Wyoming § 26-48-105 Authorized control level event

Wyoming Statutes

§ 26-48-105 — Authorized control level event

Wyoming § 26-48-105

Title 26Insurance Code

Ch. 48RISK-BASED CAPITAL

This text of Wyoming § 26-48-105 (Authorized control level event) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 26-48-105 (2026).

Text

(a)"Authorized control level event" means any of the following events:

(i)The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;

(ii)The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (i) of this subsection, provided the insurer does not challenge the adjusted RBC report under W.S. 26-48-107;

(iii)If the insurer challenges an adjusted RBC report that indicates the event in paragraph (i) of this subsection, under W.S. 26-48-107, notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;

(iv)The failure of

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(a) "Authorized control level event" means any of the
following events:
(i) The filing of an RBC report by the insurer which
indicates that the insurer's total adjusted capital is greater
than or equal to its mandatory control level RBC but less than
its authorized control level RBC;
(ii) The notification by the commissioner to the
insurer of an adjusted RBC report that indicates the event in
paragraph (i) of this subsection, provided the insurer does not
challenge the adjusted RBC report under W.S. 26-48-107;
(iii) If the insurer challenges an adjusted RBC
report that indicates the event in paragraph (i) of this
subsection, under W.S. 26-48-107, notification by the
commissioner to the insurer that the commissioner has, after a
hearing, rejected the insurer's challenge;
(iv) 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 W.S. 26-48-107; or
(v) If the insurer has challenged a corrective order
under W.S. 26-48-107 and the commissioner has, after a hearing,
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 the
rejection or modification by the commissioner.
(b) In the event of an authorized control level event with
respect to an insurer, the commissioner shall:
(i) Take actions required under W.S. 26-48-104
regarding an insurer with respect to which a regulatory action
level event has occurred; or
(ii) If the commissioner deems it to be in the best
interests of the policyholders and creditors of the insurer and
of the public, take actions necessary to cause the insurer to be
placed under regulatory control under chapter 28 of this code.
In the event the commissioner determines to take such action,
the authorized control level event shall be deemed sufficient
grounds for the commissioner to proceed under chapter 28, and
the commissioner shall have the rights, powers and duties with
respect to the insurer as are set forth in that chapter.