(a)"Mandatory Control Level Event" means any of the following events:
(1)The filing of an RBC Report that indicates that the insurer's Total Adjusted Capital is less than its Mandatory Control Level RBC;
(2)Notification by the commissioner to the insurer of an Adjusted RBC Report that indicates the event in subdivision (a)(1); provided, that the insurer does not challenge the Adjusted RBC Report under § 56-46-108 ; or (3) If, pursuant to § 56-46-108 , the insurer challenges an Adjusted RBC Report that indicates the event in subdivision (a)(1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(b)In the event of a Mandatory Control Level Event:
(1)With respect to a life insurer, the commissioner shall take acti
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(a) "Mandatory Control Level Event" means any of the following events: (1) The filing of an RBC Report that indicates that the insurer's Total Adjusted Capital is less than its Mandatory Control Level RBC; (2) Notification by the commissioner to the insurer of an Adjusted RBC Report that indicates the event in subdivision (a)(1); provided, that the insurer does not challenge the Adjusted RBC Report under § 56-46-108 ; or (3) If, pursuant to § 56-46-108 , the insurer challenges an Adjusted RBC Report that indicates the event in subdivision (a)(1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge. (b) In the event of a Mandatory Control Level Event: (1) With respect to a life insurer, the commissioner shall take actions necessary to place the insurer under regulatory control pursuant to chapter 9 of this title. In that event, the Mandatory Control Level Event shall be deemed sufficient grounds for the commissioner to take action pursuant to chapter 9 of this title, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 9 of this title. If the commissioner takes actions pursuant to an Adjusted RBC Report, the insurer shall be entitled to the protections of chapter 9, part 2 of this title pertaining to summary proceedings. Notwithstanding any of this subdivision (b)(1), the commissioner may forego action for up to ninety (90) days after the Mandatory Control Level Event if the commissioner finds there is a reasonable expectation that the Mandatory Control Level Event may be eliminated within the ninety-day period. (2) With respect to a property and casualty insurer, the commissioner shall take actions necessary to place the insurer under regulatory control pursuant to chapter 9 of this title, or in the case of an insurer that is writing no business and that is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the Mandatory Control Level Event shall be deemed sufficient grounds for the commissioner to take action pursuant to chapter 9 of this title, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 9 of this title. If the commissioner takes actions pursuant to an Adjusted RBC Report, the insurer shall be entitled to the protections of chapter 9, part 2 of this title pertaining to summary proceedings. Notwithstanding any of this subdivision (b)(2), the commissioner may forego action for up to ninety (90) days after the Mandatory Control Level Event if the commissioner finds there is a reasonable expectation that the Mandatory Control Level Event may be eliminated within the ninety-day period.