eliminated within the ninety-day period.