§ 24-A §6453 — Company action level event

1.
Company action level event; defined.
"Company action level event" means any of the following events:
2.
Contents of risk-based capital plan.
When a company action level event occurs, the insurer shall submit to the superintendent a risk-based capital plan that must:
3.
Submission of risk-based capital plan.
The risk-based capital plan must be submitted:
4.
Review by superintendent.
Within 60 days after the submission by an insurer of a risk-based capital plan to the superintendent pursuant to this section, the superintendent shall notify the insurer whether the risk-based capital plan may be implemented or is, in the judgment of the superintendent, unsatisfactory. If the superintendent determines the risk-based capital plan is unsatisfactory, the notification to the insurer must set forth the reasons for the determination and may set forth proposed revisions that will render the risk-based capital plan satisfactory, in the judgment of the superintendent. Upon notification from the superintendent, the insurer shall prepare a revised risk-based capital plan, which may incorporate by reference any revisions proposed by the superintendent, and shall submit the revised risk-based capital plan to the superintendent:
5.
Notification that plan is unsatisfactory.
In the event of a notification by the superintendent to an insurer that the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory, the superintendent may at the superintendent's discretion, subject to the insurer's right to a hearing under section 6457, specify in the notification that the notification constitutes a regulatory action level event.
6.
Duty to file copies of plan with other states.
A domestic insurer that files a risk-based capital plan or revised risk-based capital plan with the superintendent pursuant to this section shall file a copy of the risk-based capital plan or revised risk-based capital plan with the insurance regulator in any state in which the insurer is authorized to do business if:

Legislative History

PL 1993, c. 634, Pt. A, §1 (NEW). PL 1997, c. 81, §7 (AMD). PL 1999, c. 113, §§26, 27 (AMD). PL 2009, c. 511, Pt. E, §2 (AMD). PL 2013, c. 238, Pt. D, §2 (AMD).