§ 27-1-36-35 — "Regulatory action level event"

Indiana § 27-1-36-35

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 36: Risk Based Capital Requirements

Text

As used in this chapter, "regulatory action
level event" means any of the following events:
(1) The filing of an RBC report by the insurer that indicates that
the insurer's total adjusted capital is:
(A) greater than or equal to its authorized control level RBC;
but
(B) less than its regulatory action level RBC.
(2) The notification by the commissioner to an insurer of an
adjusted RBC report that indicates that the insurer's total adjusted
capital is:
(A) greater than or equal to its authorized control level RBC;
but
(B) less than its regulatory action level RBC;
unless the insurer challenges the adjusted RBC report under
section 44 of this chapter.
(3) The notification by the commissioner to the insurer that the
commissioner has, after a hearing under section 44 of this chapter,
rejected the insurer's challenge to an adjusted RBC report.
(4) The failure of the insurer to file an RBC report by the filing
date, unless the insurer:
(A) has provided an explanation for the failure that is
satisfactory to the commissioner; and
(B) has cured the failure not more than ten (10) days after the
March 1 filing date.
(5) The failure of the insurer to submit an RBC plan to the
commissioner within the period prescribed in section 31 of this
chapter.
(6) Notification by the commissioner to the insurer under section
33 of this chapter, unless the insurer challenges the notification
under section 44 of this chapter.
(7) The notification by the commissioner to the insurer that the
commissioner has, after a hearing under section 44 of this chapter,
rejected the challenge to a determination by the commissioner
under section 33 of this chapter.
(8) Notification by the commissioner to the insurer that the
insurer has failed to adhere to its RBC plan or revised RBC plan,
but only if:
(A) the failure has a substantial adverse effect on the ability of
the insurer to eliminate the company action level event in
accordance with its RBC plan or revised RBC plan; and
(B) the commissioner has so stated in the notification;
unless the insurer challenges the determination under section 44
of this chapter.
(9) The notification by the commissioner to the insurer that the
commissioner has, after a hearing under section 44 of this chapter,
rejected the insurer's challenge to the determination made under
subdivision (8).

Legislative History

As added by P.L.186-1996, SEC.1.