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District of Columbia Code Division V. Local Business Affairs § 31-2013. Phase-in provision.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) For RBC Reports required to be filed by life insurers with respect to 1993, the following requirements shall apply in lieu of the provisions of §§ 31-2003, 31-2004, 31-2005, and 31-2006:

(1) In the event of a Company Action Level Event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.

(2) In the event of an Regulatory Action Level Event under § 31-2004(a)(1), (2), or (3), the Commissioner shall take the actions required under § 31-2003.

(3) In the event of an Regulatory Action Level Event under § 31-2004(a)(4), (5), (6), (7), (8), or (9) or an Authorized Control Level Event, the Commissioner shall take the actions required under § 31-2004 with respect to the insurer.

(4) In the event of a Mandatory Control Level Event with respect to an insurer, the Commissioner shall take the actions required under § 31-2005 with respect to the insurer.

(b) For RBC Reports required to be filed by property and casualty insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of §§ 31-2003, 31-2004, 31-2005, and 31-2006:

(1) In the event of a Company Action Level Event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.

(2) In the event of an Regulatory Action Level Event under § 31-2004(a)(1), (2), or (3) the Commissioner shall take the actions required under § 31-2003.

(3) In the event of an Regulatory Action Level Event under § 31-2004(a)(4), (5), (6), (7), (8), or (9) or an Authorized Control Level Event, the Commissioner shall take the actions required under § 31-2004 with respect to the insurer.

(4) In the event of a Mandatory Control Level Event with respect to an insurer, the Commissioner shall take the actions required under § 31-2005 with respect to the insurer.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-2013. Phase-in provision. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-2013/

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