§ 24-A §6454 — Regulatory action level event

1.
Regulatory action level event; defined.
"Regulatory action level event" means, with respect to any insurer, any of the following events:
2.
Superintendent duties; regulatory action level event.
When a regulatory action level event occurs, the superintendent shall:
3.
Determination of corrective actions.
In determining corrective actions, the superintendent may take into account those factors that the superintendent considers relevant with respect to the insurer based upon the superintendent's examination or analysis of the assets, liabilities and operations of the insurer, including, but not limited to, the results of any sensitivity tests undertaken pursuant to the risk-based capital instructions. The risk-based capital plan or revised risk-based capital plan must be submitted:
4.
Consultants.
The superintendent may retain actuaries, investment experts and other consultants as may be necessary in the judgment of the superintendent to review the insurer's risk-based capital plan or revised risk-based capital plan; examine or analyze the assets, liabilities and operations of the insurer; and formulate the corrective order with respect to the insurer. For insurers offering managed care plans as defined in section 4301‑A, the analysis of the insurer's operations may include an analysis of its contractual relationships with providers and the ability of the providers to fulfill their contractual obligations. The fees, costs and expenses relating to consultants must be borne by the affected insurer or such other party as directed by the superintendent.

Legislative History

PL 1993, c. 634, §A1 (NEW). PL 1999, c. 113, §§28,29 (AMD). RR 2001, c. 1, §38 (COR).