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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1506. Mandatory control level event

Current as of March 28, 2024 | Updated by Findlaw Staff

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

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

(2) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507; or

(3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge.

(b) In the event of a mandatory control level event, the commissioner shall take the actions as are necessary to place the health organization under regulatory control under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 -- 23-68-120. In that event, the mandatory control level event is deemed sufficient grounds for the commissioner to take action under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 -- 23-68-120, and the commissioner shall have the rights, powers, and duties with respect to the health organization as are set forth in the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 -- 23-68-120. Notwithstanding any other law, 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 not later than the ninety-day period.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1506. Mandatory control level event - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-63-1506/

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