Wyoming § 26-48-106 Mandatory control level event

Wyoming Statutes

§ 26-48-106 — Mandatory control level event

Wyoming § 26-48-106

Title 26Insurance Code

Ch. 48RISK-BASED CAPITAL

This text of Wyoming § 26-48-106 (Mandatory 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. § 26-48-106 (2026).

Text

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

(i)The filing of an RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC;

(ii)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; or

(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.

(b)In the event of a mandatory control level event:

(i)With respect to a life or disability insur

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(a) "Mandatory control level event" means any of the
following events:
(i) The filing of an RBC report which indicates that
the insurer's total adjusted capital is less than its mandatory
control level RBC;
(ii) 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; or
(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.
(b) In the event of a mandatory control level event:
(i) With respect to a life or disability insurer, the
commissioner shall take actions necessary to cause the insurer
to be placed under regulatory control under chapter 28 of this
code. In that event, the mandatory control level event shall be
deemed sufficient grounds for the commissioner to take action
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. The commissioner may forego action under this
subsection for up to ninety (90) days after the mandatory
control level event if he finds there is a reasonable
expectation that the mandatory control level event may be
eliminated within the ninety (90) day period;
(ii) With respect to a property and casualty insurer,
the commissioner shall take actions necessary to cause the
insurer to be placed under regulatory control under chapter 28
of this code, or, in the case of an insurer which is writing no
business and which 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 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. The
commissioner may forego action under this subsection for up to
ninety (90) days after the mandatory control level event if he
finds there is a reasonable expectation that the mandatory
control level event may be eliminated within the ninety (90) day
period.