(a) “Authorized control level event” means any of the following events:
(i) The filing of an RBC report by the insurer which indicates that the insurer'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 insurer of an adjusted RBC report
that indicates the event in paragraph (i) of this subsection, provided the insurer
does not challenge the adjusted RBC report under W.S. 26-48-107;
(iii) If the insurer challenges an adjusted RBC report that indicates the event in
paragraph (i) of this subsection, under W.S. 26-48-107, notification by the commissioner to the insurer that the commissioner has, after
a hearing, rejected the insurer's challenge;
(iv) The failure of the insurer to respond, in a manner satisfactory to the commissioner,
to a corrective order, provided the insurer has not challenged the corrective order
under W.S. 26-48-107; or
(v) If the insurer has challenged a corrective order under W.S. 26-48-107 and the commissioner has, after a hearing, rejected the challenge or modified the
corrective order, the failure of the insurer to respond, in a manner satisfactory
to the commissioner, to the corrective order subsequent to the rejection or modification
by the commissioner.
(b) In the event of an authorized control level event with respect to an insurer,
the commissioner shall:
(i) Take actions required under W.S. 26-48-104 regarding an insurer with respect to which a regulatory action level event has occurred;
(ii) If the commissioner deems it to be in the best interests of the policyholders
and creditors of the insurer and of the public, take actions necessary to cause the
insurer to be placed under regulatory control under chapter 28 of this code. In the event the commissioner determines to take such action, the authorized control
level event shall be deemed sufficient grounds for the commissioner to proceed under
chapter 28, and the commissioner shall have the rights, powers and duties with respect
to the insurer as are set forth in that chapter.
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