§ 26-48-203 — Company action level event

(a) "Company action level event" means any of the
following events:
(i) The filing of an RBC report by a health
organization that indicates that the health organization's total
adjusted capital is greater than or equal to its regulatory
action level RBC but less than its company action level RBC;
(ii) If a health organization has total adjusted
capital which is greater than or equal to its company action
level RBC but less than the product of its authorized control
level RBC and three (3) and triggers the trend test determined
in accordance with the trend test calculation included in the
health RBC instructions;
(iii) Notification by the commissioner to the health
organization of an adjusted RBC report that indicates an event
in paragraph (i) or (ii) of this subsection, provided the health
organization does not challenge the adjusted RBC report under
W.S. 26-48-207; or
(iv) If a health organization challenges an adjusted
RBC report that indicates the event in paragraph (i) or (ii) of
this subsection under W.S. 26-48-207, the notification by the
commissioner to the health organization that the commissioner
has, after a hearing, rejected the health organization's
challenge.
(b) In the event of a company action level event, the
health organization shall prepare and submit to the commissioner
an RBC plan which shall:
(i) Identify the conditions that contribute to the
company action level event;
(ii) Contain proposals of corrective actions that the
health organization intends to take and that would be expected
to result in the elimination of the company action level event;
(iii) Provide projections of the health
organization's financial results in the current year and at
least the two (2) succeeding years, both in the absence of
proposed corrective actions and giving effect to the proposed
corrective actions, including projections of statutory balance
sheets, operating income, net income, capital and surplus and
RBC levels. The projections for both new and renewal business
may include separate projections for each major line of business
and separately identify each significant income, expense and
benefit component;
(iv) Identify the key assumptions impacting the
health organization's projections and the sensitivity of the
projections to the assumptions; and
(v) Identify the quality of, and problems associated
with, the health organization's business, including but not
limited to its assets, anticipated business growth and
associated surplus strain, extraordinary exposure to risk, mix
of business and use of reinsurance, if any, in each case.
(c) The RBC plan shall be submitted:
(i) Within forty-five (45) days of the company action
level event; or
(ii) If the health organization challenges an
adjusted RBC report under W.S. 26-48-207, within forty-five (45)
days after notification to the health organization that the
commissioner has, after a hearing, rejected the health
organization's challenge.
(d) Within sixty (60) days after the submission by a
health organization of an RBC plan to the commissioner, the
commissioner shall notify the health organization whether the
RBC plan shall be implemented or is, in the judgment of the
commissioner, unsatisfactory. If the commissioner determines
the RBC plan is unsatisfactory, the notification to the health
organization shall set forth the reasons for the determination,
and may set forth proposed revisions which will render the RBC
plan satisfactory, in the judgment of the commissioner. Upon
notification from the commissioner, the health organization
shall prepare a revised RBC plan, which may incorporate by
reference any revisions proposed by the commissioner, and shall
submit the revised RBC plan to the commissioner:
(i) Within forty-five (45) days after the
notification from the commissioner; or
(ii) If the health organization challenges the
notification from the commissioner under W.S. 26-48-207, within
forty-five (45) days after a notification to the health
organization that the commissioner has, after a hearing,
rejected the health organization's challenge.
(e) In the event of a notification by the commissioner to
a health organization that the health organization's RBC plan or
revised RBC plan is unsatisfactory, the commissioner may,
subject to the health organization's right to a hearing under
W.S. 26-48-207, specify in the notification that the
notification constitutes a regulatory action level event.
(f) Every domestic health organization that files an RBC
plan or revised RBC plan with the commissioner shall file a copy
of the RBC plan or revised RBC plan with the insurance
commissioner in any state in which the health organization is
authorized to do business if:
(i) The state has an RBC provision substantially
similar to W.S. 26-48-208(a); and
(ii) The insurance commissioner of that state has
notified the health organization of its request for the filing
in writing, in which case the health organization shall file a
copy of the RBC plan or revised RBC plan in that state no later
than the later of:
(A) Fifteen (15) days after the receipt of
notice to file a copy of its RBC plan or revised RBC plan with
the state; or
(B) The date on which the RBC plan or revised
RBC plan is filed under subsections (c) and (d) of this section.