North Dakota § 26.1-03.1-05 Authorized control level event

North Dakota Statutes

§ 26.1-03.1-05 — Authorized control level event

North Dakota § 26.1-03.1-05

Title 26.1Insurance

Ch. 26.1-03.1Risk-Based Capital Reports

This text of North Dakota § 26.1-03.1-05 (Authorized control level event) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-03.1-05 (2026).

Text

1."Authorized control level event" means any of the following events:

a.The filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level risk-based capital but less than its authorized control level risk-based capital;

b.The notification by the commissioner to the insurer of an adjusted risk-based capital report that indicates the event in subdivision a, provided the insurer does not challenge the adjusted risk-based capital report under section 26.1-03.1-07;

c.If, under section 26.1-03.1-07, the insurer challenges an adjusted risk-based capital report that indicates the event in subdivision a, notification by the commissioner to the insurer that, after a hearing, the commissioner h

Free access — add to your briefcase to read the full text and ask questions with AI

1. "Authorized control level event" means any of the following events:
a. The filing of a risk-based capital report by the insurer that indicates that the
insurer's total adjusted capital is greater than or equal to its mandatory control
level risk-based capital but less than its authorized control level risk-based
capital;
b. The notification by the commissioner to the insurer of an adjusted risk-based
capital report that indicates the event in subdivision a, provided the insurer does
not challenge the adjusted risk-based capital report under section 26.1-03.1-07;
c. If, under section 26.1-03.1-07, the insurer challenges an adjusted risk-based
capital report that indicates the event in subdivision a, notification by the
commissioner to the insurer that, after a hearing, the commissioner has rejected
the insurer's challenge;
d. The failure of the insurer to respond, in a manner satisfactory to the
commissioner, to a corrective order provided the insurer has not challenged the
corrective order under section 26.1-03.1-07; or
e. If the insurer has challenged a corrective order under section 26.1-03.1-07 and,
after a hearing, the commissioner has rejected the challenge or modified the
corrective order, the failure of the insurer to respond, in a manner satisfactory to
the commissioner, to the corrective order subsequent to rejection or modification
by the commissioner.
2. In the event of an authorized control level event with respect to an insurer, the
commissioner shall:
a. Take such actions as are required under section 26.1-03.1-04 regarding an
insurer with respect to which a regulatory action level event has occurred; or
b. Take necessary action to cause the insurer to be placed under regulatory control
under chapter 26.1-06.1 if the commissioner deems it to be in the best interests
of the policyholders, creditors of the insurer, and the public. If the commissioner

takes such actions, the authorized control level event must be deemed sufficient
grounds for the commissioner to take action under chapter 26.1-06.1, and the
commissioner has the rights, powers, and duties with respect to the insurer in
chapter 26.1-06.1. If the commissioner takes action under this subdivision
pursuant to an adjusted risk-based capital report, the insurer is entitled to any
protection afforded to insurers under chapter 26.1-06.1 pertaining to summary
proceedings.