§ 26-48-206 — Mandatory control level event

Wyoming § 26-48-206

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

Text

(a) "Mandatory control level event" means any of the
following events:
(i) The filing of an RBC report which indicates that
the health organization's total adjusted capital is less than
its mandatory control level RBC;
(ii) 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; or
(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.
(b) In the event of a mandatory control level event, the
commissioner shall take such actions as are necessary to place
the health organization 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 health
organization as are set forth in chapter 28. If the
commissioner takes actions pursuant to an adjusted RBC report,
the health organization shall be entitled to the protections of
chapter 28 pertaining to summary proceedings. Notwithstanding
any of the foregoing, 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 (90) day period.