40-2c08. Risk-based capital plan; notification by commissioner. - Kansas Statutes

40-2c08

Chapter 40.--INSURANCE Article 2c.--RISK-BASED CAPITAL REQUIREMENTS

      40-2c08.   Risk-based capital plan; notification bycommissioner.Within 60 days after the submission by an insurer of an RBCplan to the commissioner, the commissioner shall notify the insurer whether theRBC plan shall be implemented or is, in the judgment of the commissioner,unsatisfactory. If the commissioner determines the RBC plan is unsatisfactory,the notification to the insurer shall state the reasons for the determination,and may state proposed revisions which, in the judgment of the commissioner,will render the RBC plan satisfactory. Upon notification from thecommissioner, the insurer shall prepare a revised RBC plan and shall submit therevised RBC plan to the commissioner:

      (a)   Within 45 days after the notification from the commissioner; or

      (b)   within 45 days after a notification to the insurer that the commissionerhas, pursuant to K.S.A. 40-2c19, rejected the insurer's challenge tothecommissioner's original findings as authorized by this section.

      History:   L. 1994, ch. 138, § 8; July 1.