(1) An insurer becomes impaired if the insurer:
(a) becomes insolvent;
(b) is placed in receivership or administration;
(c) declares bankruptcy; or
(d) seeks protection from its creditors.
(2) An impaired insurer shall, within 30 days of the insurer becoming impaired, furnish the department with a claim summary and actuary information relevant to each claim for which the insurer may have future liability.
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