§ 26-48-205 — Authorized control level event

Wyoming § 26-48-205

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 48: RISK-BASED CAPITAL

Text

(a) "Authorized control level event" means any of the
following events:
(i) The filing of an RBC report by the health
organization that indicates that the health organization'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
health organization of an adjusted RBC report that indicates the
event in paragraph (i) of this subsection, provided the health
organization does not challenge the adjusted RBC report under
W.S. 26-48-207;
(iii) If the health organization challenges an
adjusted RBC report that indicates the event in paragraph (i) of
this subsection under W.S. 26-48-207, notification by the
commissioner to the health organization that the commissioner
has, after a hearing, rejected the health organization's
challenge;
(iv) The failure of the health organization to
respond, in a manner satisfactory to the commissioner, to a
corrective order, provided the health organization has not
challenged the corrective order under W.S. 26-48-207; or
(v) If the health organization has challenged a
corrective order under W.S. 26-48-207 and the commissioner has,
after a hearing, rejected the challenge or modified the
corrective order, the failure of the health organization to
respond, in a manner satisfactory to the commissioner, to the
corrective order subsequent to rejection or modification by the
commissioner.
(b) In the event of an authorized control level event with
respect to a health organization, the commissioner shall:
(i) Take such actions as are required under W.S.
26-48-204 regarding a health organization 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 health
organization and of the public, take any actions as are
necessary to cause the health organization to be placed under
regulatory control under chapter 28 of this code. In the event
the commissioner takes such actions, the authorized 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 health organization as are set forth in chapter
28. In the event the commissioner takes actions under this
paragraph pursuant to an adjusted RBC report, the health
organization shall be entitled to such protections as are
afforded to health organizations under the provisions of chapter
28 pertaining to summary proceedings.