§ 24-A §6456 — Mandatory control level event

1.
Mandatory control level event; defined.
"Mandatory control level event" means any of the following events:
2.
Superintendent duties; mandatory control level event.
When a mandatory control level event occurs, the superintendent shall take those actions that are necessary to cause the insurer to be placed under regulatory control under chapter 57 or take alternative action as authorized under paragraphs A and B. If the superintendent takes those actions, the mandatory control level event is deemed sufficient grounds for the superintendent to take action under chapter 57, and the superintendent has the rights, powers and duties with respect to the insurer as are set forth in chapter 57. If the superintendent takes actions pursuant to an adjusted risk-based capital report, the insurer is entitled to those protections that are afforded to insurers under the provisions of chapter 57, subchapter 2 pertaining to summary proceedings.

Legislative History

PL 1993, c. 634, §A1 (NEW). PL 1997, c. 81, §8 (AMD). PL 2017, c. 169, Pt. F, §1 (AMD).